By Luminous Jannamike

The Economic and Financial Crimes Commission, EFCC, on Wednesday night defended its decision to freeze the Osun State Government’s bank accounts, insisting the action was aimed at stopping the alleged diversion of about N11 billion in public funds under investigation and was not connected with the state’s forthcoming governorship election.

The anti-graft agency said it stepped in after investigators uncovered what it described as an unusual wave of fund transfers from government accounts into several corporate entities, arguing that allowing the transactions to continue would have amounted to looking the other way while public money was

allegedly being siphoned out.

In a statement by its Head of Media and Publicity, Dele Oyewale, the Commission 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 N11 billion.

It added that the state’s Accountant-General and other government officials had already appeared before its investigators.

“The Commission cannot watch idly while a state government’s account is being pillaged,” the statement said.

According to the Commission, the ongoing investigation alone would not have prompted a Post No Debit order on the state’s accounts.

“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 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,” EFCC said.

The Commission said its intervention was consistent with its statutory responsibility to protect public funds and insisted that the proximity of the governorship election could not justify inaction.

“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,” the statement added.

The Commission also disclosed that Osun was not the only state under scrutiny, saying similar financial investigations were underway elsewhere as part of its efforts to enforce accountability in the management of public resources.

“It is equally needful to state that the Commission is keeping watch over the finances of other states like Osun State. Many of these states are on the investigative radar of the Commission to ensure

accountability and probity,” the anti-graft agency said.

Maintaining that its operations were driven solely by the public interest, the EFCC rejected suggestions of political bias, saying its actions were guided by law rather than partisan considerations.

“The Commission has always pointed out that it is non-partisan and non-sectarian but always working in the overall interests of Nigerians. The Osun State government account was frozen to save public funds from being looted,” the Commission maintained.

The anti-graft agency urged Nigerians to disregard what it described as false narratives aimed at discrediting its work, assuring the public that it would continue to act to safeguard public resources.