The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that some governorship aspirants spend between 20 billion and 30 billion naira to secure electoral victories.
He warned that the growing influence of money in politics threatens Nigeria’s democracy and encourages corruption in public office.
Olukoyede spoke on Wednesday at the University of Ilorin. He delivered the inaugural High-Level Guest Speakers’ Series organised by the Centre for Peace and Strategic Studies.
The lecture was titled, “De-risking and Mobilising Critical Stakeholders for Peaceful and Credible 2027 Elections in Nigeria.”
According to the EFCC chairman, the huge sums spent during elections often push politicians to misuse public funds after assuming office.
He said many elected officials feel pressured to recover their investments. This, he noted, weakens accountability and good governance.
“The commercialization of votes weakens the foundation of good governance because it compromises the political recruitment process,” Olukoyede said.
“Leaders who buy their way into office are more likely to focus on recovering their investments rather than serving the public interest.”
Olukoyede said the commission remains committed to tackling vote-buying and other forms of electoral corruption and that, the agency has arrested several individuals across the country for electoral offences. Those prosecuted include politicians, electoral officials and other accomplices.
According to him, the EFCC has already secured a number of convictions.
He warned that impunity during elections could undermine democracy and threaten national stability.
“There must be no sacred cows in the enforcement of electoral laws,” he said.
The EFCC boss also announced plans to deploy drones and other technological tools ahead of the 2027 general elections.
The technology will help monitor polling units and track incidents of vote-buying and financial inducement.
He urged political parties and candidates to focus on issues rather than inflammatory rhetoric.
Olukoyede also called for peaceful campaigns and responsible conduct by supporters.
He appealed to the Independent National Electoral Commission (INEC), security agencies, civil society groups, the media and political actors to collaborate.
According to him, only a collective effort can guarantee free, fair and credible elections in 2027.
Earlier, the Vice-Chancellor of the University of Ilorin, Prof. Wahab Egbewole (SAN), described electoral corruption as a major threat to national security.
He said credible elections are essential for political stability, economic growth and public confidence in government.
Egbewole stressed the need for stronger collaboration between universities and agencies responsible for protecting electoral integrity.
The Director of the Centre for Peace and Strategic Studies, Prof. G.A. Animasawun, said the lecture series was designed to encourage proactive discussions on electoral challenges.
He explained that the initiative would bring together policymakers, security experts, election officials, civil society groups and scholars.
Their goal, he said, is to develop practical solutions for peaceful and credible elections ahead of the 2027 polls.
The event attracted representatives of security agencies, electoral bodies, civil society organisations, academics and students.
