The chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has alleged that some state governors are misappropriating billions of naira received monthly as security votes.
He said the funds are frequently converted into foreign currency and kept overseas, rather than being used to strengthen security operations.
Speaking on Friday at an annual lecture, the anti-graft chief described corruption as the “real elephant in the room” driving Nigeria’s escalating insecurity.
The lecture was organised by the Honorary Members’ Forum of Nigerian Air Force Officers’ Mess at the Sam Ethnan Air Force Base, Ikeja, Lagos.
Olukoyede said funds stolen under the guise of security or poverty alleviation often end up financing banditry, insurgency and extremism across the country.
Referencing the ongoing trial of Willie Obiano, former governor of Anambra, he said the EFCC uncovered alleged diversion of more than N4 billion in security votes.
“Billions of naira are collected monthly by state governors as security votes without accountability,” he 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.”
He also cited diversion in military procurement, recalling the $2.1 billion arms deal scandal, and criticised economic frameworks that deepen poverty, especially in northern Nigeria.
Olukoyede highlighted cases involving former public officials, including allegations of over N109 billion stolen by a former accountant-general and abandoned power projects linked to bribery claims.
On the commission’s performance, he said the EFCC recovered N566.3 billion between 2024 and 2025, secured the forfeiture of 753 properties, and supported economic stability through actions against naira abuse and illicit financial flows.
He called for closer cooperation between the military, security agencies and the EFCC, stressing that “the military must embrace greater accountability” to achieve lasting 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,” he said.
“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 urged Nigerians to back the fight 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.”