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 influenced by the forthcoming governorship election in the state.
In a statement on Wednesday, the anti-graft agency disclosed that it has been investigating the Osun State Government since March 2026 over the alleged mismanagement of about ₦11 billion in Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee (FAAC).
According to the EFCC, the investigation has involved the interrogation of several state officials, including the Accountant General of Osun State.
The Commission said it initially had no intention of placing a Post No Debit (PND) order on the government’s accounts. However, it claimed that investigators observed what it described as “suspicious” transfers of large sums of money from the state’s accounts into multiple corporate entities beginning on August 2, 2026.
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It said the unusual movement of funds prompted the Commission to freeze the affected accounts to halt further transfers while investigations continue.
The EFCC stressed that its action was in line with its statutory responsibility to safeguard public funds and prevent financial crimes.
Responding to allegations that the move was politically motivated because of the imminent Osun governorship election, the Commission insisted that its operations are non-partisan and guided solely by the law.
It also revealed that several other state governments are currently under investigation as part of ongoing efforts to ensure accountability and transparency in the management of public resources across the country.
The anti-corruption agency urged Nigerians to disregard what it described as false narratives surrounding the account freeze, maintaining that the measure was taken strictly to protect public funds from alleged looting while investigations proceed.
