The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has warned that the huge amount of money spent on elections by politicians poses a serious threat to Nigeria’s democracy and fuels corruption in public office.
Speaking on Wednesday at the inaugural High-Level Guest Speakers’ Series organised by the Centre for Peace and Strategic Studies, University of Ilorin, Olukoyede said some governorship aspirants spend between N20 billion and N30 billion to secure electoral victory.
Delivering a lecture titled, “De-risking and Mobilising Critical Stakeholders for Peaceful and Credible 2027 Elections in Nigeria,” the EFCC chairman said politicians who invest such enormous sums in elections often seek to recover the money after assuming office, leading to the diversion of public funds.
“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 stated that the EFCC remains committed to tackling vote-buying, financial inducement and other forms of electoral corruption capable of undermining the credibility of elections.
He disclosed that the commission had arrested several individuals across the country over electoral offences, including politicians, electoral officials and citizens implicated in vote-buying and related misconduct, with some convictions already secured.
The EFCC boss also revealed plans to deploy drones and other technological tools to monitor elections ahead of the 2027 general polls, particularly to track vote-buying activities at polling units.
He urged political parties and their supporters to focus on issue-based campaigns and avoid inflammatory rhetoric that could trigger violence during the election period.
Olukoyede further called on the Independent National Electoral Commission (INEC), security agencies, civil society organisations, the media and other stakeholders to work together to ensure peaceful, transparent and credible elections in 2027.
Earlier, the Vice-Chancellor of the University of Ilorin, Professor Wahab Egbewole (SAN), described electoral corruption as a major threat to democratic development and national security, while the Director of the Centre for Peace and Strategic Studies, Professor G.A. Animasawun, said the lecture series was designed to encourage proactive discussions on safeguarding Nigeria’s electoral process.
