EFCC Explains Freeze On Osun Government Accounts, Cites Alleged N11bn Fraud Probe

The Economic and Financial Crimes Commission (EFCC) has defended its decision to freeze the bank accounts of the Osun State Government, insisting that the action was part of ongoing investigations into the alleged diversion of public funds and was not connected to 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 Account Allocation Committee (FAAC) amounting to N11 billion.

According to the Commission, several state officials, including the Accountant-General of Osun State, have been questioned as part of the ongoing investigation.

The EFCC explained that it initially had no intention of placing a Post No Debit order on the state’s accounts. However, it said the decision became necessary after investigators detected what it described as “precipitate and unwarranted” movement of funds from the government accounts into several suspicious corporate accounts beginning on 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 were being moved,” the statement said.

The anti-corruption agency maintained that freezing the accounts was in line with its statutory responsibility to safeguard public funds and prevent their alleged misappropriation.

While acknowledging the proximity of the Osun governorship election, the EFCC stressed that its intervention was purely a preventive measure aimed at protecting public resources and should not be interpreted as politically motivated.

“It will be uncharitable for the Commission to allow an excuse of an upcoming election to fold its arms instead of performing its legally assigned functions,” the Commission stated.

The EFCC further disclosed that Osun is not the only state under scrutiny, noting that the finances of several other states are also being monitored as part of its efforts to promote accountability and transparency in the management of public funds.

Reaffirming its neutrality, the Commission insisted it remains non-partisan and committed to serving the interests of Nigerians.

It also urged members of the public to disregard what it described as false narratives and attempts to discredit its operations, insisting that the freezing of the Osun State Government’s accounts was solely to protect public funds from alleged looting.