By Dennis Okechukwu
The Economic and Financial Crimes Commission (EFCC) has defended its decision to freeze the bank accounts of the Osun State Government, saying the action was necessary to prevent the alleged diversion of public funds while investigations into the state’s finances continue.
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 about ₦11 billion in Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee (FAAC).
According to the commission, several state officials, including the Accountant General, have been questioned as part of the ongoing investigation.
The EFCC said the decision to place a Post No Debit (PND) order on the state’s accounts was prompted by what it described as sudden and suspicious movements of funds from the accounts beginning on August 2, 2026.
It alleged that investigators detected large transfers from the government accounts into various corporate entities, prompting the commission to intervene by freezing the accounts to halt further transactions.
The anti-graft agency stressed that its action was taken under its preventive mandate to safeguard public funds and was not influenced by the forthcoming governorship election in Osun State.
“The Commission cannot watch idly while a state government’s account is being pillaged,” the statement said, adding that allowing the movement of funds to continue because of the approaching election would amount to neglecting its statutory responsibilities.
The EFCC also disclosed that it is monitoring the finances of several other states as part of broader efforts to promote accountability and transparency in the management of public resources.
Reaffirming its commitment to impartiality, the commission said it remains non-partisan and acts solely in the interest of Nigerians. It urged the public to disregard what it described as false narratives and attempts to discredit its operations, insisting that the freezing of the Osun State Government’s accounts was aimed at protecting public funds from alleged looting.