Economic and Financial Crimes Commission, on Wednesday, explained why it froze the bank accounts of the Osun State Government, saying the anti-graft agency moved to prevent the alleged diversion of public funds ahead of the state’s August 15 governorship election.
EFCC gave this explanation in a statement posted on its official X account on Wednesday, saying it had been investigating the Osun State Government since March 2026 over the alleged fraudulent handling of about N11bn in Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee.
The anti-graft agency said some officials of the state government, including the Accountant General, had already been questioned as part of the ongoing investigation.
EFCC said the investigation alone would not have warranted freezing the accounts, but claimed it detected suspicious movement of funds from the government’s accounts beginning August 2.
“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,” the statement read.
While defending its decision, the anti-graft agency said it had a legal responsibility to protect public funds and could not ignore suspicious financial transactions because of the forthcoming governorship poll in Osun.
EFCC stated, “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 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 anti-graft agency further disclosed 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.
EFCC urged Nigerians to ignore what it described as false narratives surrounding the action.
“The public is enjoined to ignore false narratives and deliberate demonisation of the works of the EFCC. The interests of all Nigerians are greater and will always be protected by the Commission,” it said.
The anti-graft agency’s explanation came hours after Osun State Governor, Ademola Adeleke, challenged EFCC Chairman Ola Olukoyede to publicly justify the freezing of the state’s accounts.
Speaking with journalists at the Government House in Osogbo on Wednesday, Adeleke described the action as illegal, insisting that it was carried out 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 Osun State Government Account, and show proof to support whatever reason he presents,” the governor said.
He also directed the state Attorney General and Commissioner for Justice, Oluwole Jimi-Bada (SAN), to challenge the action at the Federal High Court in Osogbo.
Jimi-Bada argued that while the EFCC had the power to investigate government accounts, it lacked the authority to freeze them without first obtaining a court order. He said the state government would seek judicial redress.
