Economic and Financial Crimes Commission and the Control of Corruption in Nigeria
CHAPTER ONE
Objectives of the Study
The main objective of the study is to investigate EFCC and anti corruption in Nigeria. To aid the completion of the study; the researcher would intend to achieve the following specific objectives:
- To find out the instrument/machineries EFCC have employed in the fight of corruption in Nigeria
- To identify the achievements EFCC has made in the fight of corruption in Nigeria
- To find out the problems/obstacles EFCC have encountered.
- To suggest further measures needed to be taken to overcome the obstacles.
- To ascertain if the EFCC has succeeded of failed in its quest to wipe out corruption in Nigeria.
CHAPTER TWO
REVIEWED OF RELATED LITERATURE
INTRODUCTION
It will be recalled that before now, Nigeria was ranked the 3rd most corrupt country in the world by transparency international in 2004 (BBC News 2004 retrieved) and during the visit of President Bill Clinton to Nigeria, he wanted President Obasanjo to take him to a place called “Oluwole” in Lagos. “Oluwole” is situated in the heart of Eko by Nnamdi Azikiwe Street of Lagos known at that time as the centre for all counterfeits documents or instruments. This to President Obasanjo was a serious blow to his nation (Dr. Umoh class session). All these and many more image damaging circumstances impressed on President Obasanjo the need for the establishment of the two commissions, the ICPC and the EFCC to tackle corruption in Nigeria.
THE ACT (2004)
The EFCC was established for the enforcement and the due administration of the provision of the EFCC Act, to investigate all financial crime and economic crimes. The commission by the act is empowered to prevent, investigates prosecute and penalize economic and financial crimes and is charged with the responsibility of enforcing the provision of other laws and regulations relating to economic and financial crimes including.
- Economic and Financial Crimes Commission Act 2002.
- The money laundering Act; 1995
- The money laundering (Prohibition) Act; 2004
- The advance fee fraud and other fraud related offenses Act; 1995
- The failed bank (Recovery of Debts) and Financial malpractices in Banks; Act 1994
- The banks and other financial institution Act, 1991 and miscellaneous offenses Act;
- In addition, EFCC will be the Agency of government responsible for fighting terrorism by these acts the EFCC now has the overall function of investigating all financial crimes including advance fee fraud, money laundering counterfeiting of instruments/ documents, illegal charge transfer, future market fraud fraudulent encashment of negotiable instruments, computer credit and fraud and contract scam.
The commission is also empowered to coordinate and enforce all economic and financial laws and enforcement function. Conferred on any person, authorize the adoption of measures to identify, trace, freeze, confiscate or seize proceed derived from terrorist activities, Economic and Financial Crime related offences or the properties, the value of which corresponds to such proceeds. The agency is also to adopt measures to rid the country of economic and financial crimes. The measures will include the co-ordination of prevention and regulation, introduction and maintenance of investigative control techniques on the prevention of economic and financial related crimes. It is also to ensure the rapid exchange of scientific and technical information and the conduct of joint operation geared towards the eradication of economic and financial crimes.
CHAPTER THREE
RESEARCH METHODOLOGY
INTRODUCTION
In this chapter, we described the research procedure for this study. A research methodology is a research process adopted or employed to systematically and scientifically present the results of a study to the research audience viz. a vis, the study beneficiaries.
RESEARCH DESIGN
Research designs are perceived to be an overall strategy adopted by the researcher whereby different components of the study are integrated in a logical manner to effectively address a research problem. In this study, the researcher employed the survey research design. This is due to the nature of the study whereby the opinion and views of people are sampled. According to Singleton & Straits, (2009), Survey research can use quantitative research strategies (e.g., using questionnaires with numerically rated items), qualitative research strategies (e.g., using open-ended questions), or both strategies (i.e., mixed methods). As it is often used to describe and explore human behaviour, surveys are therefore frequently used in social and psychological research.
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS
INTRODUCTION
This chapter presents the analysis of data derived through the questionnaire and key informant interview administered on the respondents in the study area. The analysis and interpretation were derived from the findings of the study. The data analysis depicts the simple frequency and percentage of the respondents as well as interpretation of the information gathered. A total of eighty (80) questionnaires were administered to respondents of which only seventy-seven (77) were returned and validated. This was due to irregular, incomplete and inappropriate responses to some questionnaire. For this study a total of 77 was validated for the analysis.
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 Introduction
It is important to ascertain that the objective of this study was to ascertain Economic and financial crimes commission and the control of corruption in Nigeria. In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing the challenges of Economic and financial crimes commission and the control of corruption in Nigeria
Summary
This study was on Economic and financial crimes commission and the control of corruption in Nigeria. Five objectives were raised which included; To find out the instrument/machineries EFCC have employed in the fight of corruption in Nigeria, to identify the achievements EFCC has made in the fight of corruption in Nigeria, to find out the problems/obstacles EFCC have encountered, to suggest further measures needed to be taken to overcome the obstacles and to ascertain if the EFCC has succeeded of failed in its quest to wipe out corruption in Nigeria. A total of 77 responses were received and validated from the enrolled participants where all respondents were drawn from EFCC in Kano state. Hypothesis was tested using Chi-Square statistical tool (SPSS).
Conclusion
There is no gainsaying the fact that corruption is an ill-wind that blows no country any good. It has continued to work against any committed efforts towards inducing national development. Nigeria is not an exception. The monster has remained a cog in the wheel of progress and development in the country hence, the humongous level of underdevelopment which we have continued to contend with as a state. Major General Muhammadu Buhari (Rtd.) was overwhelmingly voted into power as he has “fight against corruption” as one of his manifestoes during his electioneering campaign. Unfortunately, the administration appeared to have been beclouded with political consideration in the fight against corruption so that some people within the corridors of power are perceived as sacred cows who are more or less untouchables. As a result of the foregoing disposition by the government in power, the EFCC has not been able to holistically wedge unrelenting war against financial crimes from both the opposition and ruling parties in the country, hence the accusations of being selective that have continued to reverberate among members of opposition parties. However, this study maintains that the EFCC has not significantly reduced money laundering and grand embezzlement of public funds among high profile figures in the country. This may be due to political consideration or inadequate investigations thereby resulting to the insignificant number of convictions recorded from those fronts. The Commission has been applauded for her success stories with respect to her committed fight against onlineadvance fee fraud/cybercrimes in the country. It is important to emphasize that all hands should be on deck if we are determined to fight corruption to a standstill in the country.
Recommendation
The EFCC should devote more time and efforts towards investigations in order to come up with undisputed evidences necessary to win more cases of money laundering in the courts of law. In addition, the Commission should sustain its alliance with other crime fighting agencies in other countries to cross fertilize ideas on measures to control corrupt acts across international boundaries. Ø
As cybercriminals devise different strategies to defraud unsuspecting members of the public, the EFCC should try as much as possible to be some steps ahead of them through training and retraining programmes on cyber security. Ø
The government of President Buhari should demonstrate unwavering political will for the EFCC to fight embezzlement of public funds particularly among high profile figures. The Commission should be allowed to be independent to do its jobs.
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