The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has disclosed that some governorship candidates in Nigeria spend as much as N20 billion to N30 billion in their quest to win elections, describing the trend as a major threat to democratic governance and accountability.
Olukoyede made the revelation on Wednesday while delivering the inaugural High-Level Guest Speakers’ Series organised by the Centre for Peace and Strategic Studies at the University of Ilorin, Kwara State.
Speaking on the theme, “De-risking and Mobilising Critical Stakeholders for Peaceful and Credible 2027 Elections in Nigeria,” the EFCC chairman expressed concern over the growing monetisation of the electoral process, warning that excessive campaign spending often drives elected officials to engage in corruption after assuming office.
According to him, politicians who invest huge sums in securing electoral victories frequently seek to recover their expenditures through the diversion of public resources, thereby weakening governance and public trust.
“The commercialisation of votes weakens the foundation of good governance because it compromises the political recruitment process,” Olukoyede said.
He added that leaders who gain power through financial influence are more likely to prioritise personal gains over public service, undermining accountability and effective leadership.
The EFCC boss noted that the commission has intensified efforts to combat electoral malpractice, including the arrest and prosecution of individuals involved in vote-buying and other election-related offences. Those implicated, he said, include politicians, electoral officials and party agents.
Olukoyede further warned that continued impunity in the electoral process could threaten Nigeria’s democratic stability, stressing the need for strict enforcement of electoral laws without favouritism.
As part of measures to curb electoral fraud ahead of the 2027 general elections, he revealed that the EFCC is considering the deployment of drones and other technological tools to monitor polling units and detect vote-buying activities in real time.
He also urged political parties to focus on issue-based campaigns and avoid inflammatory rhetoric capable of inciting violence during elections.
Calling for collective action, the anti-graft agency chief appealed to the Independent National Electoral Commission (INEC), security agencies, civil society groups, the media and political stakeholders to collaborate in ensuring peaceful, transparent and credible elections.
Earlier in his remarks, the Vice-Chancellor of the University of Ilorin, Prof. Wahab Egbewole (SAN), described electoral corruption as a serious threat to national security, democratic growth and economic development.
Similarly, the Director of the Centre for Peace and Strategic Studies, Prof. G.A. Animasawun, said the lecture series was introduced to encourage proactive engagement and strategic planning ahead of the 2027 elections.
The event attracted participants from security agencies, electoral bodies, civil society organisations, academia and the student community.
