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This paper argues that money has become the deciding factor in Nigerian politics. It has served the purposes of consolidating elite rule as well as the political exclusion of the non-elite. A discernible ‘ritual of money politics’, has enabled the power elite to remain in power, and new comers to develop the elite character. This paper concludes that money politics is at the heart of the general crisis of democracy and governance in Nigeria, and unless this is mitigated, reforms aimed at bringing about good governance and curbing other anomalies in the political system may not produce the desired results. [ABSTRACT FROM AUTHOR]