Why we froze Osun govt bank accounts - EFCC

Nigeria's Economic and Financial Crimes Commission (EFCC) has defended its controversial decision to freeze the bank accounts of the Osun State Government. The anti-graft agency insists the move is a necessary measure to halt the alleged diversion of approximately N11 billion in public funds currently under investigation.

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The Commission cannot watch idly while a state government’s account is being pillaged.

The EFCC stated it intervened after investigators uncovered a significant wave of fund transfers from government accounts into various corporate entities. The agency argued that allowing these transactions to continue would have been tantamount to ignoring the alleged siphoning of public money. The investigation into the state government's alleged fraudulent handling of Ecology Funds, Intervention Funds, and Federation Account Allocation Committee (FAAC) allocations began in March 2026.

In a statement released by its Head of Media and Publicity, Dele Oyewale, the EFCC emphasized that the ongoing investigation alone would not have prompted the "Post No Debit" order on the state's accounts. However, the "precipitate and unwarranted movement of funds" since August 2, 2026, necessitated the swift action to halt the trend. The commission stressed its statutory responsibility to protect public funds, asserting that the proximity of the state's governorship election could not justify inaction.

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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 also revealed that Osun State is not the sole focus of such financial scrutiny, indicating that similar investigations are underway in other states as part of its broader effort to enforce accountability in public resource management. The agency rejected any suggestions of political bias, maintaining that its operations are driven solely by the public interest.

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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. 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.