By Ademu Idakwo, Paul Uwadima, Ejike Ejike, Joshua Dada
The Economic and Financial Crimes Commission (EFCC) has explained the reasons behind its decision to freeze the Osun State Government’s bank account, saying the action was taken to prevent the alleged diversion of public funds and was not connected to the forthcoming governorship election in the State.
In a statement yesterday by its head of media and publicity, Dele Oyewale, the anti-graft agency disclosed that 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 about N11 billion.
According to the Commission, several state officials, including the Accountant General of Osun State, have been questioned as part of the ongoing investigation.
The EFCC stated that it initially had no intention of placing a Post No Debit (PND) order on the State’s accounts until it detected what it described as “precipitate and unwarranted” movement of funds beginning on 2 August 2026.
It is alleged that investigators observed large transfers from government accounts to several corporate entities, which they considered suspicious, prompting the Commission to freeze the affected accounts to halt further transactions.
Part of the statement read “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 anti-corruption agency maintained that the decision was taken strictly in line with its statutory responsibility to safeguard public resources and should not be interpreted as an attempt to influence the upcoming governorship election in Osun State.
“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 stated.
The EFCC also revealed that it is monitoring the finances of several other states as part of broader efforts to ensure accountability and transparency in the management of public funds.
Reaffirming its commitment to impartiality, the Commission insisted that it remains non-partisan and acts solely in the interest of Nigerians, noting that “The Osun State Government account was frozen to save public funds from being looted.”
However, the EFCC’s action attracted diverse reactions from political parties, against the backdrop of political tension ahead of the State’s governorship election scheduled for next weekend, 15 August.
Adeleke’s allegation
Earlier yesterday, Governor Adeleke alleged that the anti-graft agency had frozen the State Government Account.
Addressing journalists at the government House in Osogbo, the governor said the government received a letter from First Bank, in which the EFCC requested that the bank freeze the state government account.
The governor said the action was taken without any court order, adding that this can’t happen in a democracy, where the Rule of Law must always prevail.
His words: “This morning, we received a letter from our banker, forwarding a letter from the EFCC, instructing the bank to freeze the Osun State Government Account”.
The Osun State Attorney-General and Commissioner for Justice, Mr Oluwole Jimi-Bada, SAN, has said the Economic and Financial Crimes Commission (EFCC) lacks the legal authority to freeze the State’s statutory account.
Jimi-Bada asserted on Wednesday while addressing journalists in Osogbo, following the reported freezing of the state government’s statutory account domiciled with First Bank by the anti-graft agency.
