The Economic and Financial Crimes Commission (EFCC) has said its decision to freeze the Osun State Government’s bank accounts was prompted by an ongoing investigation into the alleged mismanagement of N11 billion in public funds and what it described as suspicious movement of money from the accounts.
The anti-graft agency disclosed this in a statement on Wednesday, insisting that the action was a preventive measure to protect public funds and was unrelated to the forthcoming governorship election in the state.
According to the Commission, 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 N11 billion.
The EFCC said some senior government officials, including the State Accountant-General, had already been questioned as part of the investigation.
It explained that although the investigation alone would not have warranted the freezing of the accounts, the Commission observed what it described as “precipitate and unwarranted” transfers of large sums of money into several corporate accounts beginning on August 2, 2026.
According to the agency, the discovery prompted it to place a Post No Debit restriction on the affected accounts to halt further transactions pending the outcome of its investigation.
The Commission maintained that its statutory responsibility includes safeguarding public funds and that it could not stand by while state resources were allegedly being diverted.
While acknowledging the proximity of the Osun governorship election, the EFCC insisted that the timing of its action was dictated solely by developments uncovered during its investigation and not by political considerations.
The agency also disclosed that it is monitoring the financial activities of several other state governments as part of broader efforts to promote accountability and transparency in the management of public resources.
Reaffirming its commitment to impartiality, the Commission said it remains non-partisan in the discharge of its responsibilities and urged Nigerians to disregard what it described as false narratives aimed at discrediting its operations.
