The money is suspected to have been earmarked for vote buying in Lagos, according to Wilson Uwujaren, EFCC Head of Media.
The spokesperson confirmed suspects involved have been taken into custody for further questioning.
EFCC Chairman, Abdulrasheed Bawa has implored all personnel deployed for election monitoring duties to show courage.
Bawa warned them not to give room for unscrupulous persons to undermine the integrity of the elections through financial inducement.
A tactical team of operatives are currently on ground in all the states of the federation and the FCT, the commission announced.
“Telephone hotlines have already been circulated through social media for members of the public to share information regarding financial malpractices,” Uwujaren added.