The Economic and Financial Crimes Commission (EFCC) has said its decision to freeze the Osun State Government’s bank accounts was part of an ongoing investigation into the alleged mismanagement of public funds and was not connected to the forthcoming governorship election in the state.
In a statement 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 said several state officials, including the Accountant General, had been questioned as part of the investigation.
According to the EFCC, the decision to place a Post No Debit (PND) order on the state’s accounts followed the discovery of what it described as “suspicious” transfers of large sums of money from the accounts into several corporate entities beginning on 2 August 2026.
The agency said it acted to prevent further movement of funds, arguing that the transfers raised concerns that public money could be diverted.
“The ongoing investigations would not have warranted a Post No Debit order but for the sudden and unwarranted movement of funds into different suspicious accounts,” the Commission said.
The EFCC maintained that freezing the accounts was in line with its statutory responsibility to safeguard public funds and insisted it could not suspend its operations because of the impending governorship election.
The Commission also rejected suggestions that its actions were politically motivated, stating that it remains non-partisan and is conducting similar financial oversight and investigations in other states across the country.
It urged members of the public to disregard what it described as false narratives surrounding the account freeze, insisting that the action was taken solely to protect public resources and ensure accountability.
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