By SCM Correspondent I Wednesday, August 05, 2026
ABUJA — The Economic and Financial Crimes Commission (EFCC) has broken its silence over the freezing of the Osun State Government’s bank accounts, clarifying that the action was a preventive measure taken to safeguard public funds following suspicious, heavy movement of money into corporate entities.
In an official statement released by the anti-graft agency, the EFCC addressed growing public concern and political tension surrounding the timing of the intervention, coming just ahead of the state’s imminent governorship election..
According to the Commission, its operatives have been quietly conducting a thorough investigation into the financial activities of the Osun State Government since March 2026. The probe centers on the alleged fraudulent handling and diversion of over N11 billion involving Ecological Funds, Federal Account Allocation Committee (FAAC) allocations, and special Intervention Funds belonging to the state.
The anti-graft agency noted that several top officials of the state government, including the Accountant General of Osun State, have already undergone multiple rounds of interrogation by EFCC investigators as part of the ongoing probe.
Explaining the immediate trigger for freezing the state’s operational accounts, the EFCC revealed that while the routine investigation would not have initially required an emergency “Post No Debit” (PND) order, the state government’s recent financial maneuvers left the agency with no alternative option.
”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 Commission stated.
The anti-graft body disclosed that its financial intelligence units detected sudden, massive transfers of state funds into private and corporate entities, forcing the agency to move swiftly to block the accounts to prevent total diversion.
Addressing criticisms regarding the proximity of the action to the Osun State governorship election, the EFCC dismissed allegations of political bias or election interference. The agency insisted that its statutory mandate to protect public assets takes precedence over political timelines.
”The EFCC’s preventive mandate is a public-inclined framework of safeguarding public funds, assets, and resources. The Commission cannot watch idly while a state government’s account is being pillaged,” the statement read.
“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.”
Furthermore, the Commission revealed that Osun State is not an isolated case. It confirmed that several other state governments across the federation are currently under active investigative radar for similar financial irregularities, reassuring the public of its neutrality.
Reiterating its commitment to non-partisanship, the EFCC urged Nigerians to disregard political narratives aimed at discrediting its anti-corruption crusade, maintaining that the account freeze was executed solely in the public interest to save state resources from being looted.
