IMPACT OF ECONOMIC AND FINANCIAL CRIME COMMISSION ON THE ECONOMIC DEVELOPMENT OF NIGERIA
Price: 2000 Naira (BSC, MSC)
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.
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. The Economics and Financial crime commission (EFCC ACT, 2004) is primarily charge with the responsibility of enforcing laws relating to banking, money laundering, and advance free fraud miscellaneous offences and any other laws or regulations relating to Economic and Financial Crimes, including criminal code and the penal code. EFCC has the power to persecute directly without going through the Attorney General’s office. The independence corrupt practices (ICPC ACT, 2000) on the other hand focus on curbing, bribery and corruption in the civil public service and limited in time of those offences committed from year 2000. 1.2. History of Nigeria Nigerian is a country that God has blessed with lots of natural resources like crude oil but despite all this corruption still exist in the country. Is one third larger than Texas and most populous country in Africa located in the Gulf of Guinea in West Africa, Benin, Niger, Cameroon and Chad are its neighbors.(Fact Monster, n.d.) The Country is an amalgam of ancient kingdom with a long history of organized societies. The name (Nigerian) was adopted in 1898 to designate the British protectorate on the River Niger. The population as at 2010 was 152,217,314, land area 351,694square meter; the capital is Abuja , monetary value is Naira, It has a multiparty Government transitioning from military to civilian rule. Nigerian was declared independence in Britain on October 1st 1960 after that three year the country gained her independence. The country president at the moment is Good luck Jonathan. (Nigerian government, n.d) 1.3. Objective of the thesis Since the establishment of the EFCC in 2003, it has been involved in the investigation of cases ranging from high profile corruption cases, economic and financial crime commission has been facing some problems after its establishment in 2003 such as advanced free fraud, money laundering, tax evasion, contract scams, identity theft, illegal oil bunkering, bribery, looting and foreign exchange malpractices, counterfeiting, illegal charge transfers, future market fraud, fraudulent encashment of negotiation instruments, computer credit card fraud so this thesis will analyze the listed above corruption and give some recommendations.( Faboyede and Samuel, 2013) The objectives of this thesis are based on the impact of the Economic and Financial Crime Commission on the Nigeria Economic development will include the following: To determine the effectiveness of EFCC in curbing financial corruption To determine the cleansing of the banking sector To trace closely the activities in the oil industry and prevention of illegal bunkering. To determine the capacity in building a key to fight against graft To determine the technology of combat cyber crime. 1.4 Research question For the purpose of this thesis the research methodology that would be use is quantitative research. The Quantitative research will be implemented by using Questionnaire and interviews. Secondary data will also be collected from internet. 1. Has EFCC been able to reduce the level of crime committed in Nigeria? 2. Has EFCC serves as an instrument of economic development in the nation? 1.5 Structure of the study This thesis is divided into five parts, which includes the introduction, theoretical framework, Research methodology, Empirical analysis of the research and conclusion. The introduction of this thesis describes what EFCC is all about, brief history of Nigeria, research problem, objectives of the thesis, research questions, and structure of the thesis. The second part of the thesis explain the theoretical framework, Economics development, economic development of Africa, Economic development of Nigeria, brief history of corruption in Nigeria, effect of corruption on Nigerian Economy, meaning of some basic terms, definition of bribery and corruption According to the bribery and corruption Act 2010, meaning of Economic and Financial crime commission according to the EFCC ACT 2004, purpose of establishing the EFCC. Financial crime, Financial crime in Africa and Nigeria, History of EFCC, Accountability and Corporate Governance, anti corruption initiatives of the Nigerian Government, Economic and Financial crime commission constitutional power and examples of cases resolved. The third parts described research methodology used in the process of this thesis, research design, data collection, and reliability, validity and Generalization of the research that shall be carried out The fourth part describes the empirical analysis of the research and the result of the survey is presented. The last part covers the summary based on the analysis collected, conclusion and certain recommendations made to set out to which extent EFCC can be improve.Get Complete Materials