ABSTRACT
This research work emphasized on the issue of
An Evaluation of the performances of Economic and Financial Crimes Commission
(EFCC) in the Nigerian economy. The unprecedented spate of Economic and
Financial Crimes reached to the level when it became a source f worry to the
government, the regulatory authorities, the bankers themselves and the general
public. However, government did not maintain a sanctimonious aloofness to watch
this ugly development. But the question is how far has the commission performed
in realizing the objective of its establishment in the Nigerian economy in
restoring sanity within the Nigeria economy. The objective of the study also
include to evaluate the performances of economic and financial crimes
commission in the Nigerian economy. The data collection for the study are
through primary and secondary sources were analyzed using table and percentages
from the analysis done, the following findings were made, that the activities
of the Economic and Financial Crime Commission (EFCC) in the last nine (9)
years has not significantly reduced the Economic and Financial Crimes in
Nigeria. Also, from the findings, Economic and Financial Crime Commission
(EFCC) have been selective in their investigation and arrests. The researcher made several recommendations
prominent among them includes:
1. That (EFCC) Economic and
Financial Crimes Commission should operate independently to enable them achieve
better results.
2. They should not be selective
in their investigations and arrests.
3. Also the government should
march action with principle when it comes to corruption, let there by no sacred
cow.
TABLE OF CONTENTS
Title page
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i
Approval page –
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– ii
Dedication
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iii
Acknowledgement – –
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iv
Abstract
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v
Table of contents – –
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vi
List of tables –
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– vii
CHAPTER ONE
1.0
Introduction – –
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– – 1
1.1
Background of the study
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1
1.2
Statement of the Problems
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1.3
Objectives of the study – –
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– 5
1.4
Research Questions – –
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– 6
1.5
Research Questions – –
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– 7
1.6
Significance of the study
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– 9
1.7
Scope and Limitations of the study
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– 11
1.8
Definition of terms – –
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– – 12
References
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15
CHAPTER TWO
2.0
Review of Related Literature
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– – 16
2.1
The State of the Economy before the Establishment of
Economic and Financial Crimes Commission
(EFCC) – 16
2.2
The general structure of the Economic and
Financial Crimes Commission (EFCC) –
– – 22
2.3
The functions of Economic and Crimes Commission (EFCC) – 23
2.4
The mode of Operation of Economic and
Financial Crimes Commission (EFCC) –
– – 25
2.5
The Objectives of Economic and Financial Crimes
Commission (EFCC) –
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– – 28
2.6
What Constitute Economic and Financial Crimes
(EFC) in Nigeria –
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29
2.7
The Sectional Analysis of Economic and Financial
Crimes (EFCC) in Nigeria –
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– 30
2.7.1
The Manufacturing Firm
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31
2.7.2
The Financial Institution
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33
2.8
The Advance Fee Fraud- –
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– 35
2.9
The Economic and Financial Crimes Commission’s
Anti-Terrorism Mandate – –
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– 39
2.9.1
The Nigerian Financial Intelligence Unit (NFIU) –
– 40
2.9.2
The Functions of Nigerian Financial Intelligence Unit (NFIU) – 41
2.10
The Funding of Economic and Financial of
Economic and Financial Crimes Commission in
Nigeria – 42
2.11
The Achievements of Economic and Financial Crimes
Commission in Nigeria within its years of
Operation – 44
References
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– – 48
CHAPTER THREE
3.0
Research Design and Methodology
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– 51
3.1
Research Design – –
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3.2
Description of Respondents
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3.3
Sources of Data – –
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3.3.1
Primary Data – –
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3.3.2
Secondary Data – –
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53
3.4
Population and Determination of Sample size –
– 53
3.5
Methods of Investigation
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55
References
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– – 57
CHAPTER FOUR
4.0
Presentation, Analysis and Interpretation of Data – –
58
4.1
Analysis of Data – – –
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– 58
4.2
Testing of Hypothesis – –
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– 58
CHAPTER FIVE
5.0
Summary of Findings, Conclusions and Recommendations -68
5.1
Summary of Findings – –
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– 68
5.2
Conclusions – –
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5.3
Recommendation- – –
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– 73
Bibliography –
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76
Appendices – –
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81
The Survey Questionnaires –
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– 82
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND OF THE STUDY
Evidence abound that the rate at which
corruption especially financial crime like advanced Free Fraud (419), Money
Laundering were being committed in Nigeria is alarming. Transparency
International (TI) has consistently rated Nigeria as one of the top three (3)
most corrupt countries in the whole world over the past years. Nigeria has
become notorious in financial crimes.
According to Adekeye (2003:30) said Advanced
Free Fraud (419) has brought disrupt to Nigeria all over the world, Nigeria are
treated with suspicious all business dealings. Hones (majority) Nigerians
suffer as a result.
In regard to this, Hassan (2004:1) opined
that the Federal Government should try to implement an intensive programme of
eradicating the menace in the country. This is because, it has the political
will to achieve this objective. The most relevant effort is the creation of
Economic and Financial Crimes Commission was established by an Act of
parliament on December 13th, 2002 by the Federal Government. They started full
operation in 2003. It has high support
from the presidency, the legislation and key security and law enforcement
agency in Nigeria.
The commission is primarily charged with the
responsibility of eradicating all the economic and financial primes such as;
Advances Fee Fraud, Money Laundering, counterfeiting, future market fraud,
fraudulent encashment of negotiable instruments, computer credit card fraud,
contrast scan, embezzlement of public funds, illegal acquisition of company shares
sales of shares which do not exist to unsustecting investors etc said Adetunji
(2002:34)
According to Ajaero (2004:34), he disclosed
that our politicians are also not exempted in this financial crimes in Nigeria
today, people see politics as a shortcut to becoming a millionaire. Those voted
into power use it as an opportunity of looting the public funds, diverting them
into their personal account instead of providing the people with dividends of
democracy.
According to Banjo (2004:12), he stressed that
corruption has been continue to be a destructive element in the government of
Nigeria and the perception of the country in the community nations. It has
resulted a lot problems. Thus, loss government, brain drain, electoral
malpractices, absence of law and order etc. The preponderance of crime has
discouraged numerous, would be investors leading to decreased Foreign Direct
Investment (FDI). Nigeria banks lose viable business economic stability
resulting in business failure and unemployment.
1.2
STATEMENT OF THE PROBLEM
Nigeria since independence has witnessed one
type of corruption or the other especially financial wire at local, state and
federal government level