The Economic and Financial Crimes Commission (EFCC) has defended its decision to freeze the bank accounts of the Osun State Government, saying the action was taken to prevent the alleged diversion of public funds amid an ongoing investigation into suspected financial misconduct.
The EFCC in a statement issued on Wednesday by its Head of Media and Publicity, Dele Oyewale, said it had been investigating the Osun State Government since March 2026 over the alleged fraudulent handling of Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee (FAAC) amounting to about N11 billion.
According to the EFCC, several state officials, including the Accountant General, have been questioned as part of the investigation.
The agency explained that it initially had no intention of placing a Post No Debit order on the state’s accounts but was compelled to act after detecting what it described as “precipitate and unwarranted” transfers of large sums of money from government accounts into several suspicious corporate accounts beginning on August 2, 2026.
It said the freeze was a preventive measure aimed at safeguarding public resources and stopping the alleged movement of funds while investigations continue.
Responding to concerns over the timing of the action ahead of the forthcoming Osun State governorship election, the EFCC insisted that its decision was not politically motivated. It maintained that it could not ignore suspicious financial transactions simply because of an impending election.
The anti-corruption agency also disclosed that it is monitoring the finances of other states as part of its efforts to promote accountability and transparency in the management of public funds.
The EFCC urged Nigerians to disregard what it described as false narratives and attempts to discredit its operations, while insisting that its actions are guided solely by the need to protect public funds and serve the national interest.