The Economic and Financial Crimes Commission has defended its decision to freeze the bank accounts of the Osun State Government, saying the measure was taken to prevent the alleged movement and possible diversion of public funds amid an ongoing investigation involving about ₦11 billion.
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The commission said the action was unrelated to the August 15, 2026, governorship election in the state and was prompted by what it described as sudden and suspicious transfers from government accounts into several corporate entities.
In a statement issued on Wednesday by its Head of Media and Publicity, Dele Oyewale, the EFCC said it was compelled to clarify the circumstances surrounding the placement of a Post No Debit restriction on the state government’s accounts following allegations that the action was politically motivated.
“The Economic and Financial Crimes Commission is compelled to publicly address issues pertaining to its preventive moves in freezing the bank account of the Osun State Government, without prejudice to the imminent governorship election in the state,” the statement read.
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 money received through the Federation Account Allocation Committee.
The EFCC placed the value of the funds under investigation at ₦11 billion.
“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 billion,” it stated.
The anti-graft agency disclosed that officials of the state government, particularly the Accountant-General of Osun State, had appeared before its investigators for interview sessions in connection with the allegations.
It explained that the existence of the investigation alone would not ordinarily have resulted in the freezing of the government’s accounts.
The commission said it decided to impose the restriction after observing what it described as the hurried and unjustified movement of large sums from the accounts into suspicious corporate accounts beginning on August 2.
“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 EFCC said.
“The Commission noticed huge transfers of funds into different corporate entities and had to swiftly halt the trend by freezing the accounts from which such heavy funds are being moved.”
The commission maintained that its preventive mandate empowered it to intervene where public funds, assets and resources appeared to be at risk.
It said it could not remain passive while funds belonging to a state government were allegedly being moved in circumstances that raised concerns about possible diversion.
“The EFCC’s preventive mandate is a public-inclined framework of safeguarding public funds, assets and resources. The Commission cannot watch idly while a state government’s account is being pillaged,” the statement read.
While acknowledging the proximity of the governorship election, the commission said the electoral timetable could not prevent it from carrying out its statutory responsibilities.
It argued that refusing to act because an election was approaching would amount to abandoning its legal duty to protect public funds.
“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 stated.
“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.”
The commission also disclosed that Osun was not the only state whose finances were being examined.
According to the EFCC, several other state governments are on its investigative radar as part of efforts to promote accountability and prevent the alleged diversion of public resources.
“It is equally needful to state that the Commission is keeping watch over the finances of other states like Osun State. Many of these states are on the investigative radar of the Commission to ensure accountability and probity,” it said.
The anti-graft agency reiterated that it remained non-partisan and non-sectarian, insisting that its actions were guided by the interests of Nigerians rather than political considerations.
“The Commission has always pointed out that it is non-partisan and non-sectarian but always working in the overall interests of Nigerians,” the statement said.
“The Osun State Government account was frozen to save public funds from being looted.”
The EFCC urged members of the public to disregard what it described as false narratives and deliberate attempts to demonise its operations.
“The public is enjoined to ignore false narratives and deliberate demonisation of the works of the EFCC. The interests of all Nigerians are greater and will always be protected by the Commission,” it concluded.
The commission’s explanation followed an allegation by Osun State Governor Ademola Adeleke that the planned freezing of the government’s accounts lacked legal justification and was intended to paralyse the state administration ahead of the governorship election.
The allegations of fraudulent handling and suspicious movement of funds remain under investigation and have not been determined by a court.
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