ROLE OF ECONOMIC AND FINANCIAL CRIMES COMMISSION IN THE MANAGEMENT, CONTROL AND ERADICATION OF CRIME.
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ROLE OF ECONOMIC AND FINANCIAL CRIMES COMMISSION IN THE MANAGEMENT, CONTROL AND ERADICATION OF CRIME.
Chapter one
INTRODUCTION
1.1 Background of the Study
Fraudulent activities, economic mismanagement, corruption, a lack of accountability, and transparency have plagued the economy. Fraud and criminality remained elusive, resulting in inefficiency across the system, particularly in the public sector.
This threat prompted the foundation of the EFCC in 2002 by an Act of the National Assembly, which was later revised in 2004. It sprang from the Federal Government’s aim to eradicate corruption and clean up the Nigerian economy by implementing all economic and financial crime laws.
The Act directs the EFCC to combat financial and economic crimes, and the Commission is authorised to prevent, investigate, prosecute, and penalise such offences.
Furthermore, the EFCC is charged with and is investigating incidents of abuse of office, diversion of public funds through fraudulent contract awards, tax fraud, illegal bunkering, terrorism financing, capital market fraud, cyber crime, banking fraud, and so on.
With a mission to curb the menace of corruption that constitutes a clog in the wheel of progress; protect national and foreign investments in the country; instill the spirit of hard work in the citizenry and discourage the crave for ill-gotten wealth; identify such ill-gotten wealth and confiscate it;
build an upright work force in both the public and private sectors of the economy; and contribute to the global war against financial crimes and terrorism financing; the adven
Since its inception, the EFCC has grabbed the bull by the horns, working tirelessly to execute its mandate. Under the current leadership, it zealously pursues its mandate of examining previously highlighted crimes; the Commission has made concerted attempts to identify, trace, and freeze, confiscate, or seize proceeds from such illegal operations.
Since its inception, the EFCC has also hosted the Nigerian Financial Intelligence Unit (NFIU), which is responsible for collecting suspicious transaction reports (STRs) from financial and designated non-financial institutions, analysing them, and disseminating them to all relevant government agencies and other FIUs around the world.
So far, the Commission has been able to and continues to achieve success in various areas of its mandate. Among other things, it has recorded multiple convictions for corruption, money laundering, oil pipeline sabotage, and other crimes.
Assets and money worth more than $11 billion have been recovered from corrupt politicians and their associates. The Commission is tenacious, with over 65 high-profile cases in advanced stages of prosecution in multiple Nigerian courts, as well as over 1500 other cases pending trial and over 600 convictions obtained.
Previously, there were more clauses of Financial Crimes Laws, such as:
The Advance Fee Fraud and Other Related Offences Act 1995, as modified. Money laundering amendment Acts 2003, No. 7 and 1995, No.
The Banks Act of 1994, as modified, governs the recovery of debts from bankrupt banks and financial malpractices.
The Banks and Other Financial Institutions Act 1991, as modified.
Miscellaneous Offences Act of 1983.
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