By Tunji Braimoh, Abuja

The Economic and Financial Crimes Commission (EFCC) has defended its decision to freeze bank accounts belonging to the Osun State Government, saying the action was taken to protect public funds amid an ongoing investigation into the alleged mismanagement of about ₦11 billion in government funds.

In a statement issued on Wednesday, the anti-graft agency said it was compelled to clarify the circumstances surrounding the freezing of the accounts following public reactions and speculations linking the action to the forthcoming governorship election in the state.

According to the Commission, investigations into the financial activities of the Osun State Government commenced in March 2026, focusing on the alleged fraudulent management of Ecology Funds, Intervention Funds, and allocations from the Federation Account Allocation Committee (FAAC).

The EFCC disclosed that the probe involves transactions estimated at approximately ₦11 billion and has led to the questioning of several state officials, including the Accountant General of the state.

The Commission stated that while the investigation had been progressing without any restrictions on the state’s accounts, recent developments prompted urgent intervention.

According to the agency, investigators observed what it described as unusual and suspicious movements of large sums of money from government accounts into several corporate accounts beginning on August 2, 2026.

“The ongoing investigation alone would not have necessitated the placement of a Post No Debit order on the accounts. However, the sudden movement of substantial public funds into multiple corporate entities raised serious concerns and required immediate action to prevent possible loss of government resources,” the statement said.

The EFCC explained that the freezing order was a preventive measure designed to safeguard public assets and preserve funds pending the outcome of investigations.

The Commission maintained that it has a statutory responsibility to protect public resources and cannot ignore transactions that appear capable of undermining transparency and accountability in the management of government funds.

Responding to claims that the action may have political undertones because of the approaching governorship election in Osun State, the EFCC insisted that its decision was guided solely by the evidence before it and not by political considerations.

The agency stressed that allowing electoral timelines to influence law enforcement actions would amount to a dereliction of duty and compromise its mandate to combat financial crimes and corruption.

The anti-graft body further disclosed that Osun State is not the only state under scrutiny, noting that several other state governments are also being monitored as part of broader efforts to ensure accountability in the management of public finances across the country.

It reiterated its longstanding position that it remains a non-partisan institution committed to upholding the rule of law and protecting the interests of Nigerians irrespective of political affiliations or regional considerations.

The Commission said the decision to freeze the accounts was taken strictly in the public interest and was intended to prevent any possible depletion of state resources while investigations continue.

The EFCC also urged members of the public to disregard what it described as misleading narratives aimed at discrediting its operations, assuring Nigerians that all actions taken by the Commission are guided by law, evidence, and the need to safeguard public funds.

The agency reaffirmed its commitment to transparency, accountability, and the fight against corruption, stressing that the protection of public resources remains central to its mandate.