The Economic and Financial Crimes Commission (EFCC) has defended its decision to freeze the Osun State Government’s bank account, saying the move was necessary to stop what it described as suspicious movement of public funds while investigations into the state’s finances continue.
In a statement issued on Wednesday and signed by Dele Oyewale, EFCC’s Head of Media and Publicity, the Commission said it had been investigating the Osun State Government since March 2026 over the alleged mismanagement of Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee (FAAC) totalling N11 billion.
The EFCC said the investigation has already involved several government officials, including the state’s Accountant General, who has been questioned by its investigators.
According to the Commission, there had initially been no plan to place a Post No Debit order on the state’s accounts.
It, however, said investigators noticed a series of large transfers from the accounts into the accounts of different corporate entities beginning on August 2.
The agency said the transactions raised concerns and prompted it to freeze the accounts to prevent further movement of funds while the investigation continues.
The EFCC also addressed concerns over the timing of the action, coming just days before the Osun State governorship election.
It insisted that the decision had nothing to do with the election but was taken in line with its responsibility to protect public funds.
“The Commission cannot watch idly while a state government’s account is being pillaged,” the statement said, adding that the approaching election could not be used as a reason for it to abandon its statutory duties.
The anti-graft agency disclosed that Osun is not the only state under scrutiny, noting that it is monitoring the finances of several other state governments as part of ongoing efforts to ensure accountability in the management of public resources.
The EFCC maintained that it remained non-partisan in the discharge of its responsibilities and urged the public to disregard what it described as false narratives surrounding the freezing of the state’s account.
