EFCC: Why We Froze Osun State Government Account

The Economic and Financial Crimes Commission (EFCC) has explained the reasons behind its decision to freeze the bank account of the Osun State Government, insisting that the action was taken to protect public funds and has no connection with the forthcoming governorship election in the state.

In a statement issued on Wednesday, the Commission disclosed that it has been investigating the Osun State Government since March 2026 over the alleged fraudulent handling of Ecology Funds, Intervention Funds and Federal Account Allocation Committee (FAAC) allocations amounting to ₦11 billion.

The EFCC said several officials of the state government, including the Accountant-General, have been questioned as part of the ongoing investigation.

According to the anti-graft agency, it only placed a Post No Debit (PND) order on the state’s account after detecting what it described as “precipitate and unwarranted” transfers of huge sums of money from the government’s accounts into several suspicious corporate accounts beginning on August 2, 2026.

The Commission said the development compelled it to act swiftly by freezing the accounts to halt the movement of funds and prevent the alleged diversion of public resources.

While acknowledging the impending governorship election in Osun State, the EFCC maintained that the timing of its action was dictated solely by the suspicious financial transactions uncovered during its investigation.

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“The Commission cannot watch idly while a state government’s account is being pillaged,” the EFCC stated, adding that it would have failed in its statutory responsibility if it ignored the movement of public funds because of the forthcoming election.

The Commission further revealed that it is monitoring the finances of several other state governments across the country, noting that many are already under investigation as part of its efforts to ensure accountability and transparency in the management of public resources.

Reaffirming its non-partisan stance, the EFCC urged Nigerians to disregard what it described as false narratives aimed at discrediting its operations, insisting that the freezing of the Osun State Government account was solely to safeguard public funds from alleged looting.