The EFCC says it froze an Osun State Government account after detecting suspicious transfers and alleged financial irregularities involving about ₦11 billion in public funds.
The Economic and Financial Crimes Commission (EFCC) has explained why it froze a bank account belonging to the Osun State Government, saying the action followed the detection of suspicious movement of public funds.
The anti-graft agency said the decision was part of an ongoing investigation into the alleged diversion or fraudulent management of about ₦11 billion belonging to the state.
The EFCC’s explanation came amid political tension in Osun State ahead of the August 15 governorship election.
EFCC Denies Political Motive
According to the commission, the account freeze was not connected to the forthcoming governorship election.
The EFCC said its investigation began before the current electoral period and that intelligence gathered during the investigation indicated unusual transfers from state government accounts to various corporate accounts considered suspicious.
The commission said the suspicious movement of funds prompted the intervention as investigators sought to protect public funds while examining the transactions.
Investigation Focuses On ₦11bn
The EFCC said the investigation centres on alleged financial irregularities involving approximately ₦11 billion.
It added that some officials of the Osun State Government, including the Accountant-General of the state, had already engaged with investigators as part of the probe.
The commission maintained that the account restriction was an investigative measure and not a declaration that any individual or official had been found guilty of an offence.
Election Timing Raises Questions
The freezing of the account attracted political attention because it occurred shortly before the August 15 governorship election.
However, the EFCC has rejected suggestions that the timing was politically motivated, insisting that the action was based on intelligence and transactions uncovered during its investigation.
The development is likely to fuel further political debate in Osun as the major parties intensify their campaigns ahead of the poll.
What We Know
- EFCC confirmed freezing an Osun State Government account.
- The commission linked the action to an investigation involving about ₦11 billion.
- It said suspicious transfers to different accounts triggered the intervention.
- The EFCC denied that the action was connected to the August 15 governorship election.