By By Elizabeth Ugbo
The Economic and Financial Crimes Commission (EFCC) has explained why it froze the Osun State Government’s bank accounts, saying the action followed an ongoing investigation into the alleged diversion of N11 billion in public funds. The commission announced the development on Thursday, stating that it began the probe in March 2026 after uncovering suspicious transactions involving Ecology Funds, Intervention Funds, and FAAC allocations. According to the EFCC, it acted to prevent further movement of funds ahead of the Osun State governorship election.
EFCC Details Ongoing Investigation
The anti-graft agency disclosed that investigators have examined the financial activities of the Osun State Government since March 2026.
According to the commission, the investigation focuses on the alleged fraudulent handling of Ecology Funds, Intervention Funds, and Federal Account Allocation Committee (FAAC) allocations valued at N11 billion.
The EFCC also confirmed that several state officials have appeared before investigators.
Among those questioned is the Accountant General of Osun State, who has participated in multiple interview sessions.
Suspicious Fund Transfers Prompted Account Freeze
The commission explained that the investigation alone did not justify freezing the government’s accounts.
However, it detected what it described as suspicious transfers from the state’s accounts beginning on August 2, 2026.
According to the EFCC, large sums moved into several corporate accounts within a short period.
Consequently, the commission imposed a Post No Debit (PND) order to stop further transactions.
The EFCC maintained that the move aimed to prevent the alleged diversion of public funds while investigations continue.
EFCC Denies Political Motive
The commission rejected claims that the account freeze was politically motivated because of the forthcoming Osun governorship election.
Instead, it insisted that its statutory responsibility requires it to protect public funds regardless of political events.
The agency stressed that allowing suspicious transactions to continue would amount to neglecting its legal mandate.
Other States Also Under Financial Monitoring
Furthermore, the EFCC revealed that it is monitoring the finances of several other states.
It stated that many state governments remain under investigation to promote transparency, accountability, and prudent management of public resources.
The commission reaffirmed that it operates without political or sectional bias.
EFCC Urges Public to Ignore False Claims
Finally, the commission urged Nigerians to disregard what it described as false narratives surrounding the account freeze.
It insisted that the decision sought only to safeguard public resources and protect the interests of citizens.
The EFCC reiterated its commitment to enforcing accountability and preventing the misuse of government funds across the country.
