According to him, the enormous cost of contesting elections exerts pressure on successful politicians to divert public funds once they assume office.
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised concerns over the staggering amount of money allegedly spent by some governorship aspirants to secure electoral victories in Nigeria, revealing that candidates sometimes deploy between N20 billion and N30 billion during elections.
Olukoyede warned that the trend poses a grave threat to Nigeria’s democracy and contributes significantly to corruption in public office, as elected officials often seek to recover their huge financial investments after assuming power.
The anti-graft agency boss made the disclosure on Wednesday while delivering the inaugural High-Level Guest Speakers’ Series organised by the Centre for Peace and Strategic Studies (CPSS), University of Ilorin, Kwara State.
Speaking on the theme, “De-risking and Mobilising Critical Stakeholders for Peaceful and Credible 2027 Elections in Nigeria,” Olukoyede lamented the growing monetisation of Nigeria’s electoral process, describing it as a major obstacle to good governance.
