Posted by Chinenye on Thu 06th Aug, 2026 - tori.ng
Fresh concerns over state finances have emerged after the EFCC disclosed that several states are being investigated over suspected financial irregularities.
(EFCC. Photo by Premuim Times)
The Economic and Financial Crimes Commission has revealed that approximately 18 states face ongoing investigation for allegations of public fund mismanagement.
The commission's Director of Public Affairs disclosed the information during a broadcast interview on Thursday but refrained from identifying the affected states.
The disclosure came whilst addressing queries regarding the EFCC's decision to restrict an Osun State Government account, which the director characterised as one of several such actions the commission had taken or contemplated against state administrations.
When asked directly about investigations into other states, the director confirmed the figure reached double digits but declined to provide names, stating that disclosing the states might compromise the integrity of ongoing probes.
He maintained that the restraint was not intended to shield any government from oversight but rather to protect investigative processes.
The director noted that the Osun State restriction was not unprecedented, citing a comparable action against an Edo State Government account prior to the emergence of Governor Monday Okpebholo.
He stated that the earlier restriction had enabled the preservation of $12 billion, permitting the subsequent government to assume office with accessible resources.
The commission cited Sections 34 of the EFCC Act and Section 7, Subsection 6 of the Money Laundering (Prohibition) Act 2022 as legal authority for temporary account restrictions, noting that these powers apply to any account suspected of suspicious activity, not exclusively to state governments.
The director explained that the commission operates within a 72-hour window to obtain court authorisation sustaining or lifting restrictions.
Regarding the Osun investigation, the director reiterated that the case commenced in March and had already involved questioning of state officials.
He clarified that only a single statutory account had been frozen, permitting the state government continued access to other accounts.
When pressed on circumstances surrounding the Ekiti State election, where no comparable intervention occurred, the director attributed the difference to distinct intelligence available only to the commission.
The director acknowledged that Osun State retained the right to pursue legal recourse regarding the restriction and stated the commission would respond appropriately to such action.
The revelation of investigations affecting 18 states is anticipated to intensify scrutiny of state government finances nationwide, particularly following criticism from the Osun State Government and the Nigerian Bar Association regarding the account restriction.