- Why We Froze Osun Govt Account – EFCC
- The commission denied the action was linked to the August 15 governorship election.
- EFCC said the investigation involves alleged mismanagement of about ₦11 billion.
The Economic and Financial Crimes Commission (EFCC) has explained that it froze the Osun State Government’s bank account after detecting what it described as unusually large transfers to suspicious corporate accounts.
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EKO HOT BLOG reports that the anti graft agency said the action was not connected to the August 15 governorship election but was part of an ongoing investigation into the alleged fraudulent management of about ₦11 billion in public funds.
The EFCC disclosed this in a statement issued on Wednesday by its Head of Media and Publicity, Dele Oyewale, titled, **”Why EFCC Froze Osun State Government Account.”**
According to the commission, it has been investigating the Osun State Government since March 2026 over the alleged handling of Ecology Funds, Intervention Funds and allocations received through the Federation Account Allocation Committee (FAAC).
“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 account to the tune of ₦11bn,” the statement read.
The EFCC said several officials of the state government, including the Accountant General, had appeared before investigators for questioning, adding that the allegations remain under investigation and have yet to be determined by a court.
The commission stated that the investigation alone would not have warranted placing a Post No Debit restriction on the state’s account.
However, it alleged that investigators observed rapid movement of funds from the account to what it described as suspicious destinations beginning on August 2, 2026.
“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 EFCC said.
It added that large sums were transferred into several corporate accounts, prompting the commission to freeze the account to prevent further transactions.
“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 statement added.
The anti corruption agency dismissed suggestions that the action was politically motivated or intended to influence the forthcoming governorship election in Osun State.
According to the EFCC, its statutory responsibility is to protect public funds from alleged diversion regardless of political developments.
“The Commission cannot watch idly while a state government’s account is 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 funds of the state.”
The commission maintained that the upcoming election could not be used as a reason to suspend its constitutional responsibilities.
“It will be uncharitable for the Commission to allow an excuse of an upcoming election to fold its arms to perform its legally assigned functions,” the statement read.
The EFCC further disclosed that Osun State is not the only state under investigation, noting that the finances of several other states are also being monitored to ensure accountability and transparency.
“It is equally needful to state that the Commission is keeping watch over the finances of other states like Osun State.
“Many of these states are on the investigative radar of the Commission to ensure accountability and probity.”
The commission insisted that it remains non partisan and that the decision to freeze the Osun State Government’s account was solely aimed at safeguarding public funds.
“The Osun State Government account was frozen to save public funds from being looted,” the statement added.
The EFCC also urged Nigerians to disregard what it described as false narratives portraying its action as politically motivated.
