The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has raised concerns over the growing cost of political contests in Nigeria, revealing that some governorship aspirants spend between N20 billion and N30 billion in their quest to secure electoral victory.
Speaking on Wednesday in Ilorin, Kwara State, Olukoyede warned that excessive election spending poses a serious threat to democratic governance and contributes significantly to corruption in public office.
The EFCC chairman made the disclosure while delivering the inaugural High-Level Guest Speakers’ Series organised by the Centre for Peace and Strategic Studies at the University of Ilorin. The lecture, titled “De-risking and Mobilising Critical Stakeholders for Peaceful and Credible 2027 Elections in Nigeria,” focused on safeguarding the integrity of the country’s electoral process ahead of the next general elections.
According to Olukoyede, the enormous financial resources invested in election campaigns often create pressure on elected officials to recover their spending once they assume office, resulting in the diversion and mismanagement of public funds.
He explained that the increasing commercialisation of elections undermines democratic values and weakens governance by prioritising financial influence over merit and public service.
“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.
EFCC Intensifies Crackdown on Vote Buying
Olukoyede disclosed that the anti-graft agency has made several arrests nationwide in connection with vote-buying and other electoral offences, with multiple convictions already secured.
According to him, those prosecuted include politicians, electoral officials and other individuals found guilty of electoral misconduct.
He stressed that impunity during elections threatens both democracy and national stability, insisting that enforcement agencies must apply electoral laws without bias or preferential treatment.
The EFCC chairman also announced plans to deploy advanced technology, including drones and other monitoring tools, to strengthen election surveillance ahead of the 2027 general elections.
The initiative, he said, is aimed at tracking vote-buying activities, financial inducements and other electoral malpractices at polling units across the country.
Call for Peaceful and Issue-Based Campaigns
Olukoyede urged political parties, candidates and supporters to embrace issue-driven campaigns and avoid inflammatory statements capable of inciting violence.
He called for stronger collaboration among key stakeholders, including the Independent National Electoral Commission, security agencies, civil society organisations, media institutions and political actors, to ensure free, fair and credible elections.
According to him, collective responsibility remains critical to protecting Nigeria’s democratic process and preserving public confidence in elections.
Electoral Corruption Threatens National Stability
Earlier, Vice-Chancellor of the University of Ilorin, Professor Wahab Egbewole (SAN), described electoral corruption as a major threat to democratic development and national security.
He noted that credible elections are essential for political stability, economic progress and public trust in governance.
Egbewole stressed the need for deeper collaboration between academic institutions and agencies responsible for protecting electoral integrity and strengthening democratic institutions.
Stakeholders Seek Solutions Ahead of 2027 Polls
Director of the Centre for Peace and Strategic Studies, Professor G.A. Animasawun, explained that the lecture series was established to encourage proactive discussions on threats to Nigeria’s electoral process before the 2027 elections.
According to him, the initiative will bring together policymakers, security experts, electoral officials, civil society organisations and scholars to develop practical strategies for delivering peaceful, transparent and credible elections.
The event attracted representatives from security agencies, electoral bodies, civil society groups, academia and the student community, all focused on strengthening confidence in Nigeria’s democratic process ahead of the next electoral cycle.
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