EFCC Explains Reasons for Freezing Osun State Government Accounts

By Vivian Okejeme

The Economic and Financial Crimes Commission (EFCC) on Wednesday explained why it froze the bank accounts of the Osun State Government, insisting that the action was taken without prejudice to the forthcoming governorship election in the state.

The Commission said it has been investigating the Osun State Government since March 2026 over the alleged fraudulent handling of Ecology Funds, Intervention Funds, and Federal Account Allocation Committee (FAAC) allocations amounting to N11 billion.

In a statement issued on Wednesday night by the EFCC’s Head of Media and Publicity, Dele Oyewale, the Commission disclosed that several officials of the state government, particularly the Accountant-General, had been invited and interviewed by its investigators as part of the ongoing probe.

According to the statement, the investigation alone would not have warranted the placement of a Post No Debit (PND) order on the state’s accounts. However, the Commission said it observed what it described as “precipitate and unwarranted” movements of funds from the accounts into several suspicious accounts beginning on August 2, 2026.

It stated that investigators detected substantial transfers to various corporate entities and swiftly froze the accounts to prevent further movement of the funds.

“The EFCC’s preventive mandate is a public-oriented framework for safeguarding public funds, assets, and resources.

“The Commission cannot watch idly while a state government’s accounts are being pillaged. 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 state’s funds. It would be uncharitable for the Commission to use the forthcoming election as an excuse to neglect its legally assigned responsibilities.

“It is equally important to state that the Commission is monitoring the finances of other states, including Osun. Many of these states are under investigation to ensure accountability and probity.

“The Commission has always maintained that it is non-partisan and non-sectarian, working solely in the overall interest of Nigerians. The Osun State Government’s accounts were frozen to prevent public funds from being looted.”

The anti-graft agency, therefore, urged members of the public to disregard what it described as false narratives and deliberate attempts to discredit its operations.

The Commission reiterated that it would continue to protect the interests of Nigerians by carrying out its statutory mandate without fear or favour.