The Economic and Financial Crimes Commission (EFCC) has explained its decision to freeze the bank accounts of the Osun State Government, saying the action was taken to prevent the alleged diversion of public funds amid an ongoing investigation into suspected financial misconduct.
In a statement issued on Wednesday by the Commission’s Head of Media and Publicity, Dele Oyewale, the anti-graft agency said it had been investigating the Osun State Government since March 2026 over the alleged fraudulent handling of Ecology Funds, Intervention Funds and Federal Account Allocation Committee (FAAC) allocations amounting to N11 billion.
According to the EFCC, several state officials, including the Accountant General, have been questioned as part of the investigation.
The Commission stated that although the investigation alone would not ordinarily have warranted a Post No Debit (PND) order on the state’s accounts, it observed what it described as “precipitate and unwarranted” movement of funds beginning on August 2, 2026.
It alleged that large sums were transferred from government accounts to multiple corporate entities considered suspicious, prompting the Commission to freeze the affected accounts to halt further transactions.
“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 dismissed suggestions that the action was politically motivated or linked to the forthcoming governorship election in Osun State, insisting that it was acting strictly within its statutory mandate to safeguard public resources.
The anti-corruption agency maintained that it could not ignore what it described as an attempt to “pillage” state funds simply because an election was imminent.
The Commission also disclosed that it is monitoring the finances of several other states across the country as part of broader efforts to ensure accountability and transparency in the management of public funds.
Reaffirming its commitment to impartiality, the EFCC said it remains non-partisan and dedicated to protecting the interests of Nigerians. It urged the public to disregard what it described as false narratives and attempts to discredit its operations.
