Economic and Financial Crimes Commission (EFCC) has placed a post-no-debit restriction on an Osun State Government account as part of an investigation into the alleged mismanagement of about N11 billion in ecological and intervention funds.
Gatekeepers News reports that the anti-graft agency, in a statement issued on Wednesday, said the investigation began in March 2026 and has already seen several state officials, including the Accountant-General, questioned by its investigators.
According to the commission, the probe took a new turn after it detected what it described as suspicious movements of large sums of money from the government’s account into multiple corporate entities beginning on August 2.
Explaining the decision to freeze the account, the EFCC said, “These ongoing investigations of the state government would not have warranted any placement of Post No Debit order on its account but for the precipitate and unwarranted movement of funds from the accounts to different suspicious accounts since August 2, 2026.”
It added, “The Commission noticed huge transfers of funds into different corporate entities and had to swiftly halt the trend by freezing the accounts from which such heavy funds are being moved.
“The EFCC’s preventive mandate is a public-inclined framework of safeguarding public funds, assets and resources.
“The Commission cannot watch idly while a state government’s account is being pillaged.”
The commission also dismissed suggestions that the impending Osun governorship election influenced its action, insisting that the investigation is driven solely by the need to protect public funds. The Osun governorship election is scheduled for August 15, with campaigns expected to end on August 13.
“The Osun State government account was frozen to save public funds from being looted,” EFCC said.
The development follows a directive dated August 5, 2026, and signed by Adenike Babalola, Assistant Commander of the EFCC on behalf of the Director of Investigation, instructing First Bank to place a post-no-debit restriction on the state’s statutory allocation account pending the conclusion of the investigation.
Reacting to the action, Governor Ademola Adeleke condemned the account freeze, describing it as an unlawful encroachment on the rights of the state government. He said Osun has recently faced what he termed politically motivated attacks, including alleged harassment of members of the Accord Party and efforts to disrupt the operations of local government councils in the state.
The Govern disclosed that he has directed the state’s Attorney-General to challenge what he described as the “illegality” of EFCC’s action in court.
