The Economic and Financial Crimes Commission (EFCC) has explained the reasons behind its decision to freeze the Osun State Government’s statutory account, insisting the action was taken to protect public funds and not to influence the upcoming governorship election.
In a statement released on Wednesday, the anti-graft agency said the restriction followed an ongoing investigation into the alleged mismanagement of Ecology Funds, Intervention Funds and Federal Account Allocation Committee (FAAC) funds amounting to about ₦11 billion.
According to the Commission, investigations into the finances of the Osun State Government began in March 2026, with several government officials, including the Accountant-General of the state, already questioned by investigators.
The EFCC said although the investigation had been ongoing for months, it only decided to place a Post No Debit (PND) restriction on the account after discovering what it described as suspicious movements of funds.
“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 statement read.
Responding to claims that the decision was politically motivated because of the August 15 Osun governorship election, the EFCC dismissed the allegation, insisting that its actions were purely in line with its statutory responsibilities.
The Commission maintained that it could not ignore suspicious financial transactions simply because an election was approaching.
“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,” the agency stated.
The anti-graft agency also stressed that Osun State is not the only state under investigation, noting that it is monitoring the finances of several state governments to ensure accountability and transparency.
According to the Commission, its operations are non-partisan and aimed solely at protecting public resources.
“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,” it said.
The EFCC further insisted that the freezing of the Osun State Government’s account was necessary to prevent public funds from being diverted.
The Commission urged Nigerians to disregard what it described as false narratives surrounding the action, assuring citizens that its decisions are guided by the law and the need to safeguard public funds.
Source: Economic and Financial Crimes Commission (EFCC).
