The Economic and Financial Crimes Commission has explained the reasons behind its decision to freeze the bank accounts of the Osun State Government, saying the action was taken to prevent the alleged diversion of public funds amid an ongoing investigation into the state’s finances.
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 mismanagement of about N11 billion in Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee.
According to the commission, several state officials, including the Accountant General, have been questioned as part of the investigation.
The EFCC stated that while the investigation had been ongoing for months without restrictions being placed on the state’s accounts, recent financial activities prompted urgent intervention.
It alleged that from August 2, investigators observed what it described as suspicious transfers of large sums of money from government accounts into various corporate entities, forcing the commission to impose a Post No Debit order to halt further movement of the funds.
The agency maintained that the decision was purely preventive and aimed at protecting public resources, insisting that it could not ignore what it considered an attempt to deplete state funds.
The commission also dismissed suggestions that the action was politically motivated because of the forthcoming Osun State governorship election, stressing that its constitutional responsibility to safeguard public funds supersedes political considerations.
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It added that allowing the proximity of the election to influence its operations would amount to neglecting its statutory duties.
The EFCC further disclosed that Osun is not the only state under scrutiny, noting that it is monitoring the finances of several other states as part of efforts to promote accountability and transparency in the management of public funds.
Reaffirming its non-partisan stance, the commission urged Nigerians to disregard what it described as false narratives aimed at discrediting its operations, insisting that the freezing of the Osun State Government accounts was solely intended to prevent the alleged looting of public funds while investigations continue.