Veteran journalist and politician Dele Momodu has revealed that a former presidential candidate allegedly spent $23.2 million to secure delegate votes during the 2023 elections.
According to Momodu, each 774 delegates received $30,000, a revelation that underscores the monetisation of Nigeria’s political process.
Speaking on the Key to Keys podcast, the former Peoples Democratic Party (PDP) aspirant dismissed any chances of contesting in 2027, citing the overwhelming influence of money in politics.
“Experience is the best teacher,” he stated. “Unless a major political party adopts me through a consensus, I can’t compete with those who monetise the system.”
Reflecting on his personal experience, Momodu disclosed he spent ₦50 million on his presidential bid without securing a single vote.
“I could have bought a property with that money. It was a waste because everything was monetised,” he lamented.
Highlighting the scale of corruption, Momodu described the financial muscle of top candidates as “unbeatable.”
He alleged that some politicians possess vast amounts of untraceable cash, particularly those benefitting from oil wealth. “There is no country in the world where people control raw cash like Nigeria,” he said.
Momodu also criticised the unchecked power of certain political elites, referring to them as “principalities” controlling Nigeria’s political landscape.
Despite these challenges, he remains unbothered by his past losses but emphasises the need for systemic reform.
The revelations have reignited debates about the role of money in Nigeria’s elections and the urgent need for electoral reform.
