Magu made the assertion on Friday at a meeting in Lagos with the Managing Directors of financial institutions in Nigeria.
It was tagged: Roles and Obligations of Managing Directors of Banks in Nigeria in Curbing Votes Buying During an Election, Illicit Financial Flows and Other Related Matters in Nigeria.
Magu said that illicit financial flows would reduce the amount of resources available to the government to provide critical social services to the citizenry.
Votes buying during elections will prevent credible candidates from running for political offices.
In Nigeria, votes buying has reached an alarming proportion to the extent that politicians have now spread their tentacles to election officials, security agencies, election observers and even, the media, he said.
Magu said that the illicit financial flows out of the country was on the increase, adding that politicians were still perpetrating and trying to finalise their acts of votes buying.
He urged the managing directors to join hands with the commission to save the country from being hijacked by suspected criminals.