Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that some governorship aspirants in Nigeria spent between ₦20 billion and ₦30 billion during party primary elections, raising concerns about the growing cost of political contests ahead of the 2027 general elections.
Speaking at the inaugural High-Level Guest Speakers’ Series organised by the Centre for Peace and Strategic Studies in Ilorin, Olukoyede warned that excessive spending in elections poses a serious threat to democratic governance and encourages corruption in public office.
Delivering a lecture titled “De-risking and Mobilising Critical Stakeholders for Peaceful and Credible 2027 Elections in Nigeria”, the EFCC chairman said politicians who invest huge sums to secure electoral victories often feel compelled to recover their expenses after assuming office.
According to him, the commercialisation of the electoral process weakens democratic institutions by undermining merit-based political recruitment.
> “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.
Olukoyede stated that the EFCC remains committed to combating vote-buying and other forms of financial inducement that threaten the credibility of elections. He disclosed that the commission has made several arrests across the country for vote-buying and related electoral offences, leading to convictions involving politicians, electoral officials and ordinary citizens.
He stressed that there should be no sacred cows in enforcing electoral laws, warning that impunity could undermine democracy and national stability.
The EFCC chairman also announced plans to deploy drones and other technological tools to strengthen election monitoring ahead of the 2027 elections, particularly in tracking vote-buying activities and financial inducements at polling units.
Olukoyede urged political parties and their supporters to focus on issue-based campaigns and avoid rhetoric capable of inciting violence. He called on stakeholders, including the Independent National Electoral Commission (INEC), security agencies, civil society organisations and the media, to work together to ensure peaceful, free and credible elections.
Earlier, Wahab Egbewole described electoral corruption as a major threat to national security and democratic development. He said credible elections are essential for stability, economic growth and public confidence in governance.
The Director of the Centre for Peace and Strategic Studies, G. A. Animasawun, said the lecture series was created to encourage proactive engagement on threats to Nigeria’s electoral process ahead of the 2027 polls.
