The Economic and Financial Crimes Commission (EFCC) has explained its decision to freeze the Osun State Government’s bank accounts, saying the action was taken to prevent the alleged diversion of public funds amid an ongoing investigation into the state’s finances.
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In a statement issued on Wednesday night, the anti-graft agency said 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 N11 billion.
According to the commission, several state officials, including the Accountant General, have been questioned as part of the investigation.
The EFCC said it initially had no intention of restricting transactions on the accounts but changed course after detecting what it described as suspicious movements of funds beginning on August 2.
The commission alleged that large sums were transferred from government accounts into several corporate accounts, prompting it to issue a Post No Debit order.
“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. 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 said.
The EFCC maintained that its action was in line with its statutory responsibility to protect public resources and insisted that the forthcoming Osun governorship election did not influence its decision.
“The Commission cannot watch idly while a state government’s account is being pillaged. While the Commission is fully aware of the impending governorship election in Osun State, it has a responsibility to act in defence of the sanctity of the funds of the state,” it stated.
The agency added that similar financial monitoring is being carried out in other states across the country, stressing that Osun is not the only state under investigation.
“It is equally needful to state that the Commission is keeping watch over the finances of other states like Osun State. Many of these states are on the investigative radar of the Commission to ensure accountability and probity,” the statement added.
The anti-graft agency also rejected allegations that its actions were politically motivated, describing itself as a non-partisan institution committed to protecting public funds.
“The Osun State government account was frozen to save public funds from being looted,” the commission said.
The EFCC urged members of the public to disregard what it described as false narratives surrounding the development, insisting that its actions were guided solely by its mandate to safeguard the interests of Nigerians.