ABSTRACT
This article examines how an anti-graft body: The Economic
and Financial Crime Commission (EFCC) has fared in reducing the incidence of
corruption in Nigeria, in particular, bank fraud., internet scam and
governance. It first discuses the corruption situation in Nigeria by
highlighting public office holders who have been associated with corruption
charges. Descriptive and chi-square
analysis are used, and results reveal that the performance of the EFCC has been
affected by government interference (p<.o05).
However, although the anti-graft body has not been able to
reduce the incidence of bank fraud (P>.05) bad governance and advance fee
fraud have recorded appreciable reduction (p<.05). areas of success as well
as challenges that need to be addressed are identified. Specifically, it is
recommended tat the bill that established EFCC should be amended to reduce
government interference and improve its manpower development especially in the
areas of fraud and internet scam detection.
TABLE OF CONTENTS
Title page-
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Approval page-
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Dedication- – –
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Acknowledgment-
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Abstract- –
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Table of contents-
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Chapter one
1.0 Introduction-
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Background of the study-
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Statement of the problem-
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Objectives of the study- – –
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Significance of the study- –
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Scope of the
study- – –
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Limitations of the study- –
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Assumptions of the study-
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Definition of terms- –
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Chapter two
2.0 Literature
review- – –
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Nature of financial crimes- –
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Types of financial crime- – –
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Money laundering-
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Internet/cyber café crimes- –
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Across the counter frauds- – –
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Causes of financial crimes- –
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Impact of financial crimes on the economy- –
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Reducing financial crimes, the role of various agencies of
the economic and financial crime commission.-
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2.5.1 Economic and financial crimes commission (EFCC)-
2.5.2 Independent Corrupt Practices and Other Related
Offence Commission (ICPC)- – –
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2.6 Achievement of EFCC-
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Chapter three
3.0 Summary, conclusion and recommendations- – –
3.1 Summary- –
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Conclusion- – –
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Recommendations- –
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Area for further studies- – –
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Bibliography – –
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CHAPTER ONE
INTRODUCTION
This research has fared in reducing the incidence of
corruption in Nigeria, in particular internet scam, bank fraud and bad
governance. It first discuses the corruption situation in Nigeria by
highlighting public office holders who have been associated with corruption
charges. This was demonstrated by the establishment of two major anti-graft
institution, the independent corrupt practices commission (ICPC) and the
economic and financial crime commission.
This development in turn facilitate stiff completion,
ineffective internal control system, weak corporate governance, malpractice,
among others, thus further providing easy avenue for money laundering and other
financial crimes, to use the financial system to achieve their various
objectives. The government through its financial arrow head, the CBN increased
its tempo against the fight of financial crimes. It does this by putting in
place a series of anti-money laundering and combating financing of terrorism
measures to plug loopholes so as to ensure the continued safety and soundness
of the financial system and determine all forms of financial crimes in Nigeria.
1.1 BACKGROUND OF THE STUDY
In Nigeria, the upsurge in financial crimes could be party
attributed to the liberalization of the financial sector in the late 1980’s,
which the resulted in a phenomenal leap in the number and complexities of banks
and non bank financial institutions.
This development in turn facilitates stiff competition,
ineffective internal control system, Weak Corporation, governance, malpractice,
among others, this further providing easy avenue for money laundering and other
financial crimes, to use the financial system to achieve their various
objectives. On the enthronement of democracy in Nigeria by may 29, 1999, under
the leadership of president Olusegun Obasanjo, one cardinal programme of the
Obasanjo administration is the fight against corruption and waste in the public
service. This he demonstrated is
the establishment of two major anti-graft institutions, the independent corrupt
practices and other related offences) commission (ICPC) and the economic and
financial crime commission (EFCC) in the year 2000 and 2003 respectively. The
government through its financial arrow head, the CBN increased its tempo
against the fight of financial crimes.
This it does by putting in place a series of anti-money
laundering (AML) and combating financing of terrorism (CFT) measures to plug
loopholes so as to ensure the continued safety and soundness of the financial
system and determine all forms of financial crimes in Nigeria. (Adigun, 2005).
The government target is zero tolerance for financial crimes and corruption.
This is why it has pursued through promulgation of laws against graft such as
independent commission practices (and other related offences) commission
(ICVPC) Act, economic and financial crime commission (EFCC) Act, money
laundering (prohibition) Act, 2004. It has strengthened and keeps strengthening
of anti- corruption and other economic crimes, institutions of due process mechanism
in public sector procurement; Privatilization of failing public institution an
creating and enabling environment for effective private, public sector
partnerships, monthly publication of distributable revenue from federation
account to the different tiers of government, institution fo transparencies in
the oil and gas sector through the work of the extractive industries
transparency initiatives (NEITI) among others.
1.2 STATEMENT OF THE PROBLEM
Despite the struggle and move against financial crimes in
Nigeria, there is still high incidence of financial crimes in the financial
system.
The anti-financial crime commission seems to be a political
weapon against political opponents; hence a change in such government weakens
the strength of the commission.
There are individual who seems to be “untouchable” by the
financial crime commission as a result of their political strength or
affiliation with the chief boss in government.
There is weak approach in tackling crime justly and fairly
by the commission.