By Deborah Nnamdi
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that some governorship aspirants in Nigeria spent between N20 billion and N30 billion to secure electoral victories, warning that the trend poses a significant threat to democratic governance and fuels corruption in public office.
Olukoyede made the disclosure on Wednesday while delivering the inaugural High-Level Guest Speakers’ Series organised by the Centre for Peace and Strategic Studies (CPSS) at the University of Ilorin. The lecture was themed, “De-risking and Mobilising Critical Stakeholders for Peaceful and Credible 2027 Elections in Nigeria.”
According to the EFCC boss, the enormous financial resources deployed during elections often create pressure on elected officials to divert public funds after assuming office in an attempt to recover their investments.
He said the growing commercialization of the electoral process undermines good governance by compromising the quality of political leadership and weakening democratic institutions.
“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 reaffirmed the EFCC’s commitment to combating vote-buying and other forms of financial inducement capable of undermining the integrity of elections. He disclosed that the commission had arrested several individuals across the country for electoral offences, including politicians, electoral officials and members of the public, with a number of convictions already secured.
He warned that impunity in the electoral process could erode public trust in democracy and threaten national stability, stressing that there would be no sacred cows in the enforcement of electoral laws.
The EFCC chairman also announced plans to deploy drones and other technological tools to strengthen election monitoring ahead of the 2027 general elections, particularly in tracking vote-buying and financial inducement at polling units.
He called on political parties and their supporters to embrace issue-based campaigns and avoid inflammatory rhetoric capable of inciting violence, urging key stakeholders—including the Independent National Electoral Commission, security agencies, civil society groups, the media and political actors—to work together to ensure peaceful, free and credible elections.
Earlier, the Vice-Chancellor of the University of Ilorin, Wahab Egbewole, described electoral corruption as a major threat to national security and democratic development. He stressed that credible elections are essential for national stability, economic growth and public confidence in governance.
In his welcome address, the Director of the Centre for Peace and Strategic Studies, G.A. Animasawun, said the lecture series was designed to promote proactive engagement on threats to Nigeria’s electoral process ahead of the 2027 polls and encourage practical solutions for peaceful and credible elections.
The event was attended by representatives of security agencies, electoral bodies, civil society organisations, members of the academic community and students.
