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The Economic and Financial Crimes Commission (EFCC) has defended its decision to freeze the Osun State Government’s bank accounts, saying the action was taken to prevent the alleged diversion of public funds under investigation. According to the commission, it has been probing the state’s handling of Ecology Funds, Intervention Funds and Federation Account Allocation Committee (FAAC) allocations since March 2026, following allegations involving about ₦11 billion.
The anti-graft agency said it detected suspicious transfers of large sums of money into corporate accounts, prompting it to direct First Bank to place a Post No Debit restriction on the affected account. The EFCC insisted the decision was part of its statutory duty to safeguard public resources and was not connected to the forthcoming Osun governorship election, adding that several state officials, including the Accountant-General, have already been questioned as part of the investigation.
The commission also rejected claims that it acted out of political motives, stating that it is monitoring the finances of several state governments and will continue taking preventive measures where necessary. It urged Nigerians to disregard what it described as false narratives surrounding the account freeze, while maintaining that the investigation is ongoing.
