The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised concerns over the huge amount of money allegedly being spent by politicians to secure electoral victories, revealing that some governorship aspirants spend between N20 billion and N30 billion during the election process.
Olukoyede made the disclosure on Wednesday while delivering a lecture at the University of Ilorin, Kwara State. The event was organised by the Centre for Peace and Strategic Studies as part of discussions on preparations for the 2027 general elections.
According to the EFCC boss, the rising cost of politics has become a serious danger to Nigeria’s democracy. He warned that when candidates invest enormous sums to get into office, they may be tempted to misuse public funds after winning elections.
He explained that the pressure to recover campaign expenses often creates an environment where corruption thrives, adding that the trend weakens public trust in governance.
“The commercialisation of votes weakens the foundation of good governance because it compromises the political recruitment process.
“Leaders who buy their way into office are more likely to focus on recovering their investments rather than serving the public interest,” he said.
Olukoyede said the anti-graft agency would continue to clamp down on vote-buying and every form of financial inducement capable of influencing election outcomes.
He disclosed that the commission had already arrested several individuals across the country over electoral offences linked to money politics. According to him, those facing prosecution include politicians, electoral officials and other persons found to have violated electoral laws.
The EFCC chairman maintained that there should be no sacred cows in the fight against electoral corruption, warning that allowing offenders to go unpunished could threaten Nigeria’s democratic stability.
He also announced that the commission plans to strengthen election monitoring ahead of the 2027 polls by deploying drones and other technological tools to detect vote-buying and suspicious financial activities around polling units.
Olukoyede urged political parties and their supporters to focus on issue-based campaigns instead of inflammatory statements capable of causing violence before, during and after elections.
He further appealed to the Independent National Electoral Commission (INEC), security agencies, civil society organisations, the media and other stakeholders to work together to deliver peaceful and credible elections.
Speaking at the event, the Vice-Chancellor of the University of Ilorin, Professor Wahab Egbewole (SAN), described electoral corruption as a major challenge confronting the country. He said transparent elections remain critical to national stability, economic growth and public confidence in government institutions.
Also speaking, the Director of the Centre for Peace and Strategic Studies, Professor G.A. Animasawun, said the lecture series was created to encourage early discussions on threats that could undermine the credibility of the 2027 elections.
The programme attracted members of the academic community, security agencies, electoral bodies, civil society groups and students.
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