The Economic and Financial Crimes Commission (EFCC) has explained the reasons behind 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 under investigation.
In a statement, the anti-graft agency disclosed that it has been investigating the Osun State Government since March 2026 over the alleged fraudulent handling of Ecology Funds, Intervention Funds and allocations from the Federal Account Allocation Committee (FAAC) amounting to about ₦11 billion.
According to the Commission, the investigation has already involved interviews with several state government officials, including the Accountant General of the state, as part of efforts to establish the facts surrounding the allegations.
The EFCC stated that although the investigation had been ongoing for months, it did not initially consider placing a Post No Debit (PND) order on the state’s accounts.
However, it said the situation changed after investigators detected what it described as sudden and suspicious movements of funds beginning on August 2, 2026.
The Commission alleged that large sums of money were being transferred from the government’s accounts into various corporate accounts considered suspicious, prompting it to freeze the affected accounts to halt the transactions.
Defending its decision, the EFCC said safeguarding public funds is part of its statutory preventive mandate and insisted it could not stand by while state resources were allegedly being diverted.
The agency acknowledged that Osun State is preparing for its governorship election but maintained that the electoral process could not prevent it from carrying out its constitutional responsibility to protect public assets.
“It will be uncharitable for the Commission to allow an excuse of an upcoming election to fold its arms to perform its legally assigned functions,” the statement said.
The EFCC also disclosed that Osun is not the only state under scrutiny, noting that the finances of several other state governments are being monitored as part of ongoing efforts to ensure accountability and transparency in the management of public resources.
Reiterating its claim of political neutrality, the Commission said it remains non-partisan and acts solely in the interest of Nigerians, regardless of political considerations.
The anti-corruption agency urged members of the public to disregard what it described as false narratives and attempts to discredit its actions, insisting that the freezing of the Osun State Government’s accounts was solely aimed at protecting public funds from alleged looting while investigations continue.
