The Economic and Financial Crimes Commission (EFCC) has explained the reasons behind its decision to freeze the Osun State Government’s bank accounts, saying the action was taken to prevent the alleged diversion of public funds and was not connected to the forthcoming governorship election in the state.
The anti-graft agency made the clarification in a statement issued on Wednesday by its Head of Media and Publicity, Dele Oyewale, following criticism from the Osun State Government, which described the freezing of its accounts as unlawful and politically motivated.
The EFCC said 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.
The Commission said the investigation centres on the alleged mismanagement of public funds meant for developmental projects and other statutory obligations. It disclosed that several top government officials, including the Accountant General of Osun State, have been questioned as part of the ongoing probe.
The agency maintained that the investigation remains active and forms part of its broader mandate to ensure accountability in the management of public resources across the country.
The EFCC explained that it initially had no intention of placing a Post No Debit (PND) order on the state’s accounts until investigators detected what it described as “precipitate and unwarranted” movement of funds beginning on August 2, 2026.
According to the Commission, investigators observed substantial transfers from government accounts into several corporate entities considered suspicious, prompting immediate action to stop further transactions.
“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 read.
The agency stressed that the freezing order was necessary to preserve public funds while investigations continue.
Responding to allegations that the action was politically motivated ahead of the Osun governorship election, the EFCC dismissed the claims, insisting that its decision was based solely on the need to protect public resources.
“The Commission cannot watch idly while a state government’s account is being pillaged. 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 stated.
The anti-graft agency emphasised that it operates independently and does not carry out its responsibilities based on political considerations or electoral timetables.
The Commission also revealed that it is monitoring the finances of several other states as part of wider efforts to promote transparency and accountability in the use of public funds.
It reaffirmed that its operations are guided strictly by the law and that it remains committed to investigating allegations of financial misconduct regardless of the individuals or institutions involved.
The EFCC insisted that the freezing of the Osun State Government’s accounts was undertaken solely to prevent the alleged looting of public funds and not to interfere in the state’s political process.
The Commission urged members of the public to disregard what it described as false narratives and attempts to discredit its operations, assuring Nigerians that it would continue to carry out its anti-corruption mandate without fear or favour. (Blueprint)
