The Economic and Financial Crimes Commission has defended 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 unrelated to the August 15 governorship election.
The anti-graft agency, in a statement on Wednesday, said it had been investigating the state's finances since March 2026 over the alleged mismanagement of about N11 billion from Ecology Funds, Intervention Funds and the Federation Account Allocation Committee allocations.
According to the commission, the investigation has involved several state officials, including the Accountant-General, who have been questioned by its investigators.
The EFCC said it initially had no intention of placing a restriction on the state's account but was compelled to act after detecting what it described as suspicious transfers of huge sums of money from the government's accounts into several corporate accounts beginning on August 2.
It explained that the movement of the funds prompted the commission to place a "Post No Debit" order on the affected account to prevent further transactions pending the conclusion of its investigation.
The agency maintained that its action was in line with its statutory responsibility to protect public funds and prevent financial crimes, insisting that it could not ignore what it considered an attempt to deplete government resources.
The commission also dismissed suggestions that the account restriction was politically motivated or connected to the forthcoming governorship election, stressing that it remained non-partisan and would not allow electoral considerations to interfere with its legal responsibilities.
According to the EFCC, similar financial scrutiny is being carried out in other states as part of its nationwide anti-corruption campaign aimed at promoting transparency and accountability in the management of public funds.
The commission urged members of the public to disregard what it described as misleading narratives surrounding the development, insisting that its actions were guided solely by the need to safeguard public resources and protect the interest of Nigerians.
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