The Economic and Financial Crimes Commission (EFCC) on Wednesday explained why it froze the bank accounts of the Osun State Government, saying the action was aimed at preventing the alleged diversion of N11 billion in public funds.
EFCC Spokesperson, Dele Oyewale, disclosed this in a statement issued on Wednesday in Abuja.
He said the action was taken as part of an ongoing investigation into alleged financial misconduct involving the management of public funds.
Oyewale insisted that the decision was unrelated to the forthcoming governorship election in the state.
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“The Commission has been busy investigating the Osun State Government since March 2026 regarding the alleged fraudulent handling of Ecology Funds, Intervention Funds and Federal Account Allocation Committee (FAAC) allocations to the tune of N11 billion.
“To this end, some officials of the state government, especially the Accountant General of the State, have had interview sessions with investigators of the EFCC.
“These ongoing investigations would not have warranted the placement of a Post No Debit order on the state’s accounts but for the precipitate and unwarranted movement of funds from the accounts to different suspicious accounts since Aug. 2, 2026,” Oyewale said.
According to him, the commission detected large transfers of funds into various corporate accounts and moved swiftly to halt the transactions by freezing the affected accounts.
“The EFCC’s preventive mandate is a public-oriented framework for safeguarding public funds, assets and resources.
“The Commission cannot watch idly while a state government’s accounts are 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 state’s funds.
“It will be uncharitable for the Commission to use the excuse of an upcoming election to neglect its legally assigned responsibilities,” he said.
Oyewale added that the EFCC was also monitoring the finances of other states.
“Many of these states are on the investigative radar of the Commission to ensure accountability and probity.
“The Commission has always maintained that it is non-partisan and non-sectarian, working solely in the overall interest of Nigerians.
“The Osun State Government’s accounts were frozen to safeguard public funds from being looted,” he said.
He urged members of the public to disregard what he described as false narratives and deliberate attempts to discredit the commission’s work.
“The interests of all Nigerians are greater and will always be protected by the Commission,” Oyewale said.
