EFCC Gives Reasons For Freezing Osun Account

The Economic and Financial Crimes Commission (EFCC) has explained why it froze the bank account of the Osun State Government, insisting that the action was taken to prevent the alleged diversion of public funds and not to influence the forthcoming governorship election.

In a statement issued on Wednesday, the anti-graft agency said it had been investigating the Osun State Government since March 2026 over the alleged fraudulent handling of about N11 billion in Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee (FAAC).
According to the Commission, several officials of the state government, including the Accountant General, have already been questioned as part of the ongoing investigation.

The EFCC disclosed that it initially had no intention of placing a Post No Debit (PND) order on the state’s accounts but was compelled to act after detecting what it described as “precipitate and unwarranted” movement of funds beginning on August 2, 2026.
The agency alleged that investigators observed huge transfers from government accounts into various corporate entities considered suspicious, prompting it to freeze the accounts 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 its intervention was in line with its statutory responsibility to safeguard public funds and prevent financial crimes.
It stressed that while it was aware of the impending Osun governorship election, the timing of the exercise had nothing to do with politics.

“The Commission cannot watch idly while a state government’s account is being pillaged,” it stated, adding that it would have failed in its legal responsibility if it ignored the suspicious financial activities because of the approaching election.

The anti-corruption agency also revealed that it is monitoring the finances of several other state governments across the country, noting that many are currently under investigation as part of efforts to promote accountability and transparency in the management of public resources.
Reaffirming its neutrality, the EFCC said it remains non-partisan and committed solely to protecting the interests of Nigerians.

The Commission urged members of the public to disregard what it described as false narratives and attempts to discredit its operations, insisting that the freezing of the Osun State Government’s accounts was solely aimed at preventing the alleged looting of public funds while investigations continue.