The Economic and Financial Crimes Commission (EFCC) has explained the reasons behind its decision to freeze the bank account of the Osun State Government, saying the action was taken to prevent the alleged diversion of public funds under investigation.
In a statement issued on Wednesday by the Commission’s Head of Media and Publicity, Dele Oyewale and obtained my InsideOut Media Hub, the anti graft agency disclosed that it has been investigating the Osun State Government since March 2026 over the alleged fraudulent management of Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee (FAAC) amounting to about N11 billion.
According to the EFCC, the investigation has involved the interrogation of some senior state government officials, including the Accountant General of the state.
The Commission stated that although the ongoing investigation alone would not have warranted a Post No Debit order on the state’s accounts, it detected what it described as suspicious transfers of large sums of money from the government accounts into several corporate accounts beginning from August 2, 2026.
It said the development prompted an immediate intervention to halt further movement of funds, stressing that the action was in line with its statutory responsibility to safeguard public resources.
The EFCC dismissed claims that the freezing of the accounts was politically motivated or linked to the forthcoming Osun State governorship election. It maintained that its operations remain strictly guided by law and are not influenced by political considerations.
The Commission further revealed that it is monitoring the finances of other states across the country as part of ongoing efforts to promote accountability and transparency in the management of public funds.
Reaffirming its commitment to protecting public resources, the EFCC urged Nigerians to disregard what it described as false narratives and attempts to discredit its operations, insisting that the temporary restriction on the Osun State Government’s accounts was solely aimed at preventing the alleged looting of public funds while investigations continue.
