Elections processes and outcomes marred by all shades of irregularities and malpractices, decades of failed leadership since return to democracy in 1999 compels the ongoing efforts towards the emergence of frameworks, institutions and processes that could facilitate credible elections to produce the required leadership worthy of modern democracy. Poorly regulated in-flow and out-flow of party and campaign finance has remained the vital force of all malpractices such as election violence, gender discrimination, election rigging, ‘godfatherism’, vote buying and all forms of patron-cliental politics. These decades of unchecked malpractices strongly question the efficiency of the legal framework regulating party/campaign financing as well as its enforcement and citizen’s oversight efforts. Unless the influence of money is significantly and consistently checked in the election of leaders, Nigeria would be plunged into complex crisis under poor leadership.