The Economic and Financial Crimes Commission (EFCC) has insisted that its decision to freeze the Osun State Government’s bank accounts was aimed solely at preventing the alleged diversion of about N11 billion in public funds, and had no link to the state’s approaching governorship election.
In a statement released Wednesday night by its Head of Media and Publicity, Dele Oyewale, the anti-graft agency said it had been investigating the state since March 2026 over the suspected fraudulent handling of Ecology Funds, Intervention Funds and Federation Account Allocation Committee (FAAC) allocations totalling N11 billion. The state’s Accountant-General and other officials have already been questioned.
EFCC explained that the investigation itself would not have led to a Post No Debit order. The freeze was triggered by a sudden surge in large transfers from government accounts into several corporate entities that began on August 2, 2026. Investigators viewed the movements as suspicious and acted quickly to stop further outflow.
“The Commission cannot watch idly while a state government’s account is being pillaged,” the statement said. “These ongoing investigations of the state government would not have warranted any placement of Post No Debit order on its account but for the precipitate and unwarranted movement of funds from the accounts to different suspicious accounts since August 2, 2026.”
The agency stressed that the impending election could not justify inaction. “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 added.
EFCC also noted that Osun is not the only state under financial scrutiny, saying similar probes are ongoing elsewhere to promote accountability. It rejected claims of political bias, describing itself as non-partisan and focused only on protecting public resources.
“The Commission has always pointed out that it is non-partisan and non-sectarian but always working in the overall interests of Nigerians. The Osun State government account was frozen to save public funds from being looted,” the statement concluded.
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