Economic And Financial Crimes Commission And The Control Of Corruption In Nigeria

Project and Seminar Material for Political Science

Economic And Financial Crimes Commission And The Control Of Corruption In Nigeria (Charles)


Chapter One


Introduction

1.1 Introduction

The preponderance of Economic and Financial Crimes like Advance Fee Fraud (419) money laundering have had severe negative consequences on Nigeria including decreased Foreign Direct investments in the country and tainting of Nigeria’s National Image. The menace of these crimes and the recognition of the magnitude and gravity of the situation led to the establishment of the Economic and Financial Crime Commission (EFCC). The legal instrument backing the commission is the Economic and Financial Crime Commission establishment Act 2002 and the commission has high level support from the presidency, the legislature and key security and law enforcement Agencies.

It will be recalled that before now, Nigeria was ranked the 3rd most corrupt country in the world by transparency international in 2004 (BBC News 2004 retrieved) and during the visit of President Bill Clinton to Nigeria, he wanted President Obasanjo to take him to a place called “Oluwole” in Lagos. “Oluwole” is situated in the heart of Eko by Nnamdi Azikiwe Street of Lagos known at that time as the centre for all counterfeits documents or instruments. This to President Obasanjo was a serious blow to his nation (Dr. Umoh class session). All these and many more image damaging circumstances impressed on President Obasanjo the need for the establishment of the two commissions, the ICPC and the EFCC to tackle corruption in Nigeria.


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