The Economic and Financial Crimes Commission (EFCC) has explained its decision to have frozen 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, 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 Federal Account Allocation Committee (FAAC), amounting to about N11 billion.
According to the Commission, several state officials, including the Accountant General, have been questioned as part of the investigation.
The EFCC said the placement of a Post No Debit (PND) order on the state’s accounts became necessary after investigators observed what it described as “precipitate and unwarranted” movement of funds beginning on August 2, 2026.
The agency alleged that large sums of money were being transferred from government accounts into various corporate entities considered suspicious, prompting it to intervene by freezing the affected accounts.
“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 connected to the forthcoming governorship election in Osun State, insisting that its intervention was guided solely by its statutory responsibility to safeguard public resources.
While acknowledging the proximity of the election, the Commission maintained that it could not suspend its legal duties because of political developments.
The anti-corruption agency further disclosed that it is monitoring the financial activities of other state governments across the country, noting that several states are currently under investigation as part of its drive to promote accountability and transparency in the management of public funds.
Reaffirming its non-partisan stance, the EFCC said its operations are carried out in the interest of all Nigerians and urged members of the public to disregard what it described as false narratives and attempts to discredit the Commission.
According to the agency, the freeze on the Osun State Government’s accounts was aimed solely at protecting public funds from alleged looting while investigations continue.
