The Economic and Financial Crimes Commission (EFCC) has explained its decision to freeze the Osun State Government’s bank account, stating that the move was necessary to prevent the alleged diversion of public funds.
In a statement posted on its official X (formerly Twitter) account on Wednesday, the anti-graft agency said it was “compelled to publicly address issues pertaining to its preventive moves in freezing the bank account of the Osun State government,” noting that the action was taken “without prejudice to the imminent governorship election in the state.”
The Commission disclosed that it has been investigating the Osun State Government since March 2026 over alleged fraudulent handling of public funds amounting to N11 billion.
According to the statement, “The Commission has been busy investigating the Osun state government since March, 2026, regarding alleged fraudulent handling of Ecology Funds, Intervention Funds and Federal Account Allocation Committee, FAAC account to the tune of N11,000,000,000 (Eleven Billion Naira only).”
It added that some top government officials, including the Accountant General of the state, have already been questioned as part of the ongoing probe.
EFCC, however, clarified that the decision to freeze the account was not initially part of its plan until it detected suspicious financial movements in recent days.
“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,” the statement read.
The agency further revealed that it observed large transfers into multiple corporate accounts, prompting swift intervention.
“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,” it added.
Defending its action, the EFCC said its mandate requires it to protect public funds and prevent financial misconduct, regardless of political considerations.
“The EFCC’s preventive mandate is a public-inclined framework of safeguarding public funds, assets and resources. The Commission cannot watch idly while a state government’s account is being pillaged,” the agency stated.
While acknowledging the proximity of the Osun governorship election, the Commission insisted that it could not ignore its responsibilities.
“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. 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,” it said.
The anti-graft agency also noted that similar monitoring is ongoing in other states, stressing that its operations are not targeted at any particular government.
“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.
Reaffirming its neutrality, the EFCC maintained that its actions are guided solely by national interest.
“The Commission has always pointed out that it is non-partisan and non-sectarian but always working in the overall interests of Nigerians. The Osun State government account was frozen to save public funds from being looted.”
The agency urged the public to disregard what it described as misleading narratives surrounding the development.
“The public is enjoined to ignore false narratives and deliberate demonization of the works of the EFCC. The interests of all Nigerians are greater and will always be protected by the Commission.”
