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The Economic and Financial Crimes Commission (EFCC) has disclosed that its decision to freeze the Osun State Government’s account was triggered by the alleged suspicious movement of public funds running into billions of naira, amid an ongoing investigation into the handling of about N11 billion in Ecology Funds, Intervention Funds and Federal Account Allocation Committee (FAAC) allocations.
The Commission said it had been investigating the Osun State Government since March 2026 over the alleged fraudulent handling of the funds, stressing that the freezing of the account was not politically motivated or connected to the forthcoming governorship election in the state.
The EFCC Head of Media and Publicity, Dele Oyewale, disclosed this in a statement on Wednesday, explaining that the Commission was compelled to place a Post No Debit order on the account after detecting what it described as “precipitate and unwarranted” movement of funds to different suspicious accounts from August 2, 2026.
Oyewale said the Commission had observed huge transfers from the state government’s accounts to various corporate entities, prompting it to intervene swiftly to halt what it considered a potentially dangerous drain on public resources.
According to him, the EFCC’s investigation into the state government had been ongoing since March, with some officials, including the Accountant General of the state, already appearing before investigators for questioning.
He explained that the investigation alone would not ordinarily have warranted the freezing of the state government’s account, but the sudden movement of large sums of money to suspicious destinations forced the Commission to take preventive action.
“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,” Oyewale stated.
The EFCC spokesman insisted that the action was within the Commission’s preventive mandate to protect public funds, assets and resources from suspected abuse.
He said the Commission could not stand by and watch while public funds belonging to the state were allegedly being moved through suspicious transactions.
Oyewale further rejected suggestions that the impending Osun governorship election influenced the Commission’s decision, saying the EFCC was aware of the political significance of the election but remained bound to perform its statutory responsibilities.
“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,” Oyewale said.
The Commission also disclosed that it was monitoring the finances of other state governments across the country, stressing that several states were currently on its investigative radar as part of efforts to promote accountability and probity in the management of public resources.
According to Oyewale, the EFCC remained non-partisan and non-sectarian and was acting in the overall interest of Nigerians.
He maintained that the Osun State Government’s account was frozen as a preventive measure “to save public funds from being looted.”
The EFCC urged members of the public to disregard what it described as false narratives and deliberate attempts to demonise its activities, insisting that the protection of public resources remained one of its core responsibilities.
