Author: Gist Correspondent

The Economic and Financial Crimes Commission (EFCC) has explained its decision to freeze the bank accounts of the Osun State Government, saying the action was taken to prevent the alleged diversion of public funds amid an ongoing investigation into financial transactions involving the state.

In a statement issued on Wednesday, the anti-graft agency said it had 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 (FAAC) amounting to about ₦11 billion.

The Commission disclosed that several state officials, including the Accountant-General of Osun State, had already been questioned as part of the investigation.

According to the EFCC, the decision to place a Post No Debit order on the state\'s accounts was triggered by what it described as suspicious transfers of large sums of money into multiple corporate accounts beginning from August 2, 2026.

The agency said it observed unusual movements of funds and swiftly intervened by freezing the affected accounts to prevent further transactions while investigations continue.

The EFCC stressed that the action was purely a preventive measure aimed at safeguarding public resources and was not connected to the forthcoming Osun State governorship election.

While acknowledging the proximity of the election, the Commission insisted it could not neglect its statutory responsibility to protect public funds simply because of political considerations.

The anti-corruption agency also revealed that it is monitoring the financial activities of several other state governments, noting that many are currently under investigation as part of efforts to promote accountability and transparency in public finance.

Reaffirming its commitment to impartiality, the EFCC maintained that it remains non-partisan and acts solely in the interest of Nigerians, urging members of the public to disregard what it described as false narratives and attempts to discredit its operations.