The Economic and Financial Crimes Commission (EFCC) has defended 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 under investigation and was not connected to the forthcoming governorship election in the state.
In a statement issued on Wednesday, the anti-graft agency said it was compelled to clarify the circumstances surrounding the freezing of the state’s accounts amid what it described as “false narratives” about its actions.
According to the Commission, it has been investigating the Osun State Government since March 2026 over the alleged fraudulent handling of Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee (FAAC) amounting to N11 billion.
The EFCC disclosed that several state officials, including the Accountant-General of Osun State, had been questioned as part of the ongoing investigation.
It explained that although the investigation alone would not ordinarily have warranted a restriction on the accounts, it 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 multiple corporate entities considered suspicious, prompting the issuance of a Post No Debit order to halt 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 said.
The EFCC maintained that the action was taken in line with its statutory mandate to safeguard public funds and prevent financial crimes.
“The Commission cannot watch idly while a state government’s account is being pillaged,” it stated.
While acknowledging the proximity of the August 15 Osun governorship election, the anti-corruption agency insisted that the electoral timetable could not prevent it from carrying out its constitutional responsibilities.
“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 EFCC said.
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The Commission also disclosed that it is monitoring the financial activities of several other state governments as part of ongoing efforts to promote accountability and transparency in the management of public funds.
It stressed that its operations remain non-partisan and are guided solely by the public interest.
“The Osun State Government account was frozen to save public funds from being looted,” the agency added.
The EFCC urged Nigerians to disregard what it described as attempts to misrepresent its actions, assuring the public of its commitment to protecting public resources and enforcing financial accountability across the country.
The statement comes a day after the Osun State Government announced plans to challenge the freezing of its accounts in court, arguing that the EFCC lacked the legal authority to impose such restrictions without first obtaining a court order.
