The Economic and Financial Crimes Commission (EFCC) has explained why it froze the bank account of the Osun State Government, saying the action was taken to prevent the alleged diversion of public funds while investigations into an alleged N11 billion fraud continue.
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 fraudulent handling of Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee (FAAC).
The EFCC said the investigation involves about N11 billion, adding that some state officials, including the Accountant General, had already been questioned by its investigators.
According to the commission, the decision to place a Post No Debit (PND) order on the state’s account was prompted by what it described as “precipitate and unwarranted” movement of funds from the accounts into several suspicious corporate accounts beginning on August 2.
“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 said.
The EFCC maintained that the action was taken in line with its mandate to safeguard public funds and was not influenced by the forthcoming governorship election in Osun State.
It said although it was aware of the impending election, it could not ignore what it described as attempts to pillage the state’s resources.
“The Commission cannot watch idly while a state government’s account is being pillaged,” it said.
The anti-graft agency also disclosed that it is monitoring the finances of other states, noting that several state governments are currently under investigation to ensure accountability in the management of public resources.
Reaffirming its neutrality, the EFCC said it remains non-partisan and committed to protecting the interests of Nigerians.
It urged the public to disregard what it described as false narratives surrounding the freezing of the Osun State Government’s account, insisting that the action was solely aimed at protecting public funds.
