The Role Of Anti-Financial Crime Commission In Fighting Financial Crimes In Nigeria (A Case Study Of EFCC And ICPC)

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Project and Seminar material for Accountancy

Project and Seminar material for Accountancy


Dedication


First of all, I dedicate this work to the Almighty God for His infinite mercy to the possibility of this project and for His guidance and protection towards me during this my academic pursuit.

I also dedicate this work to my lovely parents Mr. & Mrs. B.C.N. Duru for the financial support and encouragement to ensuring that I have a sound academic up bring in life.


Acknowledgement


My profound gratitude goes to the almighty God, when I am greatly indebted to for his inspiration and encouragement throughout these period.

My special thanks also goes to my supervisor Mr. and Mrs. Vivian Okpara who has approved this project, to male it a reality and also reading though my work to give me the best, his valuable suggestions, construction and corrections has made this project successful.

I am also grateful to my parents. Mr. and Mrs. Joseph Obidike and my bosom uncle chief chin’s Ofodile who have been proving both my moral and financial needs to make my dream come true .

Finally, I also thank all those who in one way or the other assisted me in providing materials for this project, may the good lord bless you all in Jesus name amen.


Abstract


This article examines how an anti-graft body:The Economic and Financial Crime Commission (EFCC) has fared in reducing the incidence of corruption in Nigeria, in particular, bank fraud., internet scam and governance. It first discuses the corruption situation in Nigeria by highlighting public office holders who have been associated with corruption charges. Descriptive and chi-square analysis are used, and results reveal that the performance of the EFCC has been affected by government interference (p<.o05).

However, although the anti-graft body has not been able to reduce the incidence of bank fraud (P>.05) bad governance and advance fee fraud have recorded appreciable reduction (p<.05). areas of success as well as challenges that need to be addressed are identified. Specifically, it is recommended tat the bill that established EFCC should be amended to reduce government interference and improve its manpower development especially in the areas of fraud and internet scam detection.


Table Of Contents


  • Title page
  • Approval page
  • Dedication
  • Acknowledgment
  • Abstract
  • Table of contents

Chapter one

  • 1.0 Introduction
  • 1.1 Background of the study
  • 1.2 Statement of the problem
  • 1.3 Objectives of the study
  • 1.4 Significance of the study
  • 1.5 Scope of the study
  • 1.6 Limitations of the study
  • 1.7 Assumptions of the study
  • 1.8 Definition of terms

Chapter two

  • 2.0 Literature review
  • 2.1 Nature of financial crimes
  • 2.2 Types of financial crime
  • 2.2.1 Money laundering
  • 2.2.2 Internet/cyber café crimes
  • 2.2.3 Across the counter frauds
  • 2.3 Causes of financial crimes
  • 2.4 Impact of financial crimes on the economy
  • 2.5 Reducing financial crimes, the role of various agencies of the economic and financial crime commission.
  • 2.5.1 Economic and financial crimes commission (EFCC)
  • 2.5.2 Independent Corrupt Practices and Other Related Offence Commission (ICPC)
  • 2.6 Achievement of EFCC

Chapter three

  • 3.0 Summary, conclusion and recommendations
  • 3.1 Summary
  • Conclusion
  • Recommendations
  • Area for further studies
  • Bibliography

Chapter One


1.0 Introduction

This research has fared in reducing the incidence of corruption in Nigeria, in particular internet scam, bank fraud and bad governance. It first discuses the corruption situation in Nigeria by highlighting public office holders who have been associated with corruption charges. This was demonstrated by the establishment of two major anti-graft institution, the independent corrupt practices commission (ICPC) and the economic and financial crime commission.

This development in turn facilitate stiff completion, ineffective internal control system, weak corporate governance, malpractice, among others, thus further providing easy avenue for money laundering and other financial crimes, to use the financial system to achieve their various objectives. The government through its financial arrow head, the CBN increased its tempo against the fight of financial crimes. It does this by putting in place a series of anti-money laundering and combating financing of terrorism measures to plug loopholes so as to ensure the continued safety and soundness of the financial system and determine all forms of financial crimes in Nigeria.


1.1 Background Of The Study

In Nigeria, the upsurge in financial crimes could be party attributed to the liberalization of the financial sector in the late 1980’s, which the resulted in a phenomenal leap in the number and complexities of banks and non bank financial institutions.

This development in turn facilitates stiff competition, ineffective internal control system, Weak Corporation, governance, malpractice, among others, this further providing easy avenue for money laundering and other financial crimes, to use the financial system to achieve their various objectives. On the enthronement of democracy in Nigeria by may 29, 1999, under the leadership of president Olusegun Obasanjo, one cardinal programme of the Obasanjo administration is the fight against corruption and waste in the public service. This he demonstrated is the establishment of two major anti-graft institutions, the independent corrupt practices and other related offences) commission (ICPC) and the economic and financial crime commission (EFCC) in the year 2000 and 2003 respectively. The government through its financial arrow head, the CBN increased its tempo against the fight of financial crimes.

This it does by putting in place a series of anti-money laundering (AML) and combating financing of terrorism (CFT) measures to plug loopholes so as to ensure the continued safety and soundness of the financial system and determine all forms of financial crimes in Nigeria. (Adigun, 2005). The government target is zero tolerance for financial crimes and corruption. This is why it has pursued through promulgation of laws against graft such as independent commission practices (and other related offences) commission (ICVPC) Act, economic and financial crime commission (EFCC) Act, money laundering (prohibition) Act, 2004.

It has strengthened and keeps strengthening of anti- corruption and other economic crimes, institutions of due process mechanism in public sector procurement; Privatilization of failing public institution an creating and enabling environment for effective private, public sector partnerships, monthly publication of distributable revenue from federation account to the different tiers of government, institution fo transparencies in the oil and gas sector through the work of the extractive industries transparency initiatives (NEITI) among others.


1.2 Statement Of The Problem

  1. Despite the struggle and move against financial crimes in Nigeria, there is still high incidence of financial crimes in the financial system.
  2. The anti-financial crime commission seems to be a political weapon against political opponents; hence a change
  3. in such government weakens the strength of the commission.
  4. There are individual who seems to be “untouchable” by the financial crime commission as a result of their political strength or affiliation with the chief boss in government.
  5. There is weak approach in tackling crime justly and fairly by the commission.

1.3 Purpose Of The Study

The purpose of this study is to look into the activities of the financial crime commission in Nigeria with respect to political affiliation. It is also aimed at investigation the extent of success made so far by the EFCC and ICPC in their fight against corruption and financial crimes.


1.4 Significance Of The Study

  1. To help disclose the national for the birth of EFCC and ICPC in Nigeria.
  2. To be of importance to future researchers as a references guide to their work.
  3. To be relevant to the researcher because it is a necessary condition for her receiving the award of Higher National Diploma (HND) in the Banking and Finance.
  4. To be of relevance to any reader as it will help show the functions, objectives and relationship between EFCC and ICPC.
  5. To help look at the root cause of financial crimes in Nigeria and ways to fight it.

1.5 Scope Of The Study

The scope of this research work will be limited only to Nigeria that is the project work will not be extended to other countries of the world.

1.6 Limitation Of The Study

This study if limited by:

  1. Financial constraints on the part of the researcher to visit EFCC and ICPC office severally as required.
  2. Unwillingness of EFCC and ICPC officers to develop data of their prosecution.
  3. The restrictions at their respective officers from having interview with the necessary officers.
  4. The time allocated for this project and length of time required to be visiting the EFCC and ICPC officers are inversely related.

1.7 Assumption Of The Study

The following assumptions are made:

  1. The EFCC and ICPC has played a vital role in reducing corrupt practices and financial, crime in Nigeria.
  2. The banking sector has derived benefits as a result of the presence of EFCC and ICPC.

1.8 Definition Of Terms

Anti-Financial Crimes:

this is the process lf fighting f financial crimes.

Cyber Café Crimes:

these are crimes committed through the internet

EFCC:

this is an anti-graft institution established to fight against financial crimes in Nigeria

Electronic Crimes:

these are financial crimes committed electronically.

ICPC:

this is also an anti-graft institution vested to minimize the level of corrupt practices in Nigeria.

Money Laundering:

an integration of the proceeds of illegal activities into the financial or banking sector.


I bet you, the complete material is fully loaded. This is just an excerpt. The Material is in MS-Word Format which you can easily edit and is comprehensive for a complete research work for this topic


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How to nail it on the head during your project defence


You are through with writing that project. Now what?

You have found yourself at that point where you have to defend what you have written. Of course you have to stand in front of your supervisor and other literary personalities to prove that you know what you wrote in your project paper. Unfortunately, the more you think about it, the more it looks like you are about to face a legion. It is not a war. But the emotion of dread welling up inside of you makes it look like one. So now you are asking yourself questions.

  • How am I going to start?
  • I hope I will do well enough to get an A.

You really want to nail it, but you need to come to terms with exactly how to get everything in perfect control. Especially your emotions of fear that seem to make a wreck of you every time you think about public speaking.
So here is the deal. I want to help you avoid that feeling that would ruin your precious moment if you dare to let it. And we are going to do it together.

I am going to highlight some very important tips to help you get in control for you to be comfortable enough to move from that feeling of DREAD to CONFIDENT; and making an awesome Impression for that great rating your supervisors should be giving to you so freely.

Consider these tips as you prepare for your defence. We will be taking them one after the other so here we go.


Watch Your Body Language And Keep It Confident:

Can you tell that a person is falling apart if they look confident? … If I can second guess you rightly, am sure you answered no to that question. Remind yourself that you need to come out that way. Now this might seem like a huge big deal when you are dealing with the foreboding. Maintaining a poise of confidence is very important. So find your most comfortable position, sitting or standing and draw up your body. You must exude confidence. It is something you need to do for yourself. People can only see what you allow your body language to show. So you must endeavour to put that out. Remember the story of David and Goliath? … At the end of your defence day, you want to be David.


Dress In Your Most Comfortable And Impressive:

Am sure this one is a no brainer. However I must highlight that you choose comfortable pieces. You don’t want to look so good and yet look like you were forced to wear something that does not belong to you. It’s great to ensure that as impressive as your clothes are on you, that they are also very comfortable.


Speak With Authority:

Going hand to hand with that aura of confidence is your most powerful asset:your words. If you look that confident, your words must not come out like whimpers. To be able to pull this off, you definitely need to speak as deliberately as possible in expressing yourself. Let them also hear what they see.


Use, Your Gestures:

I have often found this to come to my rescue in dealing with shyness and conveying my confidence. Usually it gives you an edge to also drive home your point. You must, however, ensure that you do not over use it. It doesn’t mean that your hands should be flying all over the place. That would be absolutely unnecessary. If you do this well, after a while you will realize that you are not as self-conscious as you used to be at the very start. For most situations, it would have completely disappeared altogether; leaving a really confident you talking.


Have A Good Opening And Closing Line:

Make sure you have perfected a good opening line. You should also be armed with a good closing line too. Try and rehearse it to a friend. If for the first time you presented it, your friend does not say “wow, that’s beautiful” or something like that; just know you need to keep refining it until you get the perfect line. Both opening and closing lines will go a long way in how impressed your panel gets to rate you high.


Make Sure You Know Your Work:

Certainly you should understand how important it is to know your own work from start to finish. Not having in-depth knowledge of your own work is tantamount to a suicide mission. Why should you kill yourself?
When all is said and done, this is what you came to defend in the first place. You should know your work from A to Z.


Prepare For The Questions:

Now this part is truly essential. You must be sure you do not floor all the good work you did on your presentation by not answering correctly. You must pay attention to the questions you are asked to be sure you will give the right answer. Many people get it wrong at this stage and spoil their good presentation. When you do not understand any question do endeavour to ask the person to expatiate what they mean before you answer.


These tips are by no means exhaustive, but applying these tips will give you some necessary advantage you need for a great outcome. Of course that outcome would mean that you eventually earn all your points on this project.


The structure of a good project work


Undergraduate projects in Nigeria is a prerequisite for graduation amongst Nigerian tertiary students who will which to obtain bachelors degree in their respective courses of study such as accounting, banking and finance, business administration and a host of others. Writing an undergraduate project in Nigeria for final year students entails a lot both financially and otherwise. Being able to develop any final year project depends on getting a researchable topic whether it is Accounting Undergraduate project topics, Banking and Finance research topics or banking and finance project topics and materials and it all requires diligent hard work of students who are willing to develop best undergraduate projects in Nigeria and graduate in flying colors.

A typical Undergraduate project in Nigerian tertiary institutions can be said to be divided into five or six chapters depending on the format of the school and course of study which are


1. Introduction

The introduction of an undergraduate project states the main research problem and research argument. What precisely the study is all about and why it is important. It looks at the originality of the research work and how it will fill the gap in other studies. Justification for a research undergraduate topic should not be lengthy before it has been explicitly stated.

Below are the contents in chapter one of an undergraduate research project which includes;

  • Background of the study,
  • Statement of the problem,
  • Objectives or aims of the study,
  • The research questions,
  • Research hypothesis,
  • Significance of the study,
  • Scope of the study,
  • Limitations of the study and
  • Operational definition of terms.

2. Literature review

Literature review of any undergraduate research work, be it business administration project topics or Economics project topics just to mention a few is very critical to securing a high grade in one’s project work. The literature review of a research process uncovers what other writers have written about the student’s topic. A student’s undergraduate research work should include a discussion or review of what is known about the subject and how that knowledge was acquired. The review could conclude with a brief summary of the literature and its implications. The contents of the literature review are the theoretical review, conceptual framework, empirical review and summary of literature review.

3. Research Methodology

This section includes a description of the research methods used in the undergraduate research work such as the sample size, data collection methods, measurement instruments, research data analysis procedures and the population from which the sample was selected.  This section also describes the method used in selecting the sample or samples, validation and reliability of the instruments used in the research work. There are different research statistical techniques used in undergraduate research work such as SPSS, e-views etc.


4. Results & Discussion

This section presents and discusses the data analysis results used in an undergraduate research work, the results of each analysis is being summarized, tabulated, and then discussed for each research question.  Then for each research hypothesis, the statistical test of significance selected and applied to the data is briefly described, followed by a statement indicating whether the hypothesis was supported or not supported.  In presenting the result analyses/summary in an undergraduate project tables and figures and or graph are used to add clarity to the presentation.


5. Summary, Conclusions And Recommendations

This section summarizes the findings of the study in an easy to understand manner.  It also explains the practical implications of those findings, and points to recommended directions for future research in that area.


References:

This is where every source cited in the undergraduate research work is being included. Every undergraduate research work must be properly referenced for its authenticity.

SAMPHINA ACADEMY

SAMPHINA ACADEMY

Samuel Obiora Blessed is the CEO and founder of Samphina Academy (samphina.com.ng) a.k.a Nigeria Students Media, the youngest engineering graduate of Federal Polytechnic Nekede in 2017 and the engine brain behind this great platform. He is the man behind the scene, filled with many potentials, a musician as well as a pro developer with the interest of Nigerian students at heart.

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