The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised concerns over the increasing cost of elections in Nigeria, revealing that some governorship aspirants spend between N20 billion and N30 billion to secure victory at party primaries.
Olukoyede disclosed this on Wednesday in Ilorin, Kwara State, while delivering the inaugural high-level guest speakers’ lecture organised by the Centre for Peace and Strategic Studies, University of Ilorin.
Speaking on the theme, “De-risking and Mobilising Critical Stakeholders for Peaceful and Credible 2027 Elections in Nigeria,” the EFCC chairman warned that the huge financial resources required to win elections could undermine democratic governance and encourage corruption among elected officials.
He explained that politicians who spend enormous amounts to secure office often face pressure to recover their investments after assuming power, leading to possible misuse of public funds.
According to him, the high cost of electoral contests remains a major threat to good governance and the credibility of Nigeria’s democratic process.
Olukoyede said the EFCC would continue its efforts against vote-buying and other forms of financial inducement capable of compromising elections.
“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.
The EFCC boss revealed that the commission had arrested several individuals across the country over electoral offences, including vote-buying, with some cases already resulting in convictions.
He added that those prosecuted include politicians, electoral officers and other persons involved in activities capable of undermining the electoral system.
Olukoyede warned that unchecked impunity in the electoral process could threaten democracy and national stability, insisting that enforcement of electoral laws must apply to everyone.
He further disclosed that the anti-graft agency would deploy drones and other technology-based solutions ahead of the 2027 general elections to monitor polling units and detect financial inducements.
The EFCC chairman urged political actors and their supporters to focus on issue-driven campaigns and avoid inflammatory statements that could trigger violence.
He also called on the Independent National Electoral Commission (INEC), security agencies, civil society groups, the media and political parties to collaborate in ensuring peaceful and credible elections.
Earlier, the Vice-Chancellor of the University of Ilorin, Prof. Wahab Egbewole (SAN), described electoral corruption as a threat to national security and democratic progress.
Egbewole said transparent elections were crucial for national stability, economic development and citizens’ confidence in governance.
The Director of the Centre for Peace and Strategic Studies, Prof. G.A. Animasawun, said the lecture series was created to promote early engagement among stakeholders on challenges facing Nigeria’s electoral system ahead of the 2027 polls.
The event was attended by representatives of security agencies, electoral bodies, civil society organisations, academics and students.
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