The Economic and Financial Crimes Commission (EFCC) has explained the reasons behind 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 Thursday, 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), involving a total sum of N11 billion.
According to the Commission, several government officials, including the Osun State Accountant General, have been questioned as part of the investigation.
The EFCC stated that although the investigation had been ongoing for months without restrictions being placed on the state’s accounts, it was compelled to act after detecting what it described as suspicious movements of funds beginning on August 2, 2026.
The Commission alleged that substantial sums were being transferred from government accounts into several corporate entities, prompting it to impose a Post No Debit (PND) order to halt the transactions pending the conclusion of its investigation.
The anti-corruption agency maintained that the action was purely preventive and aimed at protecting public resources from alleged looting, insisting that it could not ignore what it considered suspicious financial activities.
Responding to concerns that the account freeze was politically motivated due to the forthcoming Osun governorship election, the EFCC denied any partisan motive, stressing that it has a legal responsibility to safeguard public funds irrespective of the political calendar.
The Commission also revealed that it is monitoring the finances of several other states across the country as part of its broader accountability and anti-corruption mandate.
Reaffirming its commitment to impartiality, the EFCC urged Nigerians to disregard what it described as false narratives and attempts to discredit its operations, insisting that its actions are guided solely by the need to protect public resources and uphold transparency.