Why We Froze Osun State Government Accounts – EFCC

Why We Froze Osun State Government Accounts – EFCC

The Economic and Financial Crimes Commission, EFCC, says its decision to close the bank accounts of Osun State Government is due to ongoing investigations over fraudulent handling of N11 billion state funds.

According to the anti-graft agency in a statement on Wednesday, its action is “without prejudice to the imminent governorship election in the state”.

“The Commission has been busy investigating the Osun state government since March, 2026, regarding alleged fraudulent handling of Ecology Funds, Intervention Funds and Federal Account Allocation Committee, FAAC account to the tune of N11, 000,000, 000 (Eleven Billion Naira only).

“To this end, some officials of the state government, especially the Accountant General of the State, have had interview sessions with investigators of the EFCC.

“These ongoing investigations of the state government would not have warranted any placement of Post No Debit order on its account but for the precipitate and unwarranted movement of funds from the accounts to different suspicious accounts since August 2, 2026.

“The Commission noticed huge transfers of funds into different corporate entities and had to swiftly halt the trend by freezing the accounts from which such heavy funds are being moved.

The EFCC claimed that the preventive action “is a public-inclined framework of safeguarding public funds, assets and resources”.

The Commission has come under criticism over the freezing of the bank accounts, which is largely viewed as politically motivated to give the opposition All Progressives Congress of President Bola Ahmed Tinubu an edge during the August 15 governorship election.

However, the EFCC said despite the impending governorship election in Osun State, it has a responsibility to act in defence of the sanctity of the funds of the state, claiming that it will be uncharitable for it “to allow an excuse of an upcoming election to fold its arms to perform its legally-assigned functions”.

The EFCC explained that it is equally keeping watch over the finances of other states, stating that many states are on its investigative radar to ensure accountability and probity.

The Commission pointed out that it is non-partisan and non-sectarian organisation working in the overall interests of Nigerians.

“The Osun State government account was frozen to save public funds from being looted,” it added, and enjoined the public to ignore what it called as “false narratives and deliberate demonization of the works of the EFCC”.