The Economic and Financial Crimes Commission (EFCC) says its decision to freeze the bank accounts of the Osun State Government was prompted by suspected attempts to divert public funds while an investigation into the state’s finances is ongoing.
According to an official statement signed by the EFCC’s Head of Media and Publicity, Dele Oyewale, the Commission said it was compelled to explain the reasons behind the action amid public interest and the proximity of the forthcoming governorship election in the state.
The anti-graft agency disclosed that it has been investigating the Osun State Government since March 2026 over the alleged fraudulent handling of Ecology Funds, Intervention Funds and Federal Account Allocation Committee (FAAC) allocations amounting to about N11 billion.
The Commission stated that the investigation had progressed with the questioning of several government officials, including the state’s Accountant General, and that there had initially been no plan to restrict the state’s bank accounts.
However, the EFCC said it detected what it described as sudden and unjustified movement of funds from the government accounts beginning on August 2, 2026. According to the Commission, investigators observed substantial transfers into several corporate entities considered suspicious, prompting the immediate freezing of the affected accounts to halt further transactions.
The agency maintained that the action was a preventive measure aimed at protecting public funds, stressing that it could not stand by while government resources were allegedly being diverted.
The EFCC also dismissed suggestions that the timing of the account freeze was connected to the impending Osun governorship election, insisting that its statutory responsibility to safeguard public resources could not be suspended because of political activities.
The Commission further revealed that the finances of several other state governments are also under investigation as part of its broader mandate to promote accountability and ensure prudent management of public funds.
Reaffirming its commitment to impartiality, the EFCC said it remains non-partisan and acts solely in the public interest. It urged Nigerians 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 intended to prevent the alleged looting of public funds while investigations continue.
