The Economic and Financial Crimes Commission (EFCC) has explained its decision to freeze bank accounts belonging to the Osun State Government, saying the action was taken to prevent the alleged diversion of about ₦11 billion in public funds under investigation.
In a statement issued on Wednesday, the anti-graft agency disclosed that it has been investigating the Osun State Government since March 2026 over the alleged fraudulent handling of Ecological Funds, Intervention Funds and allocations from the Federation Account Allocation Committee (FAAC).
According to the Commission, “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 N11,000,000,000 (Eleven Billion Naira only).”
The EFCC said several government officials have already been questioned in connection with the investigation.
“To this end, some officials of the state government, especially the Accountant General of the State, have had interview sessions with investigators of the EFCC,” the statement added.
The Commission explained that although the investigation had been ongoing for months, it initially saw no reason to restrict the state’s accounts until it observed what it described as suspicious movement of funds beginning on August 2.
“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 EFCC stated.
It added, “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.”
Defending its decision, the anti-graft agency maintained that it acted within its statutory responsibility to safeguard public resources and prevent financial crimes.
“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,” the statement said.
The Commission also addressed concerns over the timing of the action, noting that it was fully aware of the forthcoming governorship election in Osun State but insisted that the investigation, not politics, informed its decision.
“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,” it stated.
The EFCC further disclosed that Osun is not the only state under investigation, stressing that it is monitoring the finances of several state governments across the country.
“It is equally needful to state that the Commission is keeping watch over the finances of other states like Osun State. Many of these states are on the investigative radar of the Commission to ensure accountability and probity,” the statement read.
Reaffirming its political neutrality, the Commission insisted that its actions were solely aimed at protecting public funds.
“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 EFCC also urged members of the public to disregard claims questioning its motives.
“The public is enjoined to ignore false narratives and deliberate demonization of the works of the EFCC. The interests of all Nigerians are greater and will always be protected by the Commission,” it added.
The clarification follows accusations by the Osun State Government that the EFCC unlawfully froze one of its statutory allocation accounts just days before the August 15 governorship election. The state government has also announced plans to challenge the action in court.
