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The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that some governorship aspirants spend between N20 billion and N30 billion to secure electoral victory.
Olukoyede said the trend poses a serious threat to democratic governance and fuels corruption in public office.
Speaking at the inaugural high-level guest speakers’ series organised by the Centre for Peace and Strategic Studies, University of Ilorin, he said that the huge financial resources deployed during elections often compel elected officials to divert public funds after assuming office to recoup their investments.
“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.
He added that the EFCC has made several arrests for vote-buying and related electoral offences and has secured multiple convictions.
Olukoyede urged political parties and their supporters to embrace issue-based campaigns and avoid inflammatory rhetoric that could incite violence ahead of the 2027 elections.
Also speaking, the Vice-Chancellor of the University of Ilorin, Prof. Wahab Egbewole (SAN), described electoral corruption as a major threat to national security and democratic development.
Egbewole stressed the need for stronger collaboration between academic institutions and agencies responsible for safeguarding electoral integrity, adding that credible elections are essential for national stability, economic growth, and public confidence in governance.
