Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, in Ilorin yesterday, hinted that some governorship aspirants in Nigeria spent between ₦20 billion and ₦30 billion to secure electoral victory.
Delivering the inaugural High-Level Guest Speakers’ Series organised by the Centre for Peace and Strategic Studies (CPSS), University of Ilorin, on the theme: ‘De-risking and Mobilising Critical Stakeholders for Peaceful and Credible 2027 Elections in Nigeria’, Olukoyede said that huge financial resources deployed during elections often compel elected officials to divert public funds after assuming office in a bid to recover their investments.
The EFCC Boss warned that the trend poses a serious threat to democratic governance and fuels corruption in public office. He said that the huge financial outlay required to win elections often creates pressure on public office holders to divert public funds after assuming office, citing an example of what it requires to win a governorship election.
According to him, the EFCC remains committed to tackling vote-buying and other forms of financial inducement capable of undermining the integrity of Nigeria’s electoral process.
“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.
The EFCC chairman warned that impunity in the electoral process could undermine democracy and national stability, stressing that there must be no sacred cows in the enforcement of electoral laws. He also disclosed that the Commission 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 inducements at polling units.
Olukoyede called on political parties and their supporters to embrace issue-based campaigns and reject inflammatory rhetoric capable of inciting violence. He urged stakeholders, including the Independent National Electoral Commission (INEC), security agencies, civil society organisations, the media and political actors, to work collaboratively to ensure peaceful, free and credible elections.
The event attracted representatives of security agencies, electoral bodies, civil society organisations, members of the academic community and students.
