The Economic and Financial Crimes Commission (EFCC) has explained the reasons behind its decision to freeze the bank accounts of the Osun State Government, disclosing that the action followed an ongoing investigation into the alleged mismanagement of about ₦11 billion in public funds.
In a statement issued on Wednesday, the anti-graft agency said it commenced investigations into the finances of the Osun State Government in March 2026, focusing on the alleged fraudulent handling of Ecology Funds, Intervention Funds, and allocations from the Federal Account Allocation Committee (FAAC).
According to the Commission, the investigation has involved several senior government officials, including the Accountant-General of Osun State, who has reportedly honoured multiple invitations for questioning as part of the ongoing probe.
The EFCC explained that while the investigation had been progressing without restrictions on the state’s accounts, intelligence gathered from financial monitoring revealed what it described as “suspicious and unusual movement of public funds” beginning on August 2, 2026.
The Commission alleged that substantial sums were being transferred from government accounts into various corporate entities considered suspicious, prompting it to immediately place a Post No Debit (PND) order on the affected accounts to halt further transactions.
According to the EFCC, the freeze was purely a preventive measure aimed at protecting public resources and preventing the possible diversion of government funds.
The agency stressed that its decision was not connected to the forthcoming Osun State governorship election, insisting that the timing of the action should not be interpreted as political interference.
“The Commission cannot stand by and watch while public funds are allegedly being siphoned. Our constitutional mandate is to safeguard public resources regardless of political considerations,” the statement said.
The anti-corruption agency maintained that it remains non-partisan, noting that several other state governments are also under financial scrutiny as part of its nationwide accountability drive.
The EFCC further disclosed that many states are currently on its investigative radar as it continues to monitor the management of public finances across the country in line with its statutory responsibilities.
Reaffirming its commitment to transparency and accountability, the Commission urged Nigerians to disregard what it described as “false narratives” and attempts to politicise its actions.
It insisted that the freezing of the Osun State Government’s accounts was undertaken solely to protect public funds pending the conclusion of investigations into the alleged financial irregularities.
