The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised concerns over the escalating cost of elections in Nigeria, revealing that some governorship aspirants spent between ₦20 billion and ₦30 billion to secure victory during the last round of party primaries.
Olukoyede warned that the growing monetisation of the electoral process poses a significant threat to democratic governance and fuels corruption in public office, as elected officials often seek to recover their campaign expenditures after assuming office.
The EFCC chairman made the disclosure on Wednesday 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 enormous financial resources required to secure elective offices have become a major driver of corruption, as officeholders come under pressure to recoup their investments through the diversion of public funds.
“When individuals spend between ₦20 billion and ₦30 billion to secure party tickets and win elections, the temptation to recover such investments after assuming office becomes very high,” he said.
Olukoyede stressed that the commercialisation of elections undermines the integrity of Nigeria’s democratic process by compromising political recruitment and limiting opportunities for competent and credible candidates.
“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 reaffirmed the commission’s commitment to combating vote-buying, financial inducement, and other forms of electoral corruption capable of undermining free and fair elections.
He disclosed that the anti-graft agency had arrested numerous suspects across the country for vote-buying and related electoral offences, adding that several convictions had already been secured.
According to him, those prosecuted include politicians, electoral officials, and ordinary citizens found guilty of violating electoral laws.
Olukoyede warned that allowing electoral misconduct to go unpunished could erode public confidence in democracy and threaten national stability, insisting that there must be no sacred cows in the enforcement of electoral laws.
As part of efforts to strengthen electoral integrity ahead of the 2027 general elections, he revealed that the commission plans to deploy drones and other technological tools to monitor polling units and track incidents of vote-buying and financial inducement.
He also urged political parties and their supporters to embrace issue-based campaigns and avoid inflammatory rhetoric capable of inciting violence.
The EFCC chairman 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 peaceful, transparent, and credible elections in 2027.
Earlier, the 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 stressed that credible elections remain essential to political stability, economic growth, and public trust in governance, while calling for stronger collaboration between academic institutions and agencies responsible for safeguarding electoral integrity.
In his welcome address, the Director of the Centre for Peace and Strategic Studies, Professor G.A. Animasawun, said the lecture series was designed to promote proactive engagement on emerging threats to Nigeria’s electoral process ahead of the 2027 polls.
He noted that the initiative would bring together policymakers, security experts, electoral officials, civil society groups, and scholars to develop practical solutions aimed at ensuring peaceful and credible elections.
The event was attended by representatives of security agencies, electoral bodies, civil society organisations, members of the academic community, and students.
