Ola Olukoyede, chairman of the Economic and Financial Crimes Commission (EFCC), has accused some state governors of converting security votes into personal slush funds, with billions of naira allegedly diverted and moved abroad every month instead of being used to address insecurity.
Speaking on Friday at an annual lecture organised by the Honorary Members’ Forum of the Nigerian Air Force Officers’ Mess at the Sam Ethnan Air Force Base in Ikeja, Lagos, Olukoyede said corruption remains the “real elephant in the room” driving Nigeria’s worsening security challenges.
According to him, funds earmarked for security and poverty alleviation are frequently misappropriated, ultimately fuelling banditry, insurgency and violent extremism across the country.
He cited the ongoing prosecution of Willie Obiano, former governor of Anambra State, noting that EFCC investigations uncovered the alleged diversion of more than ₦4 billion in security votes during Obiano’s tenure.
“Billions of naira are collected monthly by state governors as security votes without any form of accountability,” Olukoyede said. “Instead of strengthening the security architecture, these funds often end up in Bureau de Change outlets, converted to foreign currency and either moved abroad or sunk into phony investments that have nothing to do with security.”
He argued that if such resources were judiciously deployed, the security situation in Anambra and neighbouring states would have been significantly better.
Olukoyede also drew attention to corruption within military procurement processes, referencing the infamous $2.1 billion arms deal scandal, and criticised economic policies that perpetuate poverty, particularly in northern Nigeria, which he said creates fertile ground for insecurity.
He further highlighted cases involving former public officials, including the alleged theft of over ₦109 billion by a former accountant-general and stalled power projects linked to bribery allegations.
On the EFCC’s performance, Olukoyede disclosed that the commission recovered ₦566.3 billion between 2024 and 2025, including a record forfeiture of 753 properties. He said the agency has also supported economic stability through efforts to curb naira abuse and illicit financial flows.
Calling for deeper collaboration between the EFCC, the military and other security agencies, Olukoyede stressed the need for greater accountability within the armed forces.
“While we recognise the sacrifices of our soldiers in the fight against insurgency, we have also seen situations where funds meant for equipment procurement end up in the pockets of some senior officers,” he said, adding that EFCC investigations into the arms scam led to the recovery of huge sums and properties from top military officers.
According to him, such financial haemorrhage weakens morale, worsens equipment shortages and emboldens criminal groups.
He urged Nigerians to support the anti-corruption and anti-insecurity campaigns, insisting that neither the EFCC nor the military can win these battles alone.
“What is required is collective support from citizens and stronger collaboration among military, security and law enforcement agencies,” Olukoyede said, emphasising that financial intelligence and transparency are crucial to restoring national stability.