Ola Olukoyede, chairman of the Economic and Financial Crimes Commission (EFCC), has accused some state governors of diverting billions in monthly security votes.
He added that the funds are often converted into foreign currency and stashed abroad instead of being deployed to bolster security.
The anti-graft agency boss, who spoke on Friday during an annual lecture, argued that corruption is the “real elephant in the room” behind Nigeria’s worsening insecurity.
The lecture was organised by the Honorary Members’ Forum of Nigerian Air Force Officers’ Mess, Sam Ethnan Air Force Base, Ikeja, Lagos.
Olukoyede said stolen funds meant for security or poverty alleviation are used to fuel banditry, insurgency and extremism.
Citing the ongoing prosecution of Willie Obiano, former governor of Anambra, Olukoyede said the EFCC uncovered how over N4 billion in security votes was allegedly diverted.
“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 said there were diversions in military procurement, referencing the $2.1 billion arms scam, and criticised faulty economic models that perpetuate poverty, particularly in northern Nigeria.
Olukoyede pointed to cases involving former officials, including the alleged theft of over N109 billion by a former accountant-general and stalled power projects marred by bribery allegations.
On the EFCC’s efforts, he said the agency has recovered N566.3 billion between 2024 and 2025, including a record forfeiture of 753 properties, and supported economic stability through measures like cracking down on naira abuse and illicit flows.
He called for greater collaboration between the military, security agencies and the EFCC, emphasising 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,” he said.
“This reality was exposed by the EFC 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 also asked Nigerians to support the anti-graft and insecurity wars.
“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.”
