EFCC Gives Fresh Explanation for Freezing Osun Government Account
The Economic and Financial Crimes Commission (EFCC) has defended its decision to freeze the Osun State Government’s bank account, saying the action was not connected to the state’s forthcoming governorship election.
Instead, the anti-graft agency said the move followed ongoing investigations into suspected financial irregularities involving about ₦11 billion in Ecology Funds, Intervention Funds and Federation Account Allocation Committee (FAAC) allocations, a probe it said began in March 2026.
The commission said its investigation, which began in March 2026, centres on the alleged handling of about ₦11 billion in Ecology Funds, Intervention Funds and Federation Account Allocation Committee (FAAC) allocations.
According to the EFCC, investigators have already questioned several government officials, including the state’s Accountant-General, as part of efforts to unravel the alleged financial transactions.
The anti-graft agency explained that it resorted to freezing the account only after detecting what it described as unusual transfers of large sums of money from the state’s accounts into several corporate accounts from August 2.
It said the transactions raised concerns that public funds could be at risk, making it necessary to place a Post No Debit order on the accounts to halt further movement of the money while investigations continue.
Responding to suggestions that the action was politically motivated because it came days before the Osun governorship election, the commission insisted that its responsibility is to protect public resources regardless of the political calendar.
The EFCC said it would have failed in its statutory duty if it had ignored the transactions simply because an election was around the corner.
The commission further disclosed that similar financial oversight is being carried out in other states, stressing that Osun is only one of several state governments currently under investigation as part of its anti-corruption mandate.
Maintaining that it operates without political bias, the EFCC urged the public to disregard claims that the account freeze was intended to influence the electoral process, insisting that its intervention was solely to prevent the alleged diversion of public funds.
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