… Funds Intended For National Protection Converted To Foreign Currency
… Commission Recovers N566bn In Anti-Corruption Driv
The Economic and Financial Crimes Commission (EFCC) has raised the alarm over alleged massive diversion of security votes by some state governors, with billions of naira reportedly converted into foreign currency and moved abroad.
The EFCC Chairman, Ola Olukoyede, disclosed this on Friday during the annual lecture of the Honorary Members’ Forum of Nigerian Air Force Officers’ Mess at Sam Ethnan Air Force Base, Ikeja, Lagos.
Olukoyede described corruption as the “real elephant in the room” driving Nigeria’s worsening insecurity, noting that funds earmarked for security or poverty alleviation are often misappropriated.
“Billions of naira are collected monthly by state governors as security votes without accountability,” he said. “Instead of enhancing the security architecture, these funds are often converted into foreign currency through Bureau De Change and moved abroad, or invested in phony schemes unrelated to security.”
Citing ongoing prosecutions, Olukoyede referenced the case of former Anambra Governor Willie Obiano, revealing that over N4 billion in security votes had allegedly been misappropriated.
He also recalled the notorious $2.1 billion arms procurement scandal, pointing out that corruption in military procurement and mismanagement of resources has weakened operational capacity, dampened morale, and emboldened insurgents.
Other high-profile cases highlighted include the alleged theft of over N109 billion by a former accountant-general and stalled power projects mired in bribery allegations, illustrating a systemic abuse of public resources.
On the EFCC’s anti-graft efforts, Olukoyede said the commission had recovered N566.3 billion between 2024 and 2025, including 753 forfeited properties, while also cracking down on naira abuse and illicit financial flows.
He called for greater collaboration between the military, security agencies, and the EFCC, stressing that national security and anti-corruption efforts cannot succeed in isolation.
“The EFCC cannot win this fight alone; neither can the military defeat insecurity alone. Cooperation among Nigerians and synergy between security and law enforcement agencies are critical,” he said.
Olukoyede urged the military to embrace full accountability, noting that robust financial intelligence is essential to restoring order and stability in the country.
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