The Economic and Financial Crimes Commission has explained why it froze the Osun State Government’s bank account days before the state’s local government election, saying the move was aimed at preventing the alleged diversion of public funds under investigation.
The anti-graft agency said the action followed an ongoing investigation into the alleged fraudulent management of about ₦11 billion belonging to the state.
In a statement issued on Wednesday through its official social media handle, the EFCC said it had been investigating the Osun State Government since March 2026 over the alleged handling of Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee (FAAC).
According to the commission, preliminary findings from the investigation prompted it to freeze the account to preserve funds considered relevant to the probe and prevent any suspected diversion while investigations continue.
The EFCC maintained that its action was carried out in line with its statutory mandate to investigate financial crimes and safeguard public resources.
The commission stressed that the freeze was strictly an investigative measure and should not be interpreted as a political action, despite its timing shortly before the state’s local government election.
The development has generated political reactions in Osun State, with the timing of the action attracting public attention ahead of the polls.
However, the anti-graft agency insisted that its intervention was based solely on the need to protect public funds and ensure the integrity of its investigation into the alleged ₦11 billion fraud.
The EFCC said investigations into the alleged diversion of the funds were ongoing, adding that appropriate legal action would be taken if sufficient evidence of wrongdoing is established.
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