The Economic and Financial Crimes Commission has explained the reasons behind its decision to freeze the bank account of the Osun State Government, saying the action was taken to prevent the alleged diversion of public funds currently under investigation.
The commission, in a statement issued on Thursday by its Head of Media and Publicity, Dele Oyewale, said the action was part of an ongoing investigation into the alleged fraudulent management of Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee estimated at about N11bn.
According to the EFCC, investigations into the finances of the Osun State Government began in March 2026, during which several officials, including the state’s Accountant General, were invited for questioning.
The anti-graft agency said it would not have placed a Post No Debit order on the state’s accounts but for what it described as the “precipitate and unwarranted” movement of funds from the accounts into several suspicious corporate accounts beginning on August 2, 2026.
It said investigators detected large transfers to different corporate entities and swiftly froze the affected accounts to halt the movement of funds pending the conclusion of investigations.
The commission maintained that the decision was in line with its statutory responsibility to safeguard public funds and insisted it could not stand by while state resources were allegedly being diverted.
While acknowledging the proximity of the Osun State governorship election, the EFCC stressed that the election could not prevent it from carrying out its constitutional mandate to protect public resources.
The commission added that Osun was not the only state under scrutiny, noting that it was monitoring the finances of several other states as part of its commitment to accountability and transparency.
The EFCC also dismissed claims that its actions were politically motivated, insisting it remained non-partisan and acted solely in the interest of Nigerians.
It urged members of the public to disregard what it described as false narratives and attempts to discredit its operations, reiterating that the freezing of the Osun State Government’s account was aimed at protecting public funds from alleged looting.