The Economic and Financial Crimes Commission (EFCC) says it is compelled to publicly explain its decision to freeze the bank accounts of the Osun State Government, stressing that the action was part of an ongoing corruption investigation and was unrelated to the forthcoming governorship election in the state.
The Commission disclosed on Wednesday that it has been investigating the Osun State Government since March 2026 over the alleged fraudulent management of Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee (FAAC), involving about ₦11 billion. According to the EFCC, several state officials, including the Accountant-General, have been questioned as part of the investigation.
The anti-graft agency said it only placed a Post No Debit (PND) order on the state’s accounts after investigators detected what it described as “precipitate and unwarranted” movement of public funds from the accounts beginning August 2, 2026. It alleged that huge sums were being transferred into multiple corporate accounts considered suspicious, prompting the Commission to freeze the accounts to prevent further transactions.
The development comes against the backdrop of heightened political tension ahead of the August 15, 2026 Osun governorship election, with opposition groups in recent months urging the EFCC to investigate alleged financial improprieties within the state government, including claims of payroll fraud and possible diversion of public funds. The Osun State Government has consistently denied wrongdoing, describing the allegations as politically motivated and maintaining that it welcomes any lawful investigation.
The EFCC insisted that its action was taken solely to protect public funds, saying its preventive mandate requires it to act whenever there is evidence that government resources may be at risk. The Commission maintained that it could not stand by while funds belonging to the people of Osun State were allegedly being moved under suspicious circumstances.
While acknowledging the proximity of the governorship election, the Commission said the electoral calendar could not deter it from carrying out its statutory responsibilities. It also disclosed that the finances of several other states are currently under scrutiny as part of its broader efforts to promote accountability and transparency in the management of public resources.
The Commission urged Nigerians to disregard what it described as false narratives and attempts to politicise its actions, reiterating that it remains a non-partisan institution committed to safeguarding public funds and acting in the overall interest of the country.
