ABSTRACT
Several years of military misrule and mismanagement had weakened the economic management processes and institution in Nigeria. There was no transparency and accountability in government (Public Sector) and private sector and Nigerians becomes notorious for endemic corruption. The result was the inability of government to deliver services to the Nigerian public. Most private companies both in the oil and non-oil sector have constantly evade taxes and have collided with official to evade custom duties and payment of taxes .In addition, widespread preparation of economic and financial crime like advance fee fraud (419), money laundry, cyber crime, banking fraud and endemic corruption have had severe negative consequences on Nigeria, including decrease direct foreign investment in the country. Consequently, the economic and financial crimes commission (EFCC) was establish as one of the mechanism for prevention, investigation and prosecution of corrupt practices and economic and financial crime in the public and the private sector.
Finally, this research work is aim at looking the various activities of the Economies and financial crime commission (EFCC) and how they can improve financial crime accountability and transparency.
CHAPTER ONE
INTRODUCTION
- BACKGROUND OF THE STUDY
Nigerians inability to consolidate her democracy is blamed largely on the
high level of corruption in the country. Corruption generally has eaten deep especially in the area of economic and financial crime which seems like a societal norm. People have imbibed the belief that hard work, honesty and integrity are not worthy principles since one can do very little to earn so much. Thus this pervades in all aspect of human life, beginning from the home to both public and private institution.
This fraudulent activity, economic mismanagement, lack of accountability and transparency fraud and criminality which brought about inefficiency pervades in all aspect of human life beginning from the home to the public and private institution.
More so, the economic crime includes embezzlement, over invoicing, cyber crime money laundry, illegal currency manipulation, corporate crime and large scale banking etc. All these and more has made Nigeria to be black listed by transparency international in their 2004 report as a third most corrupt country.
As a result of these, the federal government inaugurated economic and financial crime commission (EFCC) in 2002 and was established as an Act into law in 2004 in order to sanitize the Nigerian economic environment by enforcing all economic and financial crime laws. This includes:
- Fighting the advanced free fraud and related offences as amended in the act.
- Money laundering amendment Act 2003, No7;1995 No3
- Miscellaneous offences Act 1983.
- The bank and other financial institution Act 1991 as amended.
- Financial malpractice on bank act 1994 as amended and failed bank (recovery of debts).
- Carrying out and sustain rigorous public and enlightenment campaign against economic and financial crime within and outside Nigeria.
- Laws or regulations relating to economic and financial crime which includes criminal code and penal code.
- STATEMENT OF PROBLEM
Any nation, be it developed or developing that is experiencing economic and financial crimes will find it difficult to attain growth, development and economic stability. In a country like Nigeria both the public and private sectors have continued to suffer inefficiency and ineptness due to financial and economic irregularities which includes money laundry, falsification of financial information, lack of transparency and accountability, corruption, fraud, criminality etc. Thus these lead to the study o f the Topic: Improvement of financial accountability and transparency through the activities of EFCC in Nigeria from “2009 to 2012” aim at looking at the different categories of financial fraud, the various strategies EFCC has adopted in controlling and combating them in order to improve financial accounting and transparency.
- OBJECTIVE OF THE STUDY
This research work is designed to critically asses how EFCC can be effectively utilized to improve financial accountability and transparency in Nigerian economy.
Also to review and ascertain the operations of the commission in discharge of her duties and to collaboration EFCC with other financial regulations to bring financial sanity into the Nigerian system.
