The Economic and Financial Crimes Commission (EFCC) has explained the reasons behind the freezing of the Osun State Government’s bank accounts, saying the action was taken to prevent the alleged diversion of public funds currently under investigation.
In a statement issued on Wednesday, 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 Federal Account Allocation Committee (FAAC) allocations amounting to approximately ₦11 billion.
According to the EFCC, several officials of the state government, including the Accountant-General of the State, have already been questioned as part of the ongoing investigation.
The commission stated that although the investigation had been underway for several months, it only decided to place a Post No Debit (PND) order on the state’s accounts after detecting what it described as suspicious movements of funds.
The EFCC alleged that beginning August 2, 2026, investigators observed large transfers from the government’s accounts into multiple corporate accounts considered suspicious, prompting the commission to take immediate preventive action.
“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 were being moved,” the statement said.
The anti-corruption agency maintained that its decision was guided by its statutory responsibility to safeguard public funds and prevent financial crimes.
According to the commission, allowing the transactions to continue would have undermined its mandate to protect public assets and ensure accountability.
While acknowledging that Osun State is preparing for its governorship election, the EFCC insisted that the timing of the polls would not deter it from carrying out its constitutional duties.
“The Commission is fully aware of the impending governorship election in Osun State, but it has a responsibility to act in defence of the sanctity of public funds. It would be irresponsible to suspend its lawful duties because of an upcoming election,” the agency stated.
The EFCC also disclosed that Osun is not the only state under investigation, noting that the finances of several other state governments are currently being scrutinised as part of its efforts to promote transparency and accountability in the management of public resources.
Reaffirming its impartiality, the commission said its operations are non-partisan and aimed solely at protecting the interests of Nigerians.
The EFCC urged members of the public to disregard what it described as false narratives surrounding the freezing of the Osun State Government’s accounts, insisting that the action was taken solely to safeguard public funds pending the conclusion of investigations.
