The Economic and Financial Crimes Commission (EFCC) has explained its decision to place a Post No Debit (PND) order on one of the Osun State Government’s accounts with First Bank, citing an ongoing investigation into the alleged mismanagement of N11 billion in public funds.
According to a statement issued on Wednesday by the commission’s spokesperson, Dele Oyewale, the account was frozen after investigators detected what they described as suspicious transfers involving Ecology Funds, Intervention Funds and Federal Account Allocation Committee (FAAC) allocations.
The EFCC said its investigation into the Osun State Government began in March 2026, with the state’s Accountant-General and other government officials already questioned as part of the probe.
The anti-graft agency explained that the decision to freeze the account was prompted by what it described as “precipitate and unwarranted” movement of funds into several corporate accounts beginning August 2.
“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 statement read.
The EFCC stressed that the action was purely preventive and aimed at safeguarding public funds, dismissing suggestions that it was politically motivated ahead of the August 15 Osun State governorship election.
“It will be uncharitable for the commission to allow an excuse of an upcoming election to fold its arms to perform its legally assigned functions,” the agency stated.
The commission also disclosed that several other states are currently under financial scrutiny as part of its efforts to promote accountability and transparency in the management of public resources.
Meanwhile, Osun State Governor Ademola Adeleke condemned the account freeze, describing it as unconstitutional and an abuse of due process.
Speaking during a press conference at the Government House in Osogbo, Adeleke said the state received a letter from its banker notifying it of the EFCC’s directive to freeze the account.
According to the governor, the commission failed to obtain a court order before taking the action.
“This action was taken without any court order. We are supposed to be in a democracy where the rule of law must always prevail,” Adeleke said.
The governor announced that he had directed the state’s Attorney-General and Commissioner for Justice to challenge the EFCC’s action before the Federal High Court in Osogbo.
He also accused the anti-graft agency of orchestrating a sustained campaign of intimidation against his administration and members of the ruling Accord Party ahead of the governorship election.
Adeleke challenged EFCC Chairman Olanipekun Olukoyede to publicly justify the account freeze with credible evidence.
“All I ask is for the EFCC Chairman to explain to the good people of Osun State and to Nigerians why he froze the Osun State Government account and show proof to support whatever reason he presents,” he said.
Despite the development, the governor insisted that his administration would remain focused on governance and continue its campaign for re-election.
Comments