The Economic and Financial Crimes Commission (EFCC) has revealed why it froze the Osun State Government’s bank account just days before the state’s governorship.
The anti-graft agency in a statement said the action was taken to stop the alleged diversion of public funds.
The EFCC said it has been investigating the Osun State Government since March 2026 over the suspected misuse of about N11 billion.
According to the commission, the money under investigation includes Ecology Funds, Intervention Funds, and allocations from the Federation Account Allocation Committee (FAAC).
The agency reiterated that freezing the account was part of its ongoing investigation and was aimed at preventing the funds from being moved while the probe continues.
The commission said the decision to freeze the account was based on its legal powers and was necessary to protect public funds while investigations continue.
The statement reads: “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 imminent governorship election in the state.
“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). 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.
“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 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 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. 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 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 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 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”.
