The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, has expressed concern over the rising cost of elections in Nigeria, disclosing that some governorship aspirants spend between N20bn and N30bn to secure electoral victory
Olukoyede disclosed in Ilorin on Wednesday while speaking at the inaugural High-Level Guest Speakers’ Series organised by the Centre for Peace and Strategic Studies (CPSS), University of Ilorin, themed “De-risking and Mobilising Critical Stakeholders for Peaceful and Credible 2027 Elections in Nigeria.”
He warned that the huge financial outlay involved in elections often pressures elected officials to divert public funds after assuming office in an attempt to recover campaign expenses, describing the trend as a major threat to democratic governance.
“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 tackling vote-buying and other electoral offences, noting that several arrests and convictions had already been made across the country involving politicians, electoral officials, and citizens.
He also warned that impunity in the electoral process could undermine democracy and national stability, stressing that there must be no sacred cows in enforcing electoral laws. According to him, the commission plans to deploy drones and other technological tools to enhance election monitoring ahead of the 2027 general elections.
Olukoyede further called on political parties and their supporters to embrace issue-based campaigns and avoid inflammatory rhetoric capable of inciting violence.
He urged collaboration among stakeholders, including the Independent National Electoral Commission (INEC), security agencies, civil society organisations, the media, and political actors, to ensure peaceful and credible elections.
In his remarks, the Vice-Chancellor of the University of Ilorin, Professor Wahab Egbewole (SAN), described electoral corruption as a major threat to national security and democratic development, stressing the need for credible elections to strengthen public confidence in governance.
Also speaking, the Director of the Centre for Peace and Strategic Studies, Professor G.A. Animasawun, said the lecture series was designed to foster proactive engagement on threats to Nigeria’s electoral process ahead of the 2027 elections.
The event had in attendance representatives of security agencies, electoral bodies, civil society organisations, members of the academic community, and students.
(The Whistler)
