The Economic and Financial Crimes Commission (EFCC) has explained the reasons behind its decision to freeze the Osun State Government’s bank account, insisting that the action was taken to safeguard public funds and has no connection with the forthcoming governorship election in the state.
In a statement on Wednesday, the anti-graft agency disclosed that it had been investigating the Osun State Government since March 2026 over the alleged fraudulent management of Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee (FAAC) amounting to about N11 billion.
According to the Commission, several state officials, including the Accountant-General, have already been questioned as part of the ongoing investigation.
The EFCC said it initially had no intention of restricting the state’s accounts but was compelled to act after detecting what it described as suspicious movements of funds beginning on August 2, 2026.
The Commission alleged that substantial sums were transferred from government accounts into various corporate accounts considered suspicious, prompting it to place a Post-No-Debit (PND) order on the accounts to halt further transactions.
“The Commission cannot stand by and watch while public funds are being diverted,” the statement said, stressing that its intervention was in line with its statutory responsibility to protect public resources.
Responding to claims that the action was politically motivated because of the impending governorship election, the EFCC dismissed the allegation, maintaining that it remained a non-partisan institution committed solely to enforcing the law.
The anti-corruption agency also revealed that it is monitoring the financial activities of several other states, noting that many are currently under investigation as part of its nationwide accountability drive.
Reaffirming its commitment to transparency and prudent management of public resources, the EFCC urged Nigerians to disregard what it described as false narratives aimed at discrediting the Commission.
It maintained that the decision to freeze the Osun State Government’s account was taken strictly to prevent the alleged looting of public funds while investigations continue.
