Economic and Financial Crimes Commission (EFCC) Chairman, Ola Olukoyede says some governorship aspirants spent between N20bn and N30bn to win party primaries in the last election cycle, warning the trend threatens democracy and fuels corruption.
He spoke on Wednesday at the inaugural High-Level Guest Speakers’ Series of the Centre for Peace and Strategic Studies (CPSS), University of Ilorin.
The event focused on "De-risking and Mobilising Critical Stakeholders for Peaceful and Credible 2027 Elections in Nigeria."
Olukoyede said huge campaign spending forces elected officials to divert public funds after taking office to recover their investments.
He cited governorship races as an example of how costly elections have become.
"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.
The EFCC chairman said the commission had arrested and convicted politicians, electoral officials, and citizens over vote-buying and other electoral offences across the country.
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He warned that impunity in elections could undermine democracy and national stability, stressing that "there must be no sacred cows," in enforcement.
Olukoyede added that the EFCC will deploy drones and other technology to monitor polling units and track vote-buying ahead of the 2027 general elections.
He urged political parties to run issue-based campaigns and avoid rhetoric that could incite violence.
He called on the Independent National Electoral Commission (INEC), security agencies, civil society groups, the media, and political actors to collaborate for peaceful and credible polls.
University of Ilorin Vice-Chancellor, Prof Wahab Egbewole described electoral corruption as a huge threat to national security.
CPSS Director, Prof G A Animasawun said the lecture series aims to develop practical solutions for credible elections.
The event drew security agencies, electoral bodies, civil society groups, academics and students.
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