The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has alleged that some state governors divert billions of naira received monthly as security votes, warning that the practice is fuelling Nigeria’s insecurity.
Olukoyede made the allegation on Friday while speaking 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. He described corruption as the central factor behind the country’s worsening security challenges.
According to him, funds earmarked for security and poverty alleviation are frequently misappropriated, converted into foreign currency, and moved abroad rather than being used to strengthen security infrastructure. He argued that such diversions indirectly sustain banditry, insurgency, and violent extremism.
The EFCC chairman cited the ongoing prosecution of former Anambra State Governor Willie Obiano as an example, stating that investigations revealed the alleged diversion of more than N4 billion in security votes.
Olukoyede said governors collect large sums monthly as security votes with little or no accountability, adding that proper utilisation of the funds could significantly improve security conditions at the state and regional levels.
He also raised concerns about corruption within military procurement processes, referring to the $2.1 billion arms procurement scandal, and criticised economic policies that, in his view, have deepened poverty, particularly in northern Nigeria.
Highlighting other high-profile corruption cases, Olukoyede mentioned investigations involving former public officials, including the alleged diversion of over N109 billion by a former accountant-general, and stalled power sector projects linked to bribery allegations.
On the commission’s performance, he disclosed that the EFCC recovered N566.3 billion between 2024 and 2025, including the forfeiture of 753 properties. He added that the agency has also supported economic stability through efforts to curb naira abuse and illicit financial flows.
