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THE ROLE OF ANTI-FINANCIAL CRIME COMMISSION IN FIGHTING FINANCIAL CRIMES IN NIGERIA

ACCOUNTING PROJECT TOPICS AND MATERIALS

THE ROLE OF ANTI-FINANCIAL CRIME COMMISSION IN FIGHTING FINANCIAL CRIMES IN NIGERIA A CASE STUDY OF EFCC AND ICPC

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. Background of the study-      –      –      –      –      –      –
    1. Statement of the problem-    –      –      –      –      –
    2. Objectives of the study- –      –      –      –      –      –
    3. Significance of the study-      –      –      –      –      –      –
    4. Scope of the  study-      –      –      –      –      –      –      –
    5. Limitations of the study-       –      –      –      –      –      –
    6. Assumptions of the study-     –      –      –      –      –
    7. Definition of terms- –      –      –      –      –      –      –

Chapter two

2.0  Literature review-   –      –      –      –      –      –      –

  • Nature of financial crimes-     –      –      –      –      –
    • Types of financial crime- –      –      –      –      –      –
      • Money laundering-     –      –      –      –      –      –
      • Internet/cyber café crimes-       –      –      –      –      –
      • Across the counter frauds- –      –      –      –      –
    • Causes of financial crimes-    –      –      –      –      –
    • Impact of financial crimes on the economy-  –      –
    • 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. 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 in such government weakens the strength of the commission.
  3. 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.
  4. There is weak approach in tackling crime justly and fairly by the commission.

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