IMPACT OF ECONOMIC AND FINANCIAL CRIME COMMISSION ON THE ECONOMIC DEVELOPMENT OF NIGERIA (MANAGEMENT PROJECT TOPICS AND MATERIALS)
ABSTRACT
Corruption had been in Nigeria since the country got her independence in 1960 and lots of effort had been put in place by president to reduce the level of corruption in Nigeria but all these effort proof abortive until the year 2003 when General Olusegun Obasanjo undertake some reforms program in the country part of it is what led to the establishment of Economic and Financial Crime commission to help in curbing financial crime rate in the country.
The objective of the study was to identify the impact of Economic and Financial Crime commission on the Economic Development of Nigeria ranging from various financial crimes.
The study was approached by quantitative research method, by conducting a survey with designed questionnaire because it is consider as the best way to gather information regarding this research from abroad. The questionnaire were sent to Nigeria citizen both in Finland and abroad through email, Face book, skype.etc
The findings shows that Nigerian citizens who respond to the survey has knowledge about the Economic and Financial Crime Commission and rate of corruption presently in Nigeria
The entire conclusion presented is only valid within the case study country for this thesis and cannot be generalise because the conclusion part is based on the response gotten from Nigerian citizen.
KEYWORDS:
Economic crime, financial crime, Economic and financial crime commission, corruption.
- INTRODUCTION
Nigerian has been facing many problems for a very long time up till the present moment. Among the problems are high rates of poverty and unemployment, low investment, high rate of inflation, high level of corruption and poor economic growth. Of all this problems the major one is the developmental issue in which the level of corruption in the country is assumed to have worsened political, social and indeed the poverty alleviation program of the Nigerian Government.
Almost all the sectors of the Nigerian Economy either political, economic, security, education and other social service sector are badly affected with corruption on daily basis if not every seconds. Though corruption is a globally phenomenon, I personally think that developed countries are less corrupt than developing countries of the world. Corruption is pandemic in Nigeria.
All these are what led to the establishment of Economic and Financial Crime Commission (EFCC) under the leadership of Olusegun Obasanjo to fight against corruption in Nigeria as part of the reform program to address corruption and money laundering and in order to answer to the Financial Action Task Force (FATF) concerns about Nigerian anti money laundering and combating the Financing of terrorism in the world. (Samuel Togbolo, 2005). Lots of people have held their views on the present surge of fighting the antics of corruption where some are fully in support of other act against it. The fact still remains that no meaningful society can grow amidst the monster called corruption. Although before Nigerians have been yarning and hoping for an economy that will savage our problem. Fighting against corruption in Nigeria, one must acknowledge that is one of the most daunting and challenging task to embark on but with political will and commitment by her leaders and the right attitude by all Nigerians there is no doubt that someday, the Transparency International report will rank Nigeria as one of the least corrupt countries in the world (Ameh, 2007).I would like to say that as Nigeria we should not give room to what I will call phenomenal meaning that we are only satisfied as long as the corruption does not hammer on us and any of our family members.
