The Economic and Financial Crimes Commission (EFCC) says its decision to freeze the bank accounts of the Osun State Government was aimed at preventing the alleged diversion of ₦11 billion in public funds and is unrelated to the forthcoming governorship election in the state.
The Commission’s spokesperson, Dele Oyewale, disclosed this in a statement issued on Wednesday in Abuja.
According to Oyewale, the EFCC has been investigating the Osun State Government since March 2026 over the alleged mismanagement of Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee (FAAC) amounting to ₦11 billion.
He said several state officials, including the Accountant-General, had been questioned as part of the ongoing investigation.
Oyewale explained that the Commission would not have restricted access to the state’s accounts if it had not detected what it described as suspicious transfers of large sums of money to multiple accounts from 2 August.
He said the movement of funds prompted the EFCC to impose a Post No Debit order to prevent any further transactions while investigations continue.
According to him, preliminary findings revealed significant transfers to various corporate accounts, raising concerns over the possible diversion of public funds.
“The Commission has a statutory responsibility to protect public funds and cannot stand by while state resources are allegedly being siphoned,” Oyewale said.
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Oyewale stressed that the action was taken strictly as part of the EFCC’s legal mandate and had no connection with the forthcoming Osun governorship election.
He added that the Commission remained committed to safeguarding public resources and would not suspend its constitutional responsibilities because of the electoral process.
The EFCC spokesperson also disclosed that the anti-graft agency was monitoring the financial activities of several other state governments as part of its broader efforts to promote transparency, accountability and prudent management of public funds.
He maintained that the Commission operates without political bias and acts solely in the public interest.
Oyewale urged Nigerians to disregard what he described as misleading narratives surrounding the development, assuring that the EFCC would continue to protect public resources and ensure accountability in the management of government funds.
