The Economic and Financial Crimes Commission (EFCC) has defended its decision to freeze the Osun State Government’s bank account, saying it acted to prevent the looting of public funds after detecting suspicious transfers of billions of naira into corporate accounts just days before the state’s governorship election.
The commission said in a statement on Wednesday that it had been investigating the Osun State Government since March 2026 over the alleged fraudulent handling of Ecology Funds, Intervention Funds and Federal Account Allocation Committee allocations totalling N11bn.
It said the account would not have been frozen but for the movement of funds from the state government’s accounts into different suspicious corporate entities beginning on August 2, 2026.
“The Commission noticed huge transfers of funds into different corporate entities and had to swiftly halt the trend,” the statement said.
Some officials of the state government, including the Accountant General of the state, had appeared before investigators for questioning.
Rejecting suggestions that the freeze was politically motivated, the commission said it could not allow an upcoming election to prevent it from performing its legally assigned functions.
“It will be uncharitable for the Commission to allow an excuse of an upcoming election to fold its arms,” it said.
“The Osun State Government account was frozen to save public funds from being looted,” the EFCC said.
The EFCC said several other states were also under its investigative radar and described itself as non-partisan in carrying out its mandate.
It urged the public to disregard what it described as false narratives and attempts to discredit its operations.
(The Whistler)