ABSTRACT
This research work examined economic and financial control commission
in Nigeria (EFCC) between 199-2010.
Chapter one contains Introduction, background to the study, statement
of the problem, aims and objective, significance of the study, scope of study,
limitation of study, research and definition of terms.
In chapter two the relevant literature were reviewed and it dealt more
on the concept of corruption and ways of combating corruption in Nigeria
Chapter three examined the historical review of Nigeria’s financial
crime control under the following sub-headings; definition and scope of
financial crimes, structure of Nigerian Financial Crime Control system, identification and
documentation of Nigeria’s financial control system, origin and the
institutionlization of EFCC, functions of EFCC.
Chapter four is on the appraisal of EFCC. It highlighted EFCC
financial crime cases profiles (1999-2010), it also discussed EFCC under the
leadership of Nuhu Ribadu, Waziri Farida and the present Chairman Ibrahim Lamorde. The chapter also
contains the criticism, and challenges of EFCC.
In chapter five the study was summarized, recommendations were made
and conclusions were drawn.
TABLE OF
CONTENTS
Title Page
Abstract
Table of Contents
CHAPTER ONE: INTRODUCTION
Background to the Study
Statement of Problem
Objectives of the Study
Significance of Study
Research Methodology
Scope and Limitation of Study
Sources of Data
Endnotes
CHAPTER TWO: LITERATURE
REVIEW
2.0
Introduction
2.1
Literature Review.
Notes
and References
CHAPTER THREE: HISTORICAL
REVIEW OF NIGERIA IS FINANCIAL CRIMES CONTROL
3.0
Introduction
3.1
Definition And Scope Of Financial
Crimes.
3.2 Structure Of Nigeria Financial Crime
Control System
3.3 Identification
And Documentation Of Nigeria's Financial Control System.
3.4 The Origin And The Institutionalization Of
EFCC
3.5
Functions Of EFCC
Notes
And References
CHAPTER FOUR: AN APPRAISAL
OF ECONOMIC AND FINANCIAL CRIME COMMISSION (EFCC)
4.
0 Introduction
4.1
EFCC'S Financial Crime Cases Profile
(1999-2010)
4.2 EFCC Under The Leadership Of Nuhu Ribadu
4.3
Efcc Under Waziri Farida
4.4
Efcc Under Ibrahim Lamorde
4.5
Criticism Of The Efcc
4.6
The Challenges Of The Efcc
Note
And References
CHAPTER FIVE: SUMMARY,
RECOMMENDATIONS AND CONCLUSION
5.1 Summary
5.2
Conclusion
5.3
Recommendations
Bibliography
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND
TO THE STUDY
The
need to curb the trend of corruption and lack of accountability by those
occupying positions of authority in Nigeria necessitated the establishment of The
Economic and Financial Crimes Commission (EFCC) in 2003 by President Olusegun
Obasanjo. This patriotic move became imperative in response to pressure from
the international community which named Nigeria as one of the notorious 23
countries that did not cooperate with the fight against money laundering. The
government later promulgated the EFCC Act 2004 to give legal backing to the
watchdog agency. Ribadu (2006) noted that Nigeria's target with regard to
financial accountability and mismanagement of common wealth is zero tolerance
for corruption. This EFCC hoped to actualize through diverse strategies, viz;
i. Promulgation
of laws against graft - Independent Corrupt Practices and (Other Related
Offences) Commission (ICPC) Act, Economic and Financial Crimes Commission
(EFCC) Act, Money. Laundering (Prohibition) Act 2004.
ii. Strengthening
of anti-corruption and other economic crimes Institutions for effective law
enforcement.
iii. Prosecution
and conviction of high ranking administration officials.
iv. Tracing,
seizing and confiscation of all proceeds of crime.
v. Institution
of the Due Process Mechanism in public sector procurements. vi. Privatization of failing public institutions
and creating an enabling environment for effective private-public partnerships.
vii. Monthly
publication of distributable revenue from the Federation Account to the
different tiers of government.
viii. Institution
of transparencies in the oil and gas sector through the work of the Extractive
Industries Transparency Initiative (NEITI)
In
line with the above strategies, the EFCC is empowered by law to investigate,
prevent and prosecute offenders who engage in "Money laundering, embezzlement, bribery, looting and any form of
corrupt practices, illegal arms deal, smuggling, human trafficking, and child
labour, illegal oil bunkering, illegal mining, tax evasion, foreign exchange
malpractices including counterfeiting of currency, theft o f intellectual
property and piracy, open market abuse, dumping of toxic wastes, and prohibited
goods" (Section 46, EFCC Establishment Act, 2004). The Commission is
also responsible for identifying, tracing, freezing, confiscating, or seizing
proceeds derived from terrorist activities. EFCC is also host to the Nigerian
Financial Intelligence Unit (NFIU), vested with the responsibility of
collecting suspicious transactions reports (STRs) from financial and designated
non-financial institutions, analyzing and disseminating them to all relevant
government agencies and other Financial Intelligence Units all over the world.
In
addition to other law relating to economic and financial crimes, including the
criminal and penal codes, EFCC is empowered to enforce all the pre-1999 anticorruption
and anti-money laundering laws. Punishment prescribed in the EFCC Establishment
Act range from combination of payment of fine, forfeiture of assets and up to
five years imprisonment depending on the nature and gravity of the offence.
Conviction for terrorist financing and terrorist activities attracts life
imprisonment (Ribadu, 2006).
The
above painted scenario had translated into loss of economic activities,
negative national image, and failure of state institutions, brain drain,
business failures, unemployment, poor investment climate and poverty.
1.1 STATEMENT
OF PROBLEM
The
indelible mark that corruption has put on the Nigerian polity cannot be overemphasized.
The creation of the Economic and Financial Crimes Commission (EFCC) is one
visible attempt made to fight this long term problem. The Economic Financial
Crimes Commission (EFCC) however have been facing a whole array of problems
which hinders its adequate functionality, most important of which is the
politicizing of the agency as a tool of oppression against political enemies.
It is against this background that this study seeks to undergo a critique of
the Economic Financial Crimes Commission (EFCC) in financial crime control in
Nigeria.
1.2 AIMS
AND OBJECTIVES
The
aims of this study are:
·
To highlight the major role played by the
EFCC in tackling corruptions and financial crimes in Nigeria.
·
The study would discuss the acts of the
agency and its mode of operations.
·
The study would also give an EFCC's successes
and shortcomings in the fight against financial crime-and-corruption in
Nigeria.
1.3 SIGNIFICANCE
OF THE STUDY
The
study is significant because, perceiving corruption from its corrosive element
in the Nigeria government and society, there is a need to find a lasting
solution to the endemic problem. Therefore this work would be important to
reformers in the fight against corruption. This work would be of use to
student, scholars, and lawmakers and would also add to knowledge generally.
1.4 SCOPE
OF STUDY
The
study covers the period starting from the creation of EFCC during Obasanjo’s civilian regime 1999-2010. The study would
also focus particularly on EFCC as an anti-corruption agency charged with the
primary responsibility of fighting economic and financial crimes in Nigeria.
1.5 LIMITATION
OF STUDY
The
study is limited due to lack of funds, non-availability of classified
materials, and limited time for research. The researcher however has
endeavoured to carry out a critical research with the available materials and
has made a serious attempt to leave no stone unturned.
1.6 RESEARCH
METHODS
The
work is divided into five chapters. The first chapter is introduction to the
study. The second chapter would review several literatures written on the
research topic. The third chapter would examine deeply the role of EFCC in
combating corruption and its impact on economic development. The fourth chapter
would attempt to make an informed analysis of available data. Chapter five
gives a summary, recommendation and conclusion.
1.7 DEFINITIONS
OF TERMS
Corruption:- Dishonesty and exploitations
of power for personal gain EFCC-Economic and Financial Crimes Commissions
FATF:- Financial Action Task Force
FSAP:- Financial Sector Assessment
Programme
OFC:- Offshore Financial Centre
FDI:- Foreign
Direct Investment
FIU:- Financial
Intelligent Unit
ICT:- Information
and Communication Technology
ICPC:- Independent Corruption Practice Commissions
INEC:- Independent
National Electoral Commission
IMF:- International Monetary Fund
TI:- Transparency
International
NAFDAC:- National Food and Drug Administration
NJC:- National Judiciary Council
SON:- Standard
Organization-of -Nigeria
UNCAC:- United Nations Convention against
Corruption
NEITT:- Extractive Industries Transparency
Initiative
STR: Suspicious Transaction Report
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