By Editorial Staff 
The chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has revealed how some state governors convert security votes into foreign currencies and stash them abroad instead of deploying them to bolster security.
“Billions of naira are collected monthly by state governors as security votes without accountability,” he said.
He made the revelation on Friday during an annual lecture organised by the Honorary Members’ Forum of the Nigerian Air Force Officers’ Mess, Sam Ethnan Air Force Base, Ikeja, Lagos.
According to him, state governors get billions of naira every month as security votes, “but these are often converted into foreign currency and stashed abroad.”
Apart from security votes, he also alleged that some state governors’ stolen funds meant to alleviate poverty are being used to fuel banditry, insurgency and extremism.
The EFCC boss, who cited the ongoing trial of the former governor of Anambra State, Willie Obiano, disclosed that the anti-graft agency uncovered how over ₦4 billion in security votes was allegedly diverted.
“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,” he alleged.
Olukoyede stated that the security landscape of states in Nigeria would have been better if state governors expended state funds, particularly security votes, judiciously.
The anti-graft agency boss also referenced the $2.1 billion arms scam during the administration of President Goodluck Jonathan and the alleged theft of over ₦109 billion by a former accountant-general, attributing such diversions to faulty economic models.
He stated that the EFCC recovered ₦566.3 billion between 2024 and 2025, including a record forfeiture of 753 properties, and supported economic stability through measures such as cracking down on naira abuse and illicit flows.
The EFCC boss called for greater collaboration between the military, security agencies and the EFCC.
He acknowledged the sacrifices of members of the armed forces in the fight against insurgency across Nigeria, calling on senior military officers to uphold a high level of integrity so that monies meant for arms procurement will not find their way into the pockets of some senior officers.
“This resource haemorrhage not only dampens morale within the military establishment but aggravates equipment and logistics challenges that embolden the adversary.”
Olukoyede said the EFCC cannot fight the anti-graft war alone. “What is required is the support and cooperation of all Nigerians and greater collaboration and synergy among the military, security and law enforcement agencies.”