Lagos – Ola Olukoyede, chairman of the Economic and Financial Crimes Commission (EFCC), has accused some state governors of diverting billions in monthly security votes, converting them into foreign currency and stashing them abroad instead of bolstering security.
“Billions of naira are collected monthly by state governors as security votes without accountability,” Olukoyede said during an annual lecture at the Nigerian Air Force Officers’ Mess in Lagos. “These resources, instead of being invested in enhancing security architecture, often end up in Bureau De Change where they’re converted into forex and moved abroad or dissipated into phony investments unrelated to security.”
He cited the prosecution of former Anambra Governor Willie Obiano, where over N4 billion in security votes was allegedly diverted. Olukoyede blamed corruption for worsening insecurity, fueling banditry, insurgency, and extremism. He also referenced diversions in military procurement, including the $2.1 billion arms scam.
“The military must embrace greater accountability,” Olukoyede said. “Resources meant for procurement of equipment in the fight against terrorism find their way into pockets of some senior officers.”
He called for collaboration between the military, security agencies, and EFCC, saying, “The EFCC can’t win this fight against corruption alone; neither can the military defeat insecurity alone. What is required is support and cooperation of all Nigerians.”
Between 2024 and 2025, EFCC recovered N566.3 billion, including a record forfeiture of 753 properties, and supported economic stability by cracking down on naira abuse and illicit flows.
