The Economic and Financial Crimes Commission (EFCC) has said it froze the Osun State Government’s bank account as part of an ongoing investigation into the alleged fraudulent handling of about N11 billion in public funds, insisting the action was taken to prevent further movement of funds and is unrelated to the forthcoming governorship election in the state.
In a statement issued on Wednesday by its Head of Media and Publicity, Dele Oyewale, the anti-graft agency said it had been investigating the Osun State Government since March 2026 over the alleged mismanagement of Ecology Funds, Intervention Funds and allocations from the Federation Accounts Allocation Committee (FAAC) amounting to N11 billion.
According to the Commission, the investigation has involved interviews with several state officials, including the Accountant General of the state.
The EFCC said it only resorted to placing a Post No Debit (PND) order on the state’s accounts after discovering what it described as “precipitate and unwarranted” transfers of funds from the government accounts to multiple suspicious accounts beginning on August 2.
The Commission said it detected significant transfers to various corporate entities and acted swiftly to halt the transactions by freezing the affected accounts.
The anti-corruption agency maintained that the decision was consistent with its preventive mandate to safeguard public funds and assets, stressing that it could not ignore what it described as attempts to pillage state resources.
While acknowledging the proximity of the Osun governorship election, the EFCC dismissed suggestions that its action was politically motivated, insisting that the timing of the election could not deter it from carrying out its statutory responsibilities.
“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,” the statement said.
The EFCC also disclosed that it is monitoring the finances of several other states, noting that many are currently under investigation as part of efforts to promote accountability and transparency in the management of public funds.
Reaffirming its non-partisan stance, the Commission said its operations are guided solely by the national interest and the need to protect public resources.
“The Osun State government account was frozen to save public funds from being looted,” the Commission said.
The EFCC urged members of the public to disregard what it described as false narratives and attempts to discredit its activities, maintaining that it remains committed to protecting the interests of Nigerians.
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