Financial Crimes Control in Nigeria: an Assessment of the Economic Financial Crimes Commission (EFCC)

Abstract

The research work examined Financial Crimes Control in Nigeria. with preference to the Economic Financial Crimes Commission (EFCC). Empirical studies suggest that financial crimes in Nigeria adversely affect the country socio-economically politically and globally. Financial crimes control by Anti-financial crimes Agencies in the Nigeria like EFCC has not been encouraging to meet the expectations of the government, Nigerians and the global community The objectives of the study were – to examine the effect of financial crimes on Nigeria development; to find out the roles EFCC have employed in financial crime control in Nigeria; to identify the achievements EFCC has made in financial crime control in Nigeria; and to find out the challenges EFCC have encountered in financial crime control in Nigeria. The study adopted the Hyper-motivation theory; applied a descriptive survey research design with structured questionnaire as the main instrument for data collection. The population of the study is the 3,267,837 residents in Enugu State (National Population Commission of Nigeria, 2006). The sample population derived via the application of Taro Yamani sample size determination formula was 400. The data collected via questionnaire were analyzed using table and percentages, while the hypotheses tested were tested using the chi-square statistical tool. The findings of the study revealed that Financial crimes affect Nigeria development socio-economically, politically and globally; EFCC performs roles in financial crimes control in Nigeria; EFCC has done well in financial crimes control in Nigeria but a lot still needs to be done by the Commission to enhance financial crimes control in the country; and EFCC encounters challenges in financial crimes control in Nigeria. Based on the findings, the study recommended that the Nigerian government at all levels etc should all join hands in sensitizing Nigerians and the perpetrators of financial crimes on the devastating effects of financial crimes of the country’ development drive socio-economically, politically and internationally; the roles of EFCC as contained in the Act establishing the Commission should be strengthened; EFCC staff should be fully independent and act professionally in line with the Act establishing it; the identified challenges of the Commission should be vigorously addressed by the government at all levels to strengthened the Commission financial crimes control in the country and reduce its effects on Nigeria development.