Full Project-EVALUATION OF THE PERFORMANCES OF ECONOMIC AND FINANCIAL CRIMES COMMISSION (EFCC) IN THE NIGERIAN ECONOMY

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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    –        –        –        –        –        –        –        –        –        i

Approval page     –        –        –        –        –        –        –        –        ii

Dedication  –        –        –        –        –        –        –        –        –        iii

Acknowledgement –       –        –        –        –        –        –        –        iv

Abstract      –        –        –        –        –        –        –        –        –        v

Table of contents –        –        –        –        –        –        –        –        vi

List of tables        –        –        –        –        –        –        –        –        vii

CHAPTER ONE

1.0     Introduction         –        –        –        –        –        –        –        1

1.1     Background of the study         –        –        –        –        –        –        1

1.2     Statement of the Problems      –        –        –        –        –        4

1.3     Objectives of the study  –        –        –        –        –        –        5

1.4     Research Questions       –        –        –        –        –        –        6

1.5     Research Questions       –        –        –        –        –        –        7

1.6     Significance of the study         –        –        –        –        –        –        9

1.7     Scope and Limitations of the study  –        –        –        –        11

1.8     Definition of terms         –        –        –        –        –        –        –        12

References  –        –        –        –        –        –        –        –        15

CHAPTER TWO

2.0     Review of Related Literature   –        –        –        –        –        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)     –        –        –        –        –        –        28

2.6     What Constitute Economic and Financial Crimes

(EFC) in Nigeria   –        –        –        —       –        –        –        29

2.7     The Sectional Analysis of Economic and Financial

Crimes (EFCC) in Nigeria       –        –        –        –        –        30

2.7.1  The Manufacturing Firm         –        –        –        –        –        –        31

2.7.2  The Financial Institution         –        –        –        –        –        –        33

2.8     The Advance Fee Fraud-        –        –        –        –        –        35

2.9     The Economic and Financial Crimes Commission’s

Anti-Terrorism Mandate         –        –        –        –        –        –        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  –        –        –        –        –        –        –        –        48

CHAPTER THREE

3.0     Research Design and Methodology   –        –        –        –        51

3.1     Research Design   –        –        –        –        –        –        –        51

3.2     Description of Respondents    –        –        –        –        –        52

3.3     Sources of Data    –        –        –        –        –        –        –        52

3.3.1  Primary Data       –        –        –        –        –        –        –        52

3.3.2  Secondary Data    –        –        –        –        –        –        –        53

3.4     Population and Determination of Sample size     –        –        53

3.5     Methods of Investigation         –        –        –        –        –        –        55

References  –        –        –        –        –        –        –        –        57

CHAPTER FOUR

4.0     Presentation, Analysis and Interpretation of Data         –        –        58

4.1     Analysis of Data –        –        –        –        –        –        –        58

4.2     Testing of Hypothesis    –        –        –        –        –        –        58

CHAPTER FIVE

5.0     Summary of Findings, Conclusions and Recommendations -68

5.1     Summary of Findings    –        –        –        –        –        –        68

5.2     Conclusions         –        –        –        –        –        –        –        70

5.3     Recommendation-        –        –        –        –        –        –        73

Bibliography        –        –        –        –        –        –        –        76

Appendices          –        –        –        –        –        –        –        –        81

The Survey Questionnaires     –        –        –        –        –        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

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