EFCC says suspicious transfers triggered freeze on Osun Government account

Jeremiah Adeshina

Economic and Financial Crimes Commission (EFCC) has explained its decision to freeze the Osun State Government’s bank account, saying the action was taken to prevent the alleged diversion of public funds under investigation and not to influence the forthcoming governorship election in the state.

In a statement issued on Wednesday by the Commission’s Head of Media and Publicity, Dele Oyewale, the anti-graft agency said it was compelled to clarify the circumstances surrounding the freezing of the account in the face of public criticism and speculation over the timing of the action.

According to the EFCC, investigations into the financial activities of the Osun State Government commenced in March 2026 following allegations of fraudulent handling of Ecology Funds, Intervention Funds and allocations from the Federal Account Allocation Committee (FAAC) amounting to about N11 billion.

The Commission disclosed that several state officials, including the Accountant General, had already been questioned by its investigators as part of the ongoing probe.

It explained that although the investigation had been ongoing for months without disrupting the state’s banking operations, the situation changed after investigators detected what it described as suspicious movement of large sums of money from the state’s accounts beginning on August 2, 2026.

According to the EFCC, huge transfers were allegedly made into the accounts of various corporate entities, prompting the Commission to invoke a Post No Debit (PND) order to halt further transactions while investigations continue.

The anti-corruption agency maintained that the decision was taken strictly in line with its statutory responsibility to safeguard public funds and prevent financial crimes.

“The Commission cannot watch idly while a state government’s account is being pillaged,” the statement said, adding that allowing the transfers to continue simply because of the proximity of the governorship election would have amounted to a dereliction of duty.

The EFCC stressed that its action should not be interpreted as politically motivated, insisting that it remains a non-partisan institution committed to accountability, transparency and the protection of public resources.

The Commission further revealed that Osun State is not the only state under its watch, noting that the finances of several other states are currently being monitored and investigated, where necessary, to ensure compliance with financial accountability standards.

It reiterated that the freezing of the Osun State Government account was solely intended to prevent the alleged looting of public funds pending the conclusion of investigations.

The EFCC also urged Nigerians to disregard what it described as false narratives and deliberate attempts to discredit its operations, assuring the public that all its actions are guided by the law and carried out in the overall interest of the nation.

The Commission reaffirmed its commitment to pursuing corruption cases without fear or favour, insisting that the protection of public funds remains one of its core mandates.