The Independent National Electoral Commission (INEC) is going tough with political parties and their candidates in next year’s elections on how they source and disburse their campaign funds.
The commission plans to work with the Central Bank of Nigeria, Department of State Services (DSS), Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices Commission (ICPC) and commercial banks to carry out the task, INEC chairman Mahmood Yakubu, said over the weekend.
Yakubu spoke in Abuja during a policy roundtable on political campaign finance organised by The Electoral Forum (TEF).
Yakubu, who was represented at the policy roundtable by the National Commissioner and chairman (Committee on Party Monitoring), Prof. Kunle Ajayi, said the commission was determined to track and ascertain campaign expenditure by politicians before and during the elections.
Commercial banks will be required to report all suspicious transactions ahead of the elections.
Failure to report any such suspicious transactions, he said, would attract prosecution.“As long as we have not notified anybody that the race to the 2023 general election has started, we are not unaware of what anybody is doing. We follow the law strictly,” Yakubu said.
He added: “We have not officially declared notice for the 2023 general election, but when we so declare, we will put our monitoring committees to motion, like the Central Bank of Nigeria, DSS, EFCC, the ICPC and commercial banks to carry out the task.