Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised the alarm over the rising influence of money in Nigeria’s electoral process, revealing that some governorship candidates spend as much as ₦20 billion to ₦30 billion to win elections.
Olukoyede warned that the trend poses a serious threat to democracy and fuels corruption, as politicians who invest huge sums in campaigns often seek to recover their money after assuming office.
The EFCC boss spoke on Wednesday while delivering a lecture titled, “De-risking and Mobilising Critical Stakeholders for Peaceful and Credible 2027 Elections in Nigeria,” at the inaugural High-Level Guest Speakers’ Series organised by the Centre for Peace and Strategic Studies (CPSS), University of Ilorin.
According to him, the skyrocketing cost of elections has turned political contests into high-stakes financial ventures, creating pressure on elected officials to divert public resources for personal recovery.
“Some governorship candidates spend between ₦20 billion and ₦30 billion to win elections,” Olukoyede disclosed.
He lamented that the commercialisation of politics has weakened democratic institutions and undermined the quality of leadership emerging from the 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.
Olukoyede noted that the growing culture of vote-buying and financial inducement continues to erode public confidence in elections and threatens the credibility of Nigeria’s democracy.
The anti-graft chief reiterated the EFCC’s commitment to tackling electoral corruption, disclosing that the commission had arrested and prosecuted several individuals involved in vote-buying and other election-related offences.
According to him, those convicted include politicians, election officials and other actors who participated in compromising the integrity of elections.
He warned that failure to punish electoral offenders would embolden others and further weaken democratic governance.
“No individual should be shielded from the enforcement of electoral laws,” he stated.
In a move aimed at tightening surveillance ahead of the 2027 general elections, Olukoyede revealed that the commission plans to deploy drones and other advanced technologies to monitor polling environments and detect vote-buying activities.
He also urged political parties and candidates to focus on issue-based campaigns and avoid inflammatory rhetoric capable of triggering violence before, during and after elections.
The EFCC chairman called on the Independent National Electoral Commission (INEC), security agencies, civil society organisations, the media and other stakeholders to work together to ensure free, fair and credible elections.
Earlier, Vice-Chancellor of the University of Ilorin, Professor Wahab Egbewole (SAN), described electoral corruption as a major obstacle to Nigeria’s democratic growth, stressing that credible elections remain critical to national stability and economic development.
Director of the Centre for Peace and Strategic Studies, Professor G.A. Animasawun, said the lecture series was designed to promote dialogue among key stakeholders on practical measures for safeguarding the integrity of the 2027 general elections.
Olukoyede’s disclosure comes amid growing public concern over the huge sums allegedly spent on elections and the implications for accountability, transparency and good governance in the country
