Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has warned that the rising cost of elections in Nigeria is fueling corruption and undermining democratic governance, disclosing that some governorship aspirants spend between N20 billion and N30 billion to secure electoral victory.
Olukoyede spoke on Wednesday, June 10, 2026, at the inaugural High-Level Guest Speakers’ Series organised by the Centre for Peace and Strategic Studies, University of Ilorin.
The lecture was themed, “De-risking and Mobilizing Critical Stakeholders for Peaceful and Credible 2027 Elections in Nigeria.”
He said the huge sums spent on election campaigns and party primaries often create pressure on successful candidates to recover their investments after assuming office, leading to the diversion of public resources and other corrupt practices.
According to him, the growing monetization of politics has become a major threat to credible elections and good governance.
“The commercialization 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 said the commission remains committed to combating vote-buying and other forms of financial inducement capable of compromising the integrity of elections.
He disclosed that the anti-graft agency has recorded arrests and secured convictions in several vote-buying and electoral misconduct cases involving politicians, electoral officials and other offenders across the country.
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The EFCC chairman warned that allowing electoral offenders to act with impunity could weaken public confidence in democratic institutions and threaten national stability.
Ahead of the 2027 general elections, he said the commission plans to deploy drones and other technology-driven tools to strengthen election monitoring and track vote-buying and illicit financial inducements at polling units.
He also urged political parties, candidates and their supporters to focus on issues affecting Nigerians and avoid inflammatory rhetoric capable of inciting violence.
Olukoyede called for stronger collaboration among the Independent National Electoral Commission, security agencies, civil society organisations, the media and political actors to ensure peaceful, free and credible elections.
Earlier, the Vice-Chancellor of the University of Ilorin, Prof. Wahab Egbewole (SAN), described electoral corruption as a major threat to democratic development and national security.
He said credible elections remain essential to political stability, economic growth and public confidence in governance, stressing the need for stronger partnerships between academic institutions and agencies responsible for protecting electoral integrity.
Also speaking, the Director of the Centre for Peace and Strategic Studies, Prof. G.A. Animasawun, said the lecture series was conceived to encourage proactive engagement on emerging threats to Nigeria’s electoral process ahead of the 2027 elections.
According to him, the initiative will bring together policymakers, electoral officials, security experts, civil society groups and scholars to develop practical solutions for peaceful and credible polls.
The event attracted representatives of security agencies, electoral bodies, civil society organizations, members of the academic community and students.