Ola Olukoyede, chairman of the Economic and Financial Crimes Commission (EFCC), has alleged that several state governors routinely divert huge sums allocated as monthly security votes.
Speaking on Friday at the annual lecture of the Air Force Officers Mess in Lagos, Olukoyede described corruption as the central factor worsening Nigeria’s insecurity.
Olukoyede said investigations by the anti-graft agency show that much of the money is exchanged for foreign currency and hidden outside the country rather than used to address security challenges.
He explained that funds earmarked for security operations and social interventions are often siphoned and redirected to sustain banditry, insurgency and extremist violence.
Referring to the ongoing trial of Willie Obiano, former Anambra governor, Olukoyede said the commission uncovered alleged misappropriation of more than N4 billion from 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.”
Olukoyede also highlighted financial leakages within defence procurement, citing the controversial $2.1 billion arms deal scandal.
He criticised policy frameworks that entrench poverty, particularly in northern Nigeria, arguing that economic deprivation fuels insecurity.
The EFCC chairman referenced several high-profile cases, including allegations involving a former accountant-general accused of stealing more than N109 billion.
He also pointed to abandoned power projects reportedly compromised by bribery and financial misconduct.
On the commission’s recent achievements, Olukoyede said the EFCC recovered N566.3 billion between 2024 and 2025.
He added that the recovery drive included the forfeiture of 753 properties, the highest in the agency’s history.
Olukoyede said the commission has also contributed to economic stability by tackling naira abuse and blocking illicit financial flows.
He called for deeper cooperation among the military, security agencies and the EFCC to strengthen accountability.
“The military must embrace greater accountability,” he said.
“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.
“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 actively support efforts to combat 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.”