The Economic and Financial Crimes Commission (EFCC) clarified its decision to freeze the Osun State Government’s bank accounts, stating that the measure aimed to avert the purported misappropriation of public funds in light of the upcoming August 15 gubernatorial election.
The anti-graft agency revealed this in a statement shared on its official X account on Wednesday, indicating it has been investigating the Osun State Government since March 2026 regarding the purported fraudulent management of approximately N11 billion in ecology funds, intervention funds, and allocations from the Federation Account Allocation Committee.
The commission stated that several state government officials, including the accountant general, have already been interrogated as part of the current investigation.
The EFCC stated that the investigation by itself would not have justified freezing the accounts but claimed it identified suspicious fund transfers from the government’s accounts starting on August 2.
“These ongoing investigations of the state government would not have warranted any placement of a 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,” the statement read.
In justifying its decision, the commission stated it had a legal obligation to safeguard public money and could not disregard questionable financial activities due to the upcoming governorship election.
“The Commission’s preventive mandate is a public-inclined framework of safeguarding public funds, assets, and resources.
“The Commission cannot watch idly while a state government’s account is being pillaged. While the Commission is fully aware of the impending governorship election in Osun State, it has a responsibility to act in defense 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,” it stated.
The EFCC further revealed that Osun was not the only state under investigation, saying it was monitoring the finances of several state governments.
“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 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 statement added.
The commission called on Nigerians to ignore what it described as false narratives surrounding the action.
“The public is enjoined to ignore false narratives and deliberate demonization of the works of the EFCC. The interests of all Nigerians are greater and will always be protected by the Commission,” it said.
The clarification comes hours after Osun State Governor Ademola Adeleke urged EFCC Chairman Ola Olukoyede to publicly defend the freezing of the state’s accounts.
During a discussion with reporters at the Government House in Osogbo on Wednesday, Adeleke referred to the action as unlawful, asserting that it was done without a court order.
“All I ask is for the EFCC chairman to explain to the good people of Osun State and to Nigerians in general why he froze the Osun State Government Account and to show proof to support whatever reason he presents,” the governor said.
He additionally instructed the state attorney general and commissioner for justice, Oluwole Jimi-Bada (SAN), to contest the action at the Federal High Court in Osogbo.
Jimi-Bada contended that although the EFCC could investigate government accounts, it did not have the right to freeze them without securing a court order first. He stated that the state government would pursue legal remedies.
