The Economic and Financial Crimes Commission (EFCC) has explained why it froze the bank accounts of the Osun State Government, s...
The anti-graft agency disclosed this in a statement on Wednesday, stressing that the decision was unrelated to the forthcoming governorship election in the state.
According to the EFCC, it has been investigating the Osun State Government since March 2026 over the alleged fraudulent management of Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee (FAAC) amounting to N11 billion.
The Commission said some state government officials, including the Accountant General, had already been questioned as part of the investigation.
It explained that although the investigation alone would not have warranted a Post No Debit order on the state's accounts, it detected what it described as "precipitate and unwarranted" transfers of funds to several suspicious accounts beginning on August 2, 2026.
The EFCC alleged that large sums of money were being transferred into different corporate accounts, prompting it to freeze the affected accounts to halt the transactions.
According to the Commission, the action was taken in line with its preventive mandate of safeguarding public funds and assets.
"The Commission cannot watch idly while a state government's account is being pillaged," the statement read.
The EFCC maintained that although it was aware of the impending governorship election in Osun State, it had a statutory responsibility to protect public funds and could not allow the election to hinder the discharge of its legal duties.
The Commission also disclosed that it is monitoring the finances of other states, noting that several state governments are currently under investigation as part of its efforts to promote accountability and transparency in the management of public resources.
The anti-corruption agency further insisted that it remains non-partisan and non-sectarian, saying its operations are guided solely by the national interest.
The EFCC urged members of the public to disregard what it described as false narratives and attempts to discredit its activities, reiterating that the accounts were frozen to prevent the alleged looting of public funds.
However, the Commission did not disclose the identities of the corporate entities that allegedly received the transfers or indicate when the investigation would be concluded.
No comments