The Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede, has said some governorship aspirants spend between ₦20 billion and ₦30 billion on party primaries, warning that the growing monetisation of Nigeria’s electoral process poses a serious threat to democratic governance.
Olukoyede stated this while delivering a lecture at the High-Level Guest Speakers’ Series organised by the Centre for Peace and Strategic Studies, CPSS, University of Ilorin, Kwara State.
The lecture was themed, “De-risking and Mobilising Critical Stakeholders for Peaceful and Credible 2027 Elections in Nigeria.”
According to the EFCC Chairman, the huge financial resources deployed during elections often push elected officials into corruption after assuming office, as they seek to recover what they spent to secure power.
He said the commercialisation of votes weakens governance because it compromises the process through which leaders emerge.
“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 warned that vote-buying, vote-selling and other forms of financial inducement remain major threats to credible elections ahead of the 2027 polls.
He said the EFCC had made several arrests across the country in connection with vote-buying and related electoral offences, adding that some convictions had also been secured.
According to him, those prosecuted include politicians, electoral officials and ordinary citizens found culpable of electoral misconduct.
The EFCC boss disclosed that the commission plans to deploy drones and other technological tools to strengthen election monitoring during the 2027 general elections.
He said the technology would help the commission track vote-buying and financial inducement, particularly around polling units.
Olukoyede also urged political parties and their supporters to embrace issue-based campaigns and reject inflammatory rhetoric capable of inciting violence.
He called on stakeholders, including the Independent National Electoral Commission, INEC, security agencies, civil society organisations, the media and political actors, to work together to ensure peaceful, free and credible elections.
Earlier, the Vice-Chancellor of the University of Ilorin, Prof. Wahab Egbewole, SAN, described electoral corruption as a major threat to national security and democratic development.
He said credible elections were essential for national stability, economic growth and public confidence in governance.
Egbewole called for stronger collaboration between academic institutions and agencies responsible for protecting electoral integrity.
In his welcome address, the Director of the Centre for Peace and Strategic Studies, G.A. Animasawun, said the lecture series was designed to provide a platform for proactive engagement on threats to Nigeria’s electoral process ahead of the 2027 elections.
He said the initiative would bring together policymakers, security experts, electoral officials, civil society groups and scholars to develop practical solutions for peaceful and credible polls.
The event was attended by representatives of security agencies, electoral bodies, civil society organisations, members of the academic community and students.
