By Mary Izuaka

 

The Economic and Financial Crimes Commission (EFCC) has said it froze the bank account of the Osun State government to prevent alleged looting of public funds amid an ongoing N11 billion fraud investigation.

In a statement on Wednesday signed by its Head of Media & Publicity, Dele Oyewale, the commission said the action was a “preventive move” and had no connection to the forthcoming governorship election in the state.

N11 billion probe ongoing

According to the EFCC, 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), allocations to the tune of N11 billion.

“To this end, some officials of the state government, especially the Accountant General of the State, have had interview sessions with investigators of the EFCC.”

The EFCC said these ongoing investigations of the state government would not have warranted any placement of Post No Debit order on its account.

Suspicious transfers’ prompted freeze

However, the EFCC said it was forced to act after it noticed “precipitate and unwarranted movement of funds” from the state government’s 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,” it said.

It described its preventive mandate as a “public-inclined framework of safeguarding public funds, assets and resources,” noting that the commission cannot watch idly while a state government’s account is being pillaged.”

Not about election

Addressing concerns that the freeze could affect the upcoming Osun governorship election, the EFCC said it was fully aware of the timing but had a responsibility to protect state funds.

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“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.

“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,” EFCC said.

Reiterating its stance on neutrality, the EFCC said: “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 EFCC urged the public to ignore false narratives and deliberate demonisation of its work, adding that the interests of all Nigerians are greater and will always be protected by the commission.

The Osun governorship election is scheduled to be held on Saturday, 15 August.