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 the state’s finances.
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 allocations from the Federation Account Allocation Committee (FAAC) amounting to about N11 billion.
According to the EFCC, several state officials, including the Accountant-General, have already been questioned as part of the investigation.
The Commission stated that although the probe had been ongoing for months, it only placed a Post No Debit (PND) order on the state’s accounts after detecting what it described as “precipitate and unwarranted” movement of funds beginning on August 2, 2026.
The agency alleged that investigators observed substantial transfers from government accounts into several corporate entities it considered suspicious, prompting it to freeze the affected accounts to halt further transactions.
Defending the action, the EFCC said its statutory mandate includes taking preventive measures to safeguard public funds and assets, insisting that it could not remain passive while state resources were allegedly being diverted.
The commission also dismissed suggestions that the timing of the action was linked to the forthcoming governorship election in Osun State. It maintained that its responsibility to protect public funds outweighs any political considerations and that the upcoming election could not justify delaying enforcement actions.
The EFCC further disclosed that it is monitoring the finances of several other state governments across the country as part of broader efforts to promote accountability and transparency in the management of public resources.
Reaffirming its neutrality, the commission said it remained non-partisan and committed solely to protecting the interests of Nigerians.
The anti-corruption agency also urged the public to disregard what it described as false narratives and attempts to discredit its operations, insisting that the freezing of the Osun State Government’s accounts was aimed at safeguarding public funds while investigations continue.
