The Economic and Financial Crimes Commission has explained the reasons behind its decision to freeze the bank accounts of the Osun State Government, insisting the action was taken to prevent the alleged diversion of public funds under investigation.
The anti-graft agency made the clarification in a statement issued on Wednesday, hours after the Osun State Government and Governor Ademola Adeleke filed a suit challenging the freezing of the state’s accounts, describing the action as unlawful and politically motivated.
The EFCC maintained that the decision was driven solely by ongoing investigations and had no connection with the August 15 governorship election in the state.
According to the commission, it has been investigating the Osun State Government since March 2026 over the alleged fraudulent handling of Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee amounting to about N11 billion.
It disclosed that several government officials, including the state’s Accountant General, had already been questioned as part of the investigation.
The commission stated that although the probe alone would not have warranted freezing the accounts, it observed what it described as suspicious movement of funds from the government’s accounts beginning on August 2.
“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,” the statement read.
The EFCC said the action was in line with its statutory responsibility to safeguard public funds and prevent financial crimes.
“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,” it stated.
The commission stressed that the forthcoming election could not serve as a reason to suspend its constitutional responsibilities.
It further disclosed that Osun is not the only state under investigation, noting that the finances of several other states are also being monitored to promote accountability and transparency in the management of public resources.
Reaffirming its neutrality, the anti-graft agency said it remained non-partisan and committed to protecting the interests of Nigerians.
“The Osun State Government account was frozen to save public funds from being looted,” the commission added.
The EFCC urged members of the public to disregard what it described as false narratives and attempts to discredit its operations, insisting that its actions were guided solely by its mandate to protect public funds.