Why We Froze Osun Government Account – EFCC

The Economic and Financial Crimes Commission (EFCC) has explained the reasons behind its decision to freeze the Osun State Government’s bank account, saying the action was taken to prevent the alleged diversion of public funds and was not connected to the forthcoming governorship election in the state.

In a statement issued on Wednesday by its head of media and publicity, Dele Oyewale, the anti-graft agency disclosed that it has been investigating the Osun State Government since March 2026 over the alleged fraudulent management of Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee (FAAC) amounting to about N11 billion.

According to the Commission, several state officials, including the Accountant General of Osun State, have been questioned as part of the ongoing investigation.

The EFCC stated that it initially had no intention of placing a Post No Debit (PND) order on the state’s accounts until it detected what it described as “precipitate and unwarranted” movement of funds beginning on August 2, 2026.

It alleged that investigators observed large transfers from government accounts into several corporate entities considered suspicious, prompting the Commission to freeze the affected accounts to halt further transactions.

Part of the statement read “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 anti-corruption agency maintained that the decision was taken strictly in line with its statutory responsibility to safeguard public resources and should not be interpreted as an attempt to influence the upcoming governorship election in Osun State.

“The Commission cannot watch idly while a state government’s account is being pillaged. 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,” it stated.

The EFCC also revealed that it is monitoring the finances of several other states as part of broader efforts to ensure accountability and transparency in the management of public funds.

Reaffirming its commitment to impartiality, the Commission insisted that it remains non-partisan and acts solely in the interest of Nigerians, noting that “The Osun State Government account was frozen to save public funds from being looted.”

The Commission however, urged members of the public to disregard what it described as false narratives and attempts to discredit its operations.