By Our Reporter, With Agency Reports
THE ECONOMIC and Financial Crimes Commission (EFCC) has defended its decision to freeze the bank accounts of the Osun State Government, insisting that the action was taken solely to protect public funds and has no connection with the forthcoming governorship election in the state.
The anti-graft agency’s explanation came hours after Osun State Governor, Ademola Adeleke, accused the Commission of freezing the state’s accounts in what he described as a politically motivated move aimed at disrupting governance and undermining his administration ahead of the August 8 governorship election.
The governor had alleged that the action was orchestrated to create financial difficulties for the state and called on the EFCC to immediately lift the restriction.
Responding to the allegations, EFCC spokesperson, Dele Oyewale, said the Commission had been investigating the Osun State Government since March 2026 over the alleged fraudulent handling of Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee (FAAC) amounting to about N11 billion.
According to Oyewale, the investigation had involved several state officials, including the Accountant General, who had appeared before EFCC investigators on multiple occasions.
He explained that the Commission had initially allowed the investigation to continue without restricting the state’s bank accounts, but said the situation changed after investigators allegedly discovered suspicious movements of public funds beginning on August 2.
“The Commission has been busy investigating the Osun State Government since March 2026 regarding alleged fraudulent handling of Ecology Funds, Intervention Funds and Federal Account Allocation Committee, FAAC account to the tune of N11 billion.
“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,” Oyewale said.
The EFCC spokesperson disclosed that investigators observed large transfers from government accounts into several corporate entities considered suspicious, prompting the Commission to impose a Post No Debit order to prevent further movement of the funds pending the outcome of investigations.
He maintained that safeguarding public resources remains one of the statutory responsibilities of the Commission, stressing that it could not stand by while public funds were allegedly being diverted.
“The EFCC’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,” he stated.
Oyewale also dismissed suggestions that the timing of the action was influenced by politics or the forthcoming governorship election in Osun State.
He acknowledged that the Commission was aware of the election but insisted that the constitutional responsibility of protecting public funds could not be suspended because of an electoral process.
“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,” he said.
The Commission further disclosed that Osun is not the only state under financial scrutiny, revealing that several state governments are currently being monitored as part of broader efforts to promote transparency, accountability and prudent management of public resources.
According to Oyewale, the EFCC remains non-partisan in the discharge of its responsibilities and would continue to investigate cases of suspected financial misconduct regardless of political affiliations.
“The Osun State Government account was frozen to save public funds from being looted,” he said, urging Nigerians to disregard what he described as false narratives and deliberate attempts to discredit the Commission’s operations.
The development comes against the backdrop of heightened political activities in Osun State, where preparations have reached their final stages for the governorship election scheduled for August 8.
The election is expected to be keenly contested and has attracted significant attention from political parties, election observers and security agencies.
With campaigns concluded and electoral logistics largely in place, authorities have repeatedly assured residents of adequate security and a level playing field for all contestants.
The freezing of the state’s accounts has therefore become one of the major issues in the closing days before the election, with the state government alleging political interference, while the EFCC insists its actions are based strictly on ongoing investigations and its statutory mandate to protect public funds.
