The Economic and Financial Crimes Commission (EFCC) has explained its decision to freeze the bank accounts of the Osun State Government, saying the action was a preventive measure to safeguard public funds amid an ongoing investigation into the alleged diversion of about N11 billion.
In a statement 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 allocations from the Federation Account Allocation Committee (FAAC) amounting to approximately N11 billion.
According to the Commission, several state officials, including the Accountant-General of Osun State, have been questioned as part of the ongoing investigation.
The EFCC said the investigation alone would not have necessitated placing a Post No Debit (PND) restriction on the state’s accounts but alleged that investigators detected what it described as “precipitate and unwarranted” movement of public funds beginning August 2, 2026.
The Commission alleged that substantial sums were transferred from government accounts into several corporate entities considered suspicious, prompting it to immediately freeze the affected accounts to prevent further movement of funds.
“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 EFCC stated.
Responding to concerns over the timing of the action ahead of the forthcoming Osun State governorship election, the anti-corruption agency insisted that its intervention was driven solely by its statutory responsibility to protect public resources.
“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,” the statement read.
The Commission further maintained that the Osun case was not an isolated one, disclosing that the finances of several other states are also under scrutiny as part of efforts to promote transparency and accountability in the management of public funds.
“Many of these states are on the investigative radar of the Commission to ensure accountability and probity,” the EFCC said, adding that it remains “non-partisan and non-sectarian” in carrying out its constitutional responsibilities.
The anti-graft agency urged Nigerians to disregard what it described as false narratives surrounding the freezing of the Osun State Government’s accounts, insisting that the measure was taken solely to prevent the alleged looting of public funds.
“The Osun State government account was frozen to save public funds from being looted,” the Commission added.
The EFCC reaffirmed its commitment to protecting the interests of Nigerians by ensuring accountability and transparency in the management of public finances.
