The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has raised alarm over the increasing commercialization of Nigeria’s electoral process, disclosing that some governorship aspirants spend between N20 billion and N30 billion in their quest to secure electoral victories.
According to the anti-graft agency chief, the enormous financial outlay associated with elections poses a serious threat to democracy and often drives elected officials to divert public resources in an attempt to recover their investments after assuming office.
Olukoyede made the disclosure on Wednesday while delivering the inaugural High-Level Guest Speakers’ Series organised by the Centre for Peace and Strategic Studies at the University of Ilorin.
Speaking on the theme, “De-risking and Mobilising Critical Stakeholders for Peaceful and Credible 2027 Elections in Nigeria,” he described vote-buying and electoral monetisation as major obstacles to good governance and democratic accountability.
“The commercialisation of votes weakens the foundation of good governance because it compromises the political recruitment process,” Olukoyede said.
“Leaders who buy their way into office are more likely to focus on recovering their investments rather than serving the public interest.”
The EFCC chairman disclosed that the commission has doubled up efforts to combat vote-buying and other forms of financial inducement capable of undermining the credibility of elections.
He revealed that several individuals, including politicians, electoral officials and other offenders, have been arrested and prosecuted for electoral misconduct, with convictions already secured in some cases.
Olukoyede warned that unchecked electoral impunity could undermine Nigeria’s democracy and threaten national stability, stressing that enforcement of electoral laws must be carried out without fear or favour.
Looking ahead to the 2027 general elections, he announced plans by the commission to deploy drones and other technological tools to strengthen election monitoring, particularly in tracking vote-buying and financial inducements at polling units across the country.
The anti-corruption chief also urged political parties and their supporters to focus on issue-based campaigns while avoiding inflammatory rhetoric capable of provoking violence.
He called on key stakeholders, including the Independent National Electoral Commission, security agencies, civil society groups, the media and political actors, to collaborate in ensuring peaceful, free and credible elections in 2027.
Earlier, the Vice-Chancellor of the University of Ilorin, Wahab Egbewole, described electoral corruption as a serious threat to national security and democratic development.
Egbewole emphasized that credible elections remain essential for national stability, economic growth and public confidence in governance, urging stronger collaboration between academic institutions and agencies responsible for safeguarding electoral integrity.
Also speaking at the event, G. A. Animasawun said the lecture series was designed to promote proactive discussions on emerging threats to Nigeria’s electoral process ahead of the 2027 polls.
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 and credible elections.
The event attracted representatives of security agencies, electoral bodies, civil society organisations, members of the academic community and students.
