The Economic and Financial Crimes Commission (EFCC) has broken its silence on the freezing of an Osun State Government bank account, insisting that the action was a preventive measure to safeguard public funds and not an attempt to interfere with the forthcoming governorship election in the state.
In a statement issued on Wednesday, the anti-graft agency said it was compelled to publicly explain the circumstances surrounding the freeze because of what it described as “false narratives” and efforts to demonise its operations.
According to the Commission, it has 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 ₦11 billion.
The EFCC disclosed that several state government officials had already been invited for questioning, with the state Accountant-General among those who had appeared before investigators.
“The Commission has been busy investigating the Osun State Government since March 2026 regarding alleged fraudulent handling of Ecology Funds, Intervention Funds and Federal Account Allocation Committee account to the tune of ₦11,000,000,000,” the statement said.
It added that the ongoing investigation alone would not have led to the freezing of the account but for what it described as suspicious financial activities detected in recent days.
The agency said investigators observed what they considered unusual and heavy movements of funds from the government account into several corporate accounts beginning from August 2, 2026.
“These ongoing investigations of the state government would not have warranted any placement of Post No Debit order on its account but for the precipitate and unwarranted movement of funds from the accounts to different suspicious accounts since August 2, 2026,” the Commission stated.
The EFCC said it noticed “huge transfers of funds into different corporate entities” and therefore moved swiftly to stop further transactions by freezing the account from which the transfers were allegedly being made.
Defending its decision, the anti-graft agency stressed that protecting public funds was part of its statutory responsibility and that it could not stand by while state resources were allegedly being diverted.
“The Commission cannot watch idly while a state government’s account is being pillaged,” it said.
The statement further argued that the proximity of the governorship election could not serve as grounds for the agency to suspend its constitutional and legal duties.
“While the Commission is fully aware of the impending governorship election in Osun State, it has a responsibility to act in defence of the sanctity of the funds of the state,” the EFCC said.
“It will be uncharitable for the Commission to allow an excuse of an upcoming election to fold its arms to perform its legally-assigned functions,” it added.
The Commission also disclosed that Osun was not the only state under scrutiny, saying it was monitoring the finances of other state governments as part of a broader accountability drive.
“It is equally needful to state that the Commission is keeping watch over the finances of other states like Osun State,” the statement noted.
“Many of these states are on the investigative radar of the Commission to ensure accountability and probity.”
The EFCC maintained that its operations were not politically motivated and reiterated that it remained a non-partisan institution committed to the interests of Nigerians.
“The Commission has always pointed out that it is non-partisan and non-sectarian but always working in the overall interests of Nigerians,” it stated.
The agency concluded by insisting that the freezing of the Osun account was done solely to prevent the alleged looting of public funds and appealed to the public not to be misled by what it described as deliberate misinformation.
“The Osun State Government account was frozen to save public funds from being looted,” the Commission said.
“The public is enjoined to ignore false narratives and deliberate demonization of the works of the EFCC.
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