Why We Froze Osun Govt Bank Accounts – EFCC

The Economic and Financial Crimes Commission (EFCC) has defended its decision to freeze the Osun State Government’s bank accounts, saying the action was taken to prevent the alleged diversion of about N11 billion in public funds and was not linked to the state’s forthcoming governorship election.

The anti-graft agency said the restriction followed an ongoing investigation into the management of Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee (FAAC), adding that the probe began in March 2026.

In a statement issued on Wednesday by its Head of Media and Publicity, Dele Oyewale, the EFCC said investigators uncovered what it described as suspicious transfers of large sums of money from government accounts into several corporate accounts.

According to the commission, the movement of funds became more noticeable from August 2, 2026, prompting it to place a Post No Debit restriction on the affected accounts to prevent further transactions while investigations continue.

The EFCC disclosed that the Osun State Accountant-General and other government officials had already appeared before its investigators as part of the inquiry.

The commission explained that the investigation alone would not have resulted in the freezing of the accounts, but the sudden movement of funds into what it described as suspicious corporate entities made immediate intervention necessary.

It maintained that allowing the transactions to continue would have amounted to ignoring the alleged diversion of public funds.

The agency also dismissed claims that the action was politically motivated because of the upcoming governorship election in Osun State.

According to the EFCC, while it is aware of the election timetable, it has a legal responsibility to protect public funds and cannot suspend its statutory duties because of political activities.

The commission further revealed that similar financial investigations are ongoing in other states, noting that Osun is not the only state currently under scrutiny as part of its efforts to promote accountability in the management of public resources.

The EFCC insisted that its operations remain non-partisan and are carried out strictly in line with the law, adding that the freezing of the Osun State Government’s accounts was intended to safeguard public funds.

It also urged Nigerians to disregard what it described as misleading claims aimed at discrediting its work, assuring the public that it would continue to investigate cases involving public funds without fear or favour.