By John Dike, Osogbo
The Economic and Financial Crimes Commission (EFCC) has explained that it freezed Osun State Government bank accounts to prevent alleged diversion of public funds while investigations into financial transactions involving the state continue.
A statement issued on Wednesday by the Commission’s Head of Media and Publicity, Dele Oyewale, said its action was based strictly on its constitutional and statutory responsibility to protect public resources and was not influenced by the forthcoming August 15 governorship election in the State.
Ot said it considered it necessary to address public concerns over the controversial freezing of the state’s accounts, insisting that the move was preventive and aimed at safeguarding government funds from alleged misuse.
According to the Commission, investigations into the financial activities of the Osun State Government commenced in March 2026 following allegations of fraudulent handling of Ecology Funds, Intervention Funds and allocations from the Federal Accounts Allocation Committee (FAAC), amounting to about N11 billion.
It disclosed that several officials of the state government, including the Accountant-General, have already been questioned by investigators as part of the ongoing probe.
The agency explained that although the investigation had been ongoing for several months, it initially found no reason to freeze the government’s accounts until investigators allegedly detected what it described as “precipitate and unwarranted movement of funds” beginning on August 2, 2026.
It said intelligence gathered by its investigators showed that huge sums of money were allegedly transferred from government accounts into several corporate entities considered suspicious, prompting the Commission to immediately place a Post No Debit (PND) restriction on the affected accounts.
The Commission maintained that the freezing order was a preventive measure designed to halt further movement of funds pending the conclusion of investigations.
“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.
The anti-corruption agency stressed that its preventive mandate requires it to act whenever public funds appear to be at risk, regardless of prevailing political circumstances.
It rejected suggestions that the action was politically motivated because of the approaching governorship election in Osun State, insisting that allowing political considerations to prevent law enforcement agencies from carrying out their statutory duties would amount to dereliction of responsibility.
According to the EFCC, it would have been irresponsible to ignore suspicious financial transactions simply because an election is around the corner.
“The Commission cannot watch idly while a state government’s account is being pillaged,” it stated.
The EFCC further emphasized that Osun State is not the only state currently under financial scrutiny, revealing that several other state governments are also being monitored and investigated over issues relating to accountability and management of public funds.
It noted that the Commission routinely investigates financial activities of governments across the federation and that such investigations should not be interpreted through political lenses.
Reiterating its neutrality, the Commission said it remains non-partisan and non-sectarian in the discharge of its responsibilities, adding that its only interest is the protection of public resources for the benefit of Nigerians.
The agency urged members of the public to disregard what it described as false narratives and deliberate attempts to portray its actions as politically motivated.
It insisted that the freezing of the Osun State Government
accounts was solely intended to prevent the alleged looting of public funds while investigations continue.
The development comes amid heightened political tension in Osun State ahead of the August 15 governorship election, with the state government earlier condemning the freezing of its accounts and alleging political persecution.
