In a statement signed by its Head of Media and Publicity, Dele Oyewale, the anti-graft agency said its investigation, which began in March 2026, is focused on the alleged diversion and mismanagement of Ecology Funds, Intervention Funds and Federal Account Allocation Committee (FAAC) allocations.
According to the EFCC, several state officials, including the Accountant General, have already been questioned as part of the investigation.
The Commission explained that it had no initial intention of freezing the state's accounts but decided to act after detecting what it described as "precipitate and unwarranted" transfers of large sums of money from government accounts into several corporate entities beginning on August 2.
The EFCC said the Post No Debit order was a preventive measure aimed at safeguarding public funds from alleged looting and was not connected to the forthcoming Osun State governorship election.
"The Commission cannot watch idly while a state government's account is being pillaged," the EFCC said.
It added that the existence of an impending election would not stop it from carrying out its statutory responsibility to protect public resources.
The anti-graft agency also disclosed that it is monitoring the finances of several other state governments across the country, noting that many are already under investigation as part of efforts to promote accountability and transparency in the management of public funds.
Rejecting allegations of political bias, the EFCC insisted that it remains non-partisan and acts solely in the public interest.
The Commission urged Nigerians to disregard what it described as false narratives surrounding the freezing of the Osun State Government's accounts, maintaining that the action was taken to protect the resources of the people of Osun while investigations continue.
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