EFCC Defends Freeze on Osun Accounts, Says Move Aimed at Protecting Public Funds

The Economic and Financial Crimes Commission (EFCC) has defended its decision to freeze the bank accounts of the Osun State Government, insisting that the action was taken to prevent the alleged diversion of public funds under investigation.

The anti-graft agency made the clarification in a statement published on its official X account on Wednesday, following widespread reactions to the freezing of the state’s accounts just 10 days before the August 15 governorship election.

According to the EFCC, it has been investigating the Osun State Government since March 2026 over the alleged diversion of about N11 billion in Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee (FAAC).

The Commission disclosed that it detected what it described as suspicious financial transactions from the state’s accounts beginning on August 2, prompting urgent intervention to stop further movement of funds.

It added that several government officials, including the state’s Accountant-General, had already been questioned as part of the ongoing investigation.

The EFCC explained that although the investigation alone would not ordinarily have resulted in a Post No Debit order on the accounts, the sudden movement of large sums of money into what it described as suspicious corporate accounts necessitated immediate action.

According to the Commission, the freeze was imposed to halt the transfer of public funds while investigations continue, stressing that safeguarding public resources remains part of its statutory responsibility.

The anti-corruption agency maintained that it could not ignore what it described as the “pillaging” of state funds, adding that the proximity of the governorship election would not deter it from carrying out its constitutional mandate.

The EFCC also revealed that it is monitoring the finances of several other states across the country, noting that many are under investigation as part of efforts to promote accountability and transparency in the management of public funds.

Reaffirming its impartiality, the Commission insisted that its operations are neither politically motivated nor targeted at any particular group, stressing that its actions are guided solely by the need to protect public resources and uphold the rule of law.

The Commission concluded that the decision to freeze the Osun State Government’s accounts was taken solely to prevent the alleged looting of public funds pending the outcome of its investigation.