The Economic and Financial Crimes Commission, EFCC, has explained the freezing of the bank account of Osun State Government domiciled at First Bank.

According to the EFCC, "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 Economic and Financial Crimes Commission, EFCC, in a statement, publicly addressed issues pertaining to its preventive moves in freezing the bank account of the Osun State government, noting that the action was taken without prejudice to the imminent governorship election in the state.

The Commission said it has been 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.

EFCC said some officials of the state government, especially, the Accountant General of the State, have had interview sessions with investigators of the Commission.

The commission stated that 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. The Commission said it 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.

According to the statement, "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.

"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.

"It is equally needful to state that the Commission is keeping watch over the finances of other states, like Osun State. Many of these states are on the investigative radar of the Commission to ensure accountability and probity."

The Commission pointed out that it is non-partisan and non-sectarian but always working in the overall interests of Nigerians. It insisted that the Osun State government account was frozen to save public funds from being looted.