• EFCC
• Governors
• Security Vote
• Slush Funds

EFCC CHAIRMAN ACCUSES STATE GOVERNORS OF TURNING SECURITY VOTES INTO BILLION-NAIRA SLUSH FUNDS

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  CapitalTimesNews / 1 month
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• 3 min read

The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has levelled a grave accusation against some state governors, alleging they have converted monthly security votes into multi-billion naira slush funds. He stated that these funds are routinely siphoned abroad instead of being used to tackle insecurity. Olukoyede spoke on Friday during 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 declared that corruption remains the “real elephant in the room” behind Nigeria’s worsening security crisis. The anti-graft boss revealed that stolen funds originally meant for security or poverty alleviation are being used to fuel banditry, insurgency, and extremism. He provided an example from the ongoing prosecution of a former Governor of Anambra State, Willie Obiano, where the EFCC allegedly uncovered the diversion of over N4 billion meant for security votes. “Billions of naira are collected monthly by state governors as security votes without accountability,” Olukoyede said. “These resources, instead of being invested in enhancing the security architecture, often end up in Bureau De Change where they are converted into forex and moved abroad or dissipated into phony investments unrelated to security. If that fund was expended judiciously, the security landscape of Anambra and adjoining states would have been better than it is today.” Olukoyede also highlighted corruption within military procurement, referencing the infamous $2.1 billion arms scam. He criticized faulty economic models that perpetuate poverty, particularly in northern Nigeria, and pointed to other major cases. These include the alleged theft of over N109 billion by a former Accountant-General of the Federation and stalled power projects marred by bribery allegations. On the EFCC’s recent efforts, Olukoyede reported that the agency has recovered N566.3 billion between 2024 and 2025, including a record forfeiture of 753 properties. He said the commission has supported economic stability by cracking down on naira abuse and illicit financial flows. He called for intensified collaboration between the military, security agencies, and the EFCC, stressing that “the military must embrace greater accountability” to restore national stability. “While acknowledging the sacrifices of members of the armed forces in the fight against insurgency in parts of the country, we have also found a situation where resources meant for the procurement of equipment in the fight against terrorism find their way into the pockets of some senior officers,” Olukoyede stated. “This reality was exposed by the EFCC investigation into the infamous $2.1billion arms scam. Humongous sums and property were recovered from a number of senior military officers. This resource haemorrhage not only dampens morale within the military establishment but aggravated equipment and logistics challenges that emboldened the adversary.” Olukoyede concluded by urging all Nigerians to support the fights against corruption and insecurity. “The EFCC cannot win this fight against corruption alone; neither can the military defeat insecurity alone,” he said. “What is required is the support and cooperation of all Nigerians and greater collaboration and synergy among the military, security and law enforcement agencies. Financial intelligence is critical to the success of activities in the various theatres of operation of the military and there must be constant engagement at the highest levels of the different agencies to consolidate the gains already recorded. The military must embrace greater accountability in all its operations to ensure that the national objective of restoring order and stability in our country is achieved.”