The Economic and Financial Crimes Commission (EFCC) has explained why it froze the bank account of the Osun State Government, saying the action was taken to prevent the alleged diversion of public funds amid an ongoing investigation into suspected financial misconduct.
According to a statement issued on Wednesday by its Head of Media and Publicity, Dele Oyewale, the Commission said it had been investigating the Osun State Government since March 2026 over the alleged fraudulent handling of public funds amounting to N11 billion.
The probe, it added, focuses on the management of Ecology Funds, Intervention Funds and allocations received from the Federal Account Allocation Committee (FAAC).
The EFCC disclosed that several state officials, including the Accountant General, have already been questioned by its investigators as part of the ongoing inquiry.
The anti-graft agency said it initially had no intention of restricting access to the state’s bank accounts but was compelled to act after detecting what it described as suspicious movements of funds beginning on August 2, 2026.
It alleged that large sums of money were transferred from government accounts into multiple corporate accounts, prompting the Commission to place a Post No Debit order on the accounts to prevent 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 its decision was based on its statutory responsibility to protect public resources and should not be interpreted as being influenced by the forthcoming Osun State governorship election.
The Commission stressed that it could not ignore what it described as an attempt to “pillage” public funds simply because the state is preparing for an election.
It added that allowing the transfers to continue under the guise of the electoral process would amount to abandoning its legal responsibilities.
The anti-corruption agency also disclosed that Osun is not the only state currently under its scrutiny, noting that several other state governments are being monitored as part of broader efforts to promote transparency, accountability and prudent management of public finances.
Reaffirming its commitment to impartiality, the EFCC insisted that its operations are neither politically motivated nor targeted at any particular group or region.
“The Commission has always pointed out that it is non-partisan and non-sectarian but always working in the overall interests of Nigerians,” the statement said.
The agency urged members of the public to disregard what it described as false narratives and attempts to discredit its activities, insisting that the temporary restriction placed on the Osun State Government’s account was solely aimed at safeguarding public funds pending the outcome of its investigation.
The Osun State Attorney-General and Commissioner for Justice, Oluwole Jimi-Bada, addressed a press conference in Osogbo earlier in the day to inform the public about the freezing of the state government’s allocation account with First Bank and vowed to go to court to challenge the action of the anti-graft agency.
