2027: Some Governorship Aspirants Spend Up to N30bn on Elections – EFCC Chairman

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised concerns over the rising cost of elections in Nigeria, revealing that some governorship aspirants spend between N20 billion and N30 billion to secure electoral victory.

 

Speaking on Wednesday in Ilorin, Kwara State, during the inaugural High-Level Guest Speakers’ Series organised by the Centre for Peace and Strategic Studies, University of Ilorin, Olukoyede warned that the trend poses a significant threat to democracy 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 the huge sums invested in elections often pressure elected officials to divert public resources in an attempt to recover their spending.

 

According to him, the commercialisation of the electoral process weakens democratic institutions and undermines good 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.

 

Olukoyede reaffirmed the commission’s commitment to combating vote-buying and other forms of electoral corruption ahead of the 2027 general elections.

 

He disclosed that the EFCC has made several arrests across the country over vote-buying and related offences, adding that convictions have also been secured against politicians, electoral officials and other individuals involved in electoral misconduct.

 

The anti-graft agency, he said, plans to deploy drones and other technological tools to strengthen election monitoring, particularly in tracking vote-buying and financial inducements at polling units.

 

The EFCC boss warned that impunity during elections could undermine democracy and threaten national stability, stressing that electoral laws must be enforced without fear or favour.

 

He also called on political parties and their supporters to focus on issue-based campaigns and avoid inflammatory rhetoric capable of inciting violence.

 

Olukoyede urged 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 major threat to democratic development and national security.

 

He stressed that credible elections remain critical to national stability, economic growth and public confidence in governance.

 

Also speaking, the Director of the Centre for Peace and Strategic Studies, Prof. G.A. Animasawun, said the lecture series was designed to promote 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 organisations, academics and students.