EFCC Chair Olukoyede Exposes Shocking N30 Billion Governorship Election Spend

The Economic and Financial Crimes Commission (EFCC) Chairman, Ola Olukoyede, has expressed deep concern over the massive amounts of money being spent by some governorship aspirants in Nigeria. According to Olukoyede, some candidates have been known to spend between N20 billion and N30 billion to secure electoral victories. This trend, he warned, poses a significant threat to Nigeria's democracy and contributes to corruption in public office, as elected officials often seek to recover their huge financial investments after assuming power. Olukoyede made these disclosures while delivering the inaugural High-Level Guest Speakers' Series organised by the Centre for Peace and Strategic Studies (CPSS), University of Ilorin, Kwara State, with the theme 'De-risking and Mobilising Critical Stakeholders for Peaceful and Credible 2027 Elections in Nigeria'. The EFCC chairman lamented the growing monetisation of Nigeria's electoral process, describing it as a major obstacle to good governance. He noted that 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,' Olukoyede said. The EFCC, he stated, remains committed to combating vote-buying and other forms of financial inducement capable of undermining the credibility of elections. Olukoyede disclosed that the commission had arrested several individuals across the country for vote-buying and related electoral offences, with convictions already secured against some offenders. These include politicians, electoral officials, and other persons found guilty of electoral misconduct. He warned that allowing electoral impunity to thrive could endanger Nigeria's democracy and national stability, stressing that there should be no sacred cows in the enforcement of electoral laws. The EFCC plans to deploy drones and other technological tools to strengthen election monitoring ahead of the 2027 general elections, particularly in tracking vote-buying and financial inducements at polling units. Olukoyede urged political parties and their supporters to focus on issue-based campaigns and avoid inflammatory rhetoric capable of triggering violence. He 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, free, and credible elections in 2027. Earlier, the Vice-Chancellor of the University of Ilorin, Prof. Wahab Egbewole (SAN), described electoral corruption as a serious threat to Nigeria's national security and democratic development. Egbewole stressed that credible elections remain critical to national stability, economic growth, and public confidence in governance, urging stronger collaboration between academic institutions and agencies responsible for protecting electoral integrity. The Director of the Centre for Peace and Strategic Studies, Prof. G.A. Animasawun, said the lecture series was designed to encourage proactive discussions on emerging threats to Nigeria's electoral process ahead of the 2027 elections. The event was attended by representatives of security agencies, electoral bodies, civil society groups, members of the academic community, and students.