The Economic and Financial Crimes Commission (EFCC) has explained the reasons behind its decision to freeze the bank account of the Osun State Government, stating that the action was taken to safeguard public funds amid an ongoing investigation into the state’s finances.
In a statement issued on Wednesday, the Commission said it was compelled to publicly address the issue of the account freeze without prejudice to the forthcoming governorship election in Osun State.
According to the EFCC, 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 N11 billion.
The Commission disclosed that some officials of the state government, particularly the Accountant General, have already been interviewed by its investigators as part of the ongoing probe.
The EFCC stated that although the investigation alone would not have warranted placing a Post No Debit (PND) order on the state’s account, it observed what it described as “precipitate and unwarranted movement of funds” from the accounts into different suspicious accounts beginning on August 2, 2026.
It said it noticed huge transfers of funds into different corporate entities and moved swiftly to halt the transactions by freezing the accounts from which the funds were allegedly being moved.
The anti-graft agency said its preventive mandate is aimed at safeguarding public funds, assets and resources, stressing that it could not “watch idly while a state government’s account is being pillaged.”
While acknowledging the impending Osun State governorship election, the Commission maintained that it has a legal responsibility to defend the sanctity of public funds, adding that the election could not serve as an excuse for it to neglect its statutory duties.
The EFCC further disclosed that it is also monitoring the finances of other states, noting that many are currently on its investigative radar to ensure accountability and probity.
Reiterating that it is non-partisan and non-sectarian, the Commission said it operates solely in the overall interest of Nigerians.
It added that the Osun State Government’s account was frozen to save public funds from being looted and urged members of the public to disregard what it described as false narratives and deliberate attempts to demonise its work, assuring that the interests of Nigerians would continue to be protected.
