The Economic and Financial Crimes Commission (EFCC) has warned that unchecked financial inducements in elections pose a serious threat to governance and democratic stability in Nigeria.

Speaking in Abuja yesterday at the presentation of a new report by the Kimpact Development Initiative (KDI), EFCC Chairman, Olanipekum Olukoyede, represented by Effa Okim, highlighted the risks of financial irregularities in elections.

He noted that the way political leadership emerges is often a reflection of the standards of the electoral process, stressing that undue financial influence could weaken governance and public trust.

The EFCC urged all stakeholders to support stronger financial regulations to protect Nigeria's democracy from the dangers of unchecked political spending.

The event featured the presentation of KDI's 98-page report, PoliMoney: Campaign and Political Finance Monitoring Report of the 2024 Edo and Ondo State Off-Cycle Governorship Elections.

The report called for stricter regulations on political campaign financing, urging the Independent National Electoral Commission (INEC) to establish independent finance committees within political parties.

KDI's Executive Director, Bukola Idowu, expressed concern over dark money--unregulated financial flows influencing elections--warning that the lack of transparency and legal compliance undermines democracy.

House of Representatives Committee Chairman on Electoral Matters, Adebayo Balogun, reaffirmed the legislature's commitment to electoral reforms, while UK Foreign, Commonwealth and Development Office (FCDO) representative, Matthew Ayibakuro, underscored the importance of data-driven governance and transparency in campaign financing.