Improvement of Financial Accountability and Transparency through the Activities of EFCC in Nigeria (2009 – 2012).
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.
Introduction
Background of 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.
References
AFRICAW, (2006): problems facing Nigerian Capital Market ; Africa and the world.
Ajaro, C (2004): In the Eye of EFCC, New Swatch Computers; Communication Centre.
Economic and Financial Crime Commission EFCC (2004):Information Handbook 1, Jexcel Commercial andSecurities Printer; EFCC, Pp 1-5
Egbebor, A (2005): Corruption Has Destabilized Our Society, Ventral Press and Printings Ibrahim.
EFCC [2009]: Money Laundering and prohibition act.
EFCC [2009] :Establishment Act.
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