The Economic and Financial Crimes Commission (EFCC) has defended its decision to freeze the bank accounts of the Osun State Government, insisting the action was taken to safeguard public funds amid an ongoing investigation into the alleged diversion of ₦11 billion in public resources.
In a statement issued on Wednesday, the anti-graft agency said the account restriction was part of its statutory preventive measures and was unrelated to the forthcoming governorship election in the state.
According to the EFCC, investigations into the Osun State Government began in March 2026 over the alleged fraudulent management of Ecology Funds, Intervention Funds, and allocations from the Federal Account Allocation Committee (FAAC), amounting to about ₦11 billion.
The Commission disclosed that several state officials, including the Accountant General, had already been questioned as part of the investigation.
The EFCC explained that although the probe had been ongoing for months, it only placed a Post No Debit (PND) order on the state’s accounts after detecting what it described as suspicious movements of large sums of money beginning on August 2, 2026.
It said investigators observed substantial transfers from government accounts into several corporate entities, prompting the Commission to immediately freeze the affected accounts to prevent further movement of funds.
“The Commission cannot watch idly while a state government’s account is being pillaged,” the statement said, stressing that its intervention was aimed solely at protecting public resources.
While acknowledging the proximity of the Osun governorship election, the EFCC maintained that it could not suspend its statutory responsibilities because of the political calendar, arguing that allowing suspected financial misconduct to continue unchecked would amount to a dereliction of duty.
The anti-corruption agency further revealed that Osun is not the only state under scrutiny, noting that several other state governments are currently being monitored and investigated as part of its broader drive to promote transparency, accountability and prudent management of public funds.
Reaffirming its non-partisan stance, the EFCC rejected claims that the account freeze was politically motivated, insisting that its actions were guided strictly by the law and the need to protect taxpayers’ money.
The Commission urged Nigerians to disregard what it described as false narratives and attempts to discredit its operations, reiterating that the freezing of the Osun State Government accounts was carried out solely to prevent the alleged looting of public funds while investigations continue.
