The Economic and Financial Crimes Commission (EFCC) has defended its decision to freeze the bank accounts of the Osun State Government, saying the move was aimed at preventing the alleged diversion of public funds and had nothing to do with the state’s August 15 governorship election.

In a statement posted on its official X account on Wednesday, the anti-graft agency disclosed that it had been investigating the Osun State Government since March 2026 over the alleged fraudulent handling of about N11 billion in Ecology Funds, Intervention Funds and Federation Account Allocation Committee (FAAC) allocations.

According to the commission, several state officials, including the Accountant General, have been questioned as part of the ongoing investigation.

The EFCC explained that while the investigation alone did not necessitate freezing the accounts, it detected suspicious movement of funds beginning on August 2, prompting immediate action.

“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.

“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 statement read.

The commission said it acted in line with its statutory responsibility to safeguard public resources and could not overlook suspicious financial transactions because of the impending governorship election.

“The Commission’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 stated.

The EFCC further disclosed that Osun was not the only state under investigation, noting that it was monitoring the finances of several state governments to promote accountability and transparency.

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

The agency urged Nigerians to disregard what it described as false narratives surrounding the action.

The explanation came hours after Osun State Governor, Ademola Adeleke, challenged EFCC Chairman Ola Olukoyede to publicly justify the freezing of the state’s accounts.

Addressing journalists at the Government House in Osogbo on Wednesday, Adeleke described the action as illegal, insisting that the commission acted without obtaining a court order.

“All I ask is for the EFCC chairman to explain to the good people of Osun State and to Nigerians in general why he froze the Osun State Government account, and show proof to support whatever reason he presents,” the governor said.

Adeleke also directed the state Attorney General and Commissioner for Justice, Oluwole Jimi-Bada (SAN), to challenge the action at the Federal High Court in Osogbo.

Jimi-Bada argued that while the EFCC has the authority to investigate government accounts, it lacks the legal power to freeze them without first securing a court order, adding that the state government would seek judicial intervention.