The Economic and Financial Crimes Commission has explained the reasons behind its decision to freeze the bank accounts of the Osun State Government, insisting that the action was part of its statutory duty to protect public funds and had no connection with the forthcoming governorship election in the state.
In a statement issued on Wednesday, the anti graft agency disclosed that it had 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 amounting to N11bn.
The commission said some top government officials, including the state’s Accountant General, had already been questioned by its investigators as part of the ongoing probe.
According to the EFCC, the decision to place a Post No Debit order on the state’s accounts followed the discovery of suspicious movements of funds beginning on August 2.
The commission said, “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.”
It added, “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 EFCC maintained that its intervention was aimed at safeguarding public resources and preventing the alleged diversion of state funds.
“The Commission cannot watch idly while a state government’s account is being pillaged,” the statement read.
Responding to concerns that the action was politically motivated because of the impending governorship election, the commission insisted that it remained non partisan and would not compromise its responsibilities because of the electoral process.
“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,” the agency stated.
“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 anti graft agency further revealed that Osun was not the only state under its watch, noting that several other state governments were also being investigated to ensure accountability and transparency in the management of public funds.
“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 EFCC urged Nigerians to disregard what it described as false narratives surrounding the freezing of the accounts, stressing that “the Osun State government account was frozen to save public funds from being looted.”
The commission also reaffirmed its commitment to protecting public resources, declaring that “the interests of all Nigerians are greater and will always be protected by the Commission.”
