THE ROLE OF ECONOMIC AND FINANCIAL CRIMES COMMISSION IN THE MANAGEMENT, CONTROL AND ERADICATION OF CORRUPTION IN NIGERIA
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THE ROLE OF
ECONOMIC AND FINANCIAL CRIMES COMMISSION IN THE MANAGEMENT, CONTROL AND
ERADICATION OF CORRUPTION IN NIGERIA
ABSTRACT
Several
years of military misrule and mismanagement had weakened the economic
management processes and institutions in Nigeria. There was no transparency and
accountability in government (Public Sector) and private sectors and Nigeria
became notorious for endemic corruption. The result was the inability of
government to deliver services to the Nigeria public. Most private companies
both in the oil and non-oil sector have constantly evade taxes and have collide
with officials to evade custom duties and payment of taxes. In addition,
widespread perpetration of economic and financial crimes like advance fee fraud
(419), money laundering, cyber crime, banking fraud and endemic corruption have
had severe negative consequences on Nigeria, including decreased direct foreign
investment in the country. Consequently, the Economic and Financial Crimes
Commission (EFCC) was established as one of the mechanisms for the prevention,
investigation and prosecution of corrupt practices and economic and financial
crimes in the public and the private sector. Finally, this research work is
aimed at looking into the various contributions of the Economic and Financial
Crimes Commission (EFCC) in promoting financial accountability and
transparency. To achieve this aim five research questions were developed. The
study adopted the survey research approach using the three study areas. The
EFCC Lagos, EFCC Enugu and PHCN formed the population of the study. A sample
size of 55 was choosing using Taro Yamane’s model while simple random
techniques was used to select the sample. Data retrieved from 55 completed
questionnaires were subsequently presented in tables while simple percentage
were used to analyse and answer the research questions formulated to guide the
research work. After the analysis of data, the hypotheses tested reviewed that
the contributions of EFCC has effectively promoted financial accountability and
transparency in Nigeria. Therefore, the researcher recommends the following:
developing an intensified information technology, staff training, capacity
building and health care fraud control.
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND OF THE STUDY
Fraudulent
activities, economic mismanagement, corruption, lack of accountability and
transparency have been the bane of the economy. Fraud and criminality remained
elusive and therefore brought inefficiency in the system, especially in the
public sector.
This menace
lead to the establishment of EFCC in 2002 by an Act of the National Assembly
which was later amended in 2004. It was borne out of the determination of the
Federal Government to root out corruption and sanitize the Nigerian economic
environment by enforcing all economic and financial crimes laws.
The Act
mandates the EFCC to combat financial and economic crimes and the Commission is
empowered to prevent, investigate, prosecute and penalize economic and
financial crimes. Also, the EFCC is charged with and has been investigating
cases of abuse of office, diversion of public funds through fraudulent award of
contracts, tax fraud, illegal bunkering, terrorism financing, capital market
fraud, cyber crime, banking fraud, etc.
With a
mission to curb the menace of corruption that constitutes the clog in the wheel
of progress; protect national and foreign investments in the country; imbue the
spirit of hard work in the citizenry and discourage the crave for ill-gotten
wealth; identify such ill-gotten wealth and confiscate them; build an upright
work force in both public and private sector of the economy; and contribute to
the global war against financial crimes and terrorism financing; the advent of
the EFCC has impacted positively on Nigeria’s global acceptance being a turning
point in the country’s anti-corruption crusade.
Since its
establishment, the EFCC has taken the bull by the horns working tenaciously to
fulfill its mandate. Under the current leadership, it vigorously pursues its
mandate of investigating cases earlier highlighted; the Commission has made
concerted efforts in identifying, tracing and freezing, confiscating, or
seizing proceeds derived from such illicit activities. EFCC, from inception,
has also played 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 FIUs all over
the world.
So far, the
Commission has been able to and still recording successes in several areas of
its mandate. Among others, it has recorded several convictions on corruption,
money laundering, oil pipeline vandalism and related offences. Assets and money
worth over $11 billion have been recovered from corrupt officials and their
cohorts. The Commission is tenacious with over 65 high profile cases at
advanced stages of prosecution in several courts in Nigeria and over 1500 other
cases in court and secured over 600 convictions.
Before then
there were other provisions of Financial Crimes Laws such as:
Money
laundering amendment Acts 2003, No 7; 1995, No The Advance fee fraud and
other related offences Act 1995 as amended.
The failed
Banks (Recovery of Debts) and financial malpractices on Banks Acts 1994 as
amended.
The Banks
and other financial institution Act 1991 as amended.
Miscellaneous offences Act 1983.
Any other
law or regulations relating to economic and financial crimes including the
Criminal code and penal code.
The
commission is also designated to Nigerian financial intelligent unit (NFIU). It
is thus, substantial that our problem is not the absence of legislation (Law)
or the deficiencies in them but the total neglect to enforce them have been the
plight of disaster
1.2
STATEMENT OF THE PROBLEM
A nation
where financial and economic crimes are endemic cannot attain economic
stability, growth and development. According to Irving Kristol’s (2OO7), the
problem is always far more important than devising a solution, for he who can
define the problem has always exercised a large degree of intellectual
sovereignty over the range of possible solutions that must be imagined
Nigeria
being a country where corruption is pandemic has been rated both domestically
and internationally as a corrupt nation. Public officials take huge bribes and
the cost of public goods and services are inflated, government often pays for
non-existent goods and services. Even when such corrupt practices are exposed,
it has always been played to the gallery and sacrificed at the alter of
backside bargaining. The corrupt practices that have characterized and painted
the nation black include fraud, embezzlement, falsification of financial
information, obtaining by false pretence, lack of transparency and
accountability among others.
These evils
have in no small measure negated economic stability, growth and development in
our country. Experience has shown that both the public and private sectors have
continued to suffer inefficiency and ineptness and that growth indices and
graph are having a downward slope. This has brought the pertinent question —
are there adequate control measures and checks to stem this ugly tide
(corruption)?
Poor and
insincere policy conception, formulation and implementation on economic and
financial crimes in Nigeria have been responsible for the low achievement
recorded in curbing and stamping out economic and financial crimes in the
country.
Hence, the
emergence of the “Economic and financial crimes commission to enhance financial
accountability and transparency in Nigeria.”
1.3
AIMS/OBJECTIVES OF THE STUDY
The major
aim of this study is to assess the contributions of EFCC in promoting financial
accountability and transparency in Nigeria. The objectives include:
1. To
examine the responsibilities and functions of EFCC.
2. To carry
out a comprehensive analysis on the contributions of EFCC in detecting and
controlling fraud in Nigeria.
3. To
examine how effective EFCC contributions benefited Nigeria public and private
sectors since her inception.
4. To
examine the contributions of EFCC in enhancing financial accountability and
transparency.
5. To
effectively examine the achievements and successes of the commission.
1.4 RESEARCH
QUESTIONS
1. What are
the responsibilities and functions of EFCC?
2. What are
the contributions of EFCC in detecting and controlling fraud in Nigeria?
3. How
effective EFCC contributions benefited Nigeria public and private sector?
4. What are
the contribution of EFCC in enhancing financial accountability and
transparency?
5. What are
the achievements and successes of the commission?
1.5 RESEARCH
HYPOTHESES
Also in line
with objectives and research questions are the hypotheses of this study.
1. EFCC has
no responsibilities and functions assigned for her.
2. EFCC
contributions cannot benefit the Nigeria public and private sector.
3. There is
no achievement and successes on the side of the Commission.
4. The
contributions of EFCC cannot enhance financial accountability and transparency.
5. EFCC as a
machinery cannot effectively detect and control financial and economic
irregularities in Nigeria.
1.6
SIGNIFICANT OF THE STUDY.
The research
work will be useful and moreover be a source of information to the followings •
Government with this research work will be witty and aware of the extent the
activities of EFCC has contributed in administration and controlling of fraud
in Nigeria. It will also be of great significant in examining the area of
weakness and how best to improve them for effective regulation of fraud.
• To the
academic, the research work will help them formulate more theories and
strategies that will enhance the effectiveness of EFCC in ensuring financial
accountability and transparency. It will also contribute to the enrichment of
literature on EFCC and serve as a body of reserved knowledge to be referred to
by researchers.
• Public
sector, by this we mean all government parastatals, institutions, ministries,
corporations etc. FIUs work will expose them to the activities of EFCC.
• Private
sector: By this we mean individuals and corporate bodies who have contributed their resources
to provide goods and services to the public at a profit. They carry out their
various activities which are expected to be done within the ambits of laws and
legislations governing their operations. They include sole proprietorship,
partnership, corporate organizations among others.
1.7 SCOPE
AND LIMITATION OF THE STUDY.
The scope of
this study tries to take a holistic view of the activities of EFCC in Nigeria
and how these can help improve financial accountability and transparency. It
embraces their operations both in the public and private sectors with the aim
of improving financial efficiency.
1.8
LIMITATIONS.
This
research work would suffer many set-backs due to a lot of reasons. One of such
is the inaccessibility of information from the office of EFCC. Presently, they
are security conscious and unwilling to disclose information and plans
available some write ups and journals which would have been helpful for this
research work. Ideally, the work should have involved more states but due to
some inherent constraint such as time and money but effort would be made to at
least touch a great number of states to have a balance view of this research.
1.9
DEFINITION OF TERMS.
• EFCC:
This is an
acronym for Economic and Financial crimes commission. It is a commission
created by an act of the National Assembly in 2002 and was amended in 2004. It
is charged with the responsibility of investigating and enforcement of all laws
against economic and financial crimes.
• FRAUD:
The crime of
deceiving somebody in order to collect money or goods illegally. It also means
a person who pretends to have qualities and abilities, skills etc that he or
she does not really have to deceive others.
• It is an
acronym for Nigeria Financial intelligent unit. It is an autonomous central
national agency, domiciled within EFCC with responsibility of receiving and
analyzing financial information.
•
INVESTIGATION:
This means a
special kind of examination of accounts or records carried on by an
investigator with the predefined purpose according to the necessity of the
situation (Chike Nwoha 2003:33).
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