The Economic and Financial Crimes Commission (EFCC) has explained the reasons behind its decision to freeze an Osun State Government bank account, saying the action was taken to prevent the alleged diversion of public funds and was not connected to the forthcoming August 15 governorship election.
In a statement issued on Wednesday, 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) amounting to about N11 billion.
The commission disclosed that as part of the investigation, some state government officials, including the Accountant General, had been invited and questioned by its investigators.
The EFCC said the ongoing investigation alone did not necessitate the freezing of the state’s account but alleged that it observed what it described as suspicious movement of funds from the account beginning on August 2.
According to the commission, investigators detected large transfers from the government account into several corporate accounts, prompting it to place a Post No Debit restriction on the account to halt the transactions.
The agency maintained that its action was in line with its statutory responsibility to safeguard public funds and prevent the alleged looting of government resources.
It stressed that although it was aware of the impending governorship election in Osun State, it could not allow the electoral process to prevent it from carrying out its legal mandate.
The commission also stated that it was monitoring the financial activities of several other state governments, noting that many states were under investigation as part of efforts to promote accountability and transparency in the management of public funds.
The EFCC insisted that it remained non-partisan in the discharge of its duties and urged Nigerians to disregard what it described as false narratives and attempts to demonise the commission over its decision to freeze the Osun State Government account.
It reiterated that the restriction was imposed solely to protect public funds pending the outcome of its ongoing investigation.