The Economic and Financial Crimes Commission, EFCC, has broken its silence on why it froze the bank account of the Osun State government.
EFCC Head, Media & Publicity, Dele Oyewale, in a statement maintained the Commission is compelled to publicly address issues pertaining to its preventive moves, without prejudice to the imminent governorship election in the state.
Reports had filtered out online about the EFCC’s freezing of the Osun Government’s bank account drawing criticism from state officials.
However, the EFCC Spokesperson stated that the Commission has been 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 billion.
He stressed that some officials of the state government, especially the Accountant General of the State, have had interview sessions with investigators of the EFCC.
He added that the post no debit on the state account was based on alleged movement of fund to suspicious accounts.
“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,” he added.
The official explained that the EFCC’s preventive mandate is a public-inclined framework of safeguarding public funds, assets and resources.
“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.
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“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 partly reads.
The Commission stressed that it is keeping watch over the finances of other states like Osun, adding that many of these states are on the investigative radar of the Commission to ensure accountability and probity.
“The Osun State government account was frozen to save public funds from being looted,” the EFCC maintained.
The official said the Commission is non-partisan and non-sectarian but will always work in the overall interests of Nigerians.
The EFCC urged Nigerians to ignore deliberate demonization of the works of the EFCC, adding the interests of all Nigerians are greater and will always be protected by the Commission.
