The Economic and Financial Crimes Commission (EFCC) has explained the reasons behind the freezing of an Osun State Government bank account, saying the action was taken to protect public funds and not to influence the forthcoming governorship election in the state.
In a statement issued on Wednesday, the anti-graft agency said it had been investigating the Osun State Government since March 2026 over alleged fraudulent handling of Ecology Funds, Intervention Funds, and allocations from the Federation Account Allocation Committee (FAAC) amounting to about ₦11 billion.
According to the EFCC, several state officials, including the Accountant General, had already been questioned by investigators as part of the ongoing probe.
The commission stated that it would not ordinarily have placed a Post No Debit (PND) restriction on the account, but claimed that it observed what it described as “precipitate and unwarranted movement of funds” beginning on August 2, 2026.
The EFCC alleged that large sums were transferred from government accounts into several corporate accounts considered suspicious, prompting the agency to act swiftly by freezing the affected accounts.
The commission said the measure was part of its preventive mandate aimed at safeguarding public funds, assets, and resources. It maintained that it could not “watch idly while a state government’s account is being pillaged.”
The anti-graft agency also addressed concerns that the action came barely days before the Osun governorship election scheduled for August 15, 2026, insisting that the investigation was already ongoing long before the election period.
“While the commission is fully aware of the impending governorship election in Osun State, it has a responsibility to act in defence of the sanctity of the funds of the state,” the statement said.
The EFCC further disclosed that it is monitoring the finances of several other states and that many are currently under investigation as part of efforts to ensure accountability and probity in public finance management.
Reaffirming its non-partisan stance, the commission urged members of the public to disregard what it described as false narratives and attempts to demonise its operations.
The interests of all Nigerians are greater and will always be protected by the commission,” the EFCC added.
The Osun State Government is yet to issue an official response to the latest statement from the EFCC.
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