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The Economic and Financial Crimes Commission (EFCC) says it froze the Osun State Government’s bank accounts to prevent the alleged diversion of public funds, insisting the decision was driven by ongoing investigations and not the forthcoming governorship election in the state.
In a statement issued on Wednesday, the anti-graft agency 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 Accounts Allocation Committee (FAAC) amounting to ₦11 billion.
“The Commission has been busy investigating the Osun State Government since March, 2026, regarding alleged fraudulent handling of Ecology Funds, Intervention Funds and Federal Account Allocation Committee, FAAC account to the tune of ₦11,000,000,000,” the EFCC said.
According to the commission, several state officials, including the Accountant General, have been questioned as part of the investigation.
The EFCC said it initially had no intention of restricting access to the state’s accounts but changed course after detecting what it described as suspicious transactions.
“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 statement said.
“The Commission noticed huge transfers of funds into different corporate entities and had to swiftly halt the trend by freezing the accounts from which such heavy funds are being moved.”
The anti-corruption agency maintained that the decision was part of its statutory responsibility to protect 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,” it said.
The commission rejected suggestions that the timing of the action was politically motivated because of the impending Osun governorship election.
“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 will be uncharitable for the Commission to allow an excuse of an upcoming election to fold its arms to perform its legally assigned functions,” the EFCC stated.
The agency added that Osun was not the only state under investigation.
Reaffirming its neutrality, the EFCC said it remained “non-partisan and non-sectarian” and was acting solely in the public interest.
“The Osun State government account was frozen to save public funds from being looted,” the commission added.
The EFCC also urged the public to disregard what it described as false narratives surrounding the account freeze, insisting that “the interests of all Nigerians are greater and will always be protected by the Commission.”
EFCC PRESS STATEMENT
Why EFCC Froze Osun State Government Account
The Economic and Financial Crimes Commission, EFCC, is compelled to publicly address issues pertaining to its preventive moves in freezing the bank account of the Osun State government, without prejudice to the… pic.twitter.com/ITKyEPrfO4
— Bayo Onanuga, OON, CON (@aonanuga1956) August 5, 2026
