The Economic and Financial Crimes Commission (EFCC) has explained the reasons behind its decision to freeze the bank accounts of...
The Economic and Financial Crimes Commission (EFCC) has explained the reasons behind 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 corruption investigation.
In a statement issued on Thursday, the anti-graft agency disclosed that it has 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 ₦11 billion.
According to the Commission, several state officials, including the Accountant General of Osun State, have been questioned as part of the investigation.
The EFCC stated that although the investigation had been ongoing for months, it only placed a Post No Debit (PND) restriction on the government's accounts after detecting what it described as suspicious movements of funds beginning on August 2, 2026.
The agency alleged that large sums were being transferred from the state's accounts into the accounts of different corporate entities, prompting it to freeze the accounts to halt further transactions while investigations continue.
The Commission maintained that its action was in line with its statutory responsibility to safeguard public funds and prevent financial crimes, insisting that it could not stand by while state resources were allegedly being diverted.
Responding to concerns over the timing of the action, with the Osun State governorship election approaching, the EFCC said its decision was not politically motivated.
It stressed that allowing the impending election to prevent it from carrying out its constitutional mandate would amount to abandoning its responsibility to protect public resources.
The anti-corruption agency also revealed that Osun is not the only state under scrutiny, noting that it is monitoring the financial activities of several other states as part of its efforts to promote transparency, accountability and prudent management of public funds.
Reaffirming its neutrality, the EFCC insisted that it remains a non-partisan institution committed to protecting the interests of Nigerians without regard to political or sectional considerations.
The Commission urged members of the public to disregard what it described as false narratives and attempts to discredit its operations, maintaining that the freezing of the Osun State Government's accounts was solely aimed at protecting public funds pending the outcome of its investigation.
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