The Economic and Financial Crimes Commission (EFCC) has explained the reasons behind its decision to freeze the bank accounts of the Osun State Government, revealing that the action followed ongoing investigations into the alleged mismanagement of about ₦11 billion in public funds and the sudden transfer of large sums of money to suspicious corporate accounts.
The anti-graft agency said the restriction placed on the state’s accounts was purely a preventive measure aimed at safeguarding public resources and had no connection with the forthcoming Osun State governorship election.
In a statement issued on Wednesday, the Commission disclosed that it had 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 approximately ₦11 billion.
According to the EFCC, several state government officials, including the Accountant-General of the state, have already been interrogated as part of the ongoing investigation.
The Commission stated that although the investigation had been progressing without disrupting government financial operations, it became necessary to intervene after investigators detected what it described as “precipitate and unwarranted” movement of public funds beginning from August 2, 2026.
It alleged that substantial amounts were being transferred from government accounts into various corporate entities considered suspicious, prompting investigators to immediately place a Post No Debit (PND) order on the affected accounts to halt further transactions.
The EFCC maintained that the action was in line with its statutory responsibility to prevent the diversion and looting of public funds.
According to the Commission, allowing the transactions to continue unchecked would have amounted to abandoning its constitutional mandate of protecting public resources.
The agency stressed that although it was fully aware of the approaching governorship election in Osun State, the political calendar could not override its legal obligation to investigate suspected financial crimes.
The Commission insisted that it would have acted irresponsibly if it had ignored the suspicious transactions simply because an election was imminent.
Rejecting allegations of political bias, the EFCC stated that similar financial surveillance and investigations were ongoing in several other states across the country as part of its nationwide accountability and anti-corruption drive.
It noted that a number of state governments remain under investigation to ensure transparency in the management of public funds, adding that its operations are guided solely by law and the public interest.
The Commission further reaffirmed its non-partisan posture, insisting that its interventions are never influenced by politics, ethnicity or sectional interests but are driven by the need to protect national resources.
It urged Nigerians to disregard what it described as false narratives and deliberate attempts to politicise its operations, maintaining that the freezing of the Osun State Government’s accounts was solely intended to prevent the alleged looting of public funds while investigations continue.
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