The Economic and Financial Crimes Commission, EFCC, has released a statement, stating it froze the Osun State government’s bank accounts to prevent the alleged looting of public funds, and not because of the upcoming governorship election.

In a press statement released on Tuesday, the Commission said it has been investigating the Osun State government since March 2026 over alleged fraudulent handling of Ecology Funds, Intervention Funds, and Federal Account Allocation Committee, FAAC, funds to the tune of N11 billion.

According to the EFCC, a “Post No Debit” order was placed after it noticed “precipitate and unwarranted movement of funds” from government accounts to different suspicious corporate accounts beginning August 2, 2026.

“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 said.

The EFCC also defended the timing of the action, saying its preventive mandate is to safeguard public funds regardless of political events.

The EFCC reiterated that it is “non-partisan and non-sectarian” and urged the public to “ignore false narratives and deliberate demonization of the works of the EFCC.”

“The Osun State government account was frozen to save public funds from being looted. The interests of all Nigerians are greater and will always be protected by the Commission,” the statement concluded.