EFCC Chair Raises Alarm as Governorship Aspirants Spend Up to N30bn on Elections

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised concerns over the growing cost of political campaigns in Nigeria, revealing that some governorship aspirants spend between N20 billion and N30 billion to secure electoral victory.

Olukoyede warned that the trend poses a serious threat to democratic governance and often fuels corruption in public office, as elected officials may seek to recover the huge sums spent during campaigns.

The EFCC boss spoke on Wednesday in Ilorin while delivering the inaugural High-Level Guest Speakers’ Series organised by the Centre for Peace and Strategic Studies (CPSS), University of Ilorin. The lecture was titled, *“De-risking and Mobilising Critical Stakeholders for Peaceful and Credible 2027 Elections in Nigeria.”*

According to him, the huge financial resources deployed during elections create pressure on public office holders to divert public funds after assuming office.

He said the increasing commercialisation of elections undermines the democratic process and weakens the quality of leadership that emerges from the ballot.

“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,” Olukoyede said.

The anti-graft agency chairman disclosed that the EFCC has made several arrests across the country over vote-buying and other electoral offences, with a number of convictions already secured.

He noted that those prosecuted include politicians, electoral officials and ordinary citizens found guilty of violating electoral laws.

Olukoyede stressed that there must be no sacred cows in the enforcement of laws designed to protect the integrity of elections, warning that unchecked electoral misconduct could threaten democracy and national stability.

As part of preparations for the 2027 general elections, he revealed that the commission plans to deploy drones and other technological tools to improve election monitoring, particularly in detecting vote-buying and financial inducements around polling units.

The EFCC chairman also urged political parties and candidates to focus on issues affecting citizens rather than resorting to inflammatory rhetoric capable of inciting violence.

He called on key stakeholders, including the Independent National Electoral Commission (INEC), security agencies, civil society organisations, the media and political actors, to work together to ensure free, fair and peaceful elections.

Earlier, the Vice-Chancellor of the University of Ilorin, Prof. Wahab Egbewole (SAN), described electoral corruption as a major threat to democratic development and national security.

He said credible elections remain vital to national stability, economic growth and public confidence in governance, adding that stronger collaboration was needed between academic institutions and agencies responsible for protecting the electoral process.

In his remarks, the Director of the Centre for Peace and Strategic Studies, Prof. G.A. Animasawun, said the lecture series was created to encourage proactive discussions on threats to Nigeria’s electoral system ahead of the 2027 polls.

He explained that the initiative would bring together policymakers, security experts, electoral officials, civil society groups and scholars to develop practical solutions for peaceful and credible elections.

The event attracted participants from security agencies, electoral bodies, civil society organisations, academia and the student community.