The Economic and Financial Crimes Commission, EFCC, has explained its decision to freeze the bank accounts of the Osun State Government, saying the action was taken to protect public funds amid an ongoing investigation into the alleged mismanagement of about N11 billion.
In a statement issued on Wednesday, the anti-graft agency said the investigation, which commenced in March 2026, focuses on the alleged fraudulent handling of Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee, FAAC.
It disclosed that several state government officials, including the Accountant-General, have been questioned as part of the investigation.
The Commission said the decision to place a Post No Debit order on the accounts followed what it described as the “precipitate and unwarranted” movement of funds from the state government’s accounts into several corporate accounts beginning on August 2, 2026.
According to the EFCC, investigators detected large transfers to what it described as suspicious corporate entities, prompting the agency to freeze the affected accounts to prevent further movement of funds while investigations continue.
The Commission stressed that the action was not influenced by the forthcoming governorship election in Osun State, insisting that it was taken strictly in line with its statutory responsibility to safeguard public resources.
“The EFCC’s preventive mandate is a public-inclined framework of safeguarding public funds, assets and resources. The Commission cannot watch idly while a state government’s account is being pillaged,” the statement said.
The anti-corruption agency added that although it is aware of the impending election in the state, it could not allow the political calendar to prevent it from carrying out its legal mandate.
The Commission further disclosed that it is monitoring the finances of several other states as part of broader efforts to promote accountability and financial probity, noting that many state governments are currently under investigation.
Reaffirming its commitment to impartiality, the EFCC maintained that its operations are neither politically motivated nor targeted at any individual or group, but are driven by the need to protect public funds and uphold the rule of law.
The Commission urged members of the public to disregard what it described as false narratives and attempts to discredit its operations, assuring Nigerians that it would continue to discharge its responsibilities in the overall public interest.
