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ABSTRACT
Several years of military misrule and mismanagement had
weakened the economic management processes and institutions in Nigeria.
There was no transparency and accountability in government (Public
Sector) and private sectors and Nigeria became notorious for endemic
corruption. The result was the inability of government to deliver
services to the Nigeria public. Most private companies both in the oil
and non-oil sector have constantly evade taxes and have collide with
officials to evade custom duties and payment of taxes. In addition,
widespread perpetration of economic and financial crimes like advance
fee fraud (419), money laundering, cyber crime, banking fraud and
endemic corruption have had severe negative consequences on Nigeria,
including decreased direct foreign investment in the country.
Consequently, the Economic and Financial Crimes Commission (EFCC) was
established as one of the mechanisms for the prevention, investigation
and prosecution of corrupt practices and economic and financial crimes
in the public and the private sector. Finally, this research work is
aimed at looking into the various contributions of the Economic and
Financial Crimes Commission (EFCC) in promoting financial accountability
and transparency. To achieve this aim five research questions were
developed. The study adopted the survey research approach using the
three study areas. The EFCC Lagos, EFCC Enugu and PHCN formed the
population of the study. A sample size of 55 was choosing using Taro
Yamane’s model while simple random techniques was used to select the
sample. Data retrieved from 55 completed questionnaires were
subsequently presented in tables while simple percentage were used to
analyse and answer the research questions formulated to guide the
research work. After the analysis of data, the hypotheses tested
reviewed that the contributions of EFCC has effectively promoted
financial accountability and transparency in Nigeria. Therefore, the
researcher recommends the following: developing an intensified
information technology, staff training, capacity building and health
care fraud control.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Fraudulent
activities, economic mismanagement, corruption, lack of accountability
and transparency have been the bane of the economy. Fraud and
criminality remained elusive and therefore brought inefficiency in the
system, especially in the public sector.
This menace lead to the
establishment of EFCC in 2002 by an Act of the National Assembly which
was later amended in 2004. It was borne out of the determination of the
Federal Government to root out corruption and sanitize the Nigerian
economic environment by enforcing all economic and financial crimes
laws.
The Act mandates the EFCC to combat financial and economic
crimes and the Commission is empowered to prevent, investigate,
prosecute and penalize economic and financial crimes. Also, the EFCC is
charged with and has been investigating cases of abuse of office,
diversion of public funds through fraudulent award of contracts, tax
fraud, illegal bunkering, terrorism financing, capital market fraud,
cyber crime, banking fraud, etc.
With a mission to curb the
menace of corruption that constitutes the clog in the wheel of progress;
protect national and foreign investments in the country; imbue the
spirit of hard work in the citizenry and discourage the crave for
ill-gotten wealth; identify such ill-gotten wealth and confiscate them;
build an upright work force in both public and private sector of the
economy; and contribute to the global war against financial crimes and
terrorism financing; the advent of the EFCC has impacted positively on
Nigeria’s global acceptance being a turning point in the country’s
anti-corruption crusade.
Since its establishment, the EFCC has
taken the bull by the horns working tenaciously to fulfill its mandate.
Under the current leadership, it vigorously pursues its mandate of
investigating cases earlier highlighted; the Commission has made
concerted efforts in identifying, tracing and freezing, confiscating, or
seizing proceeds derived from such illicit activities. EFCC, from
inception, has also played host to the Nigerian Financial Intelligence
Unit (NFIU), vested with the responsibility of collecting suspicious
transactions reports (STRs) from financial and designated non-financial
institutions, analyzing and disseminating them to all relevant
government agencies and other FIUs all over the world.
So far,
the Commission has been able to and still recording successes in several
areas of its mandate. Among others, it has recorded several convictions
on corruption, money laundering, oil pipeline vandalism and related
offences. Assets and money worth over $11 billion have been recovered
from corrupt officials and their cohorts. The Commission is tenacious
with over 65 high profile cases at advanced stages of prosecution in
several courts in Nigeria and over 1500 other cases in court and secured
over 600 convictions.
Before then there were other provisions of Financial Crimes Laws such as:
The Advance fee fraud and other related offences Act 1995 as amended.Ø Money laundering amendment Acts 2003, No 7; 1995, No Ø
The failed Banks (Recovery of Debts) and financial malpractices on Banks Acts 1994 as amended.Ø
The Banks and other financial institution Act 1991 as amended.Ø
Miscellaneous offences Act 1983.Ø
Any other law or regulations relating to economic and financial crimes including the Criminal code and penal code.Ø
The
commission is also designated to Nigerian financial intelligent unit
(NFIU). It is thus, substantial that our problem is not the absence of
legislation (Law) or the deficiencies in them but the total neglect to
enforce them have been the plight of disaster
1.2 STATEMENT OF THE PROBLEM
A
nation where financial and economic crimes are endemic cannot attain
economic stability, growth and development. According to Irving
Kristol’s (2OO7), the problem is always far more important than devising
a solution, for he who can define the problem has always exercised a
large degree of intellectual sovereignty over the range of possible
solutions that must be imagined
Nigeria being a country where
corruption is pandemic has been rated both domestically and
internationally as a corrupt nation. Public officials take huge bribes
and the cost of public goods and services are inflated, government often
pays for non-existent goods and services. Even when such corrupt
practices are exposed, it has always been played to the gallery and
sacrificed at the alter of backside bargaining. The corrupt practices
that have characterized and painted the nation black include fraud,
embezzlement, falsification of financial information, obtaining by false
pretence, lack of transparency and accountability among others.
These
evils have in no small measure negated economic stability, growth and
development in our country. Experience has shown that both the public
and private sectors have continued to suffer inefficiency and ineptness
and that growth indices and graph are having a downward slope. This has
brought the pertinent question — are there adequate control measures and
checks to stem this ugly tide (corruption)?
Poor and insincere
policy conception, formulation and implementation on economic and
financial crimes in Nigeria have been responsible for the low
achievement recorded in curbing and stamping out economic and financial
crimes in the country.
Hence, the emergence of the “Economic and
financial crimes commission to enhance financial accountability and
transparency in Nigeria.”
1.3 AIMS/OBJECTIVES OF THE STUDY
The
major aim of this study is to assess the contributions of EFCC in
promoting financial accountability and transparency in Nigeria. The
objectives include:
1. To examine the responsibilities and functions of EFCC.
2. To carry out a comprehensive analysis on the contributions of EFCC in detecting and controlling fraud in Nigeria.
3. To examine how effective EFCC contributions benefited Nigeria public and private sectors since her inception.
4. To examine the contributions of EFCC in enhancing financial accountability and transparency.
5. To effectively examine the achievements and successes of the commission.
1.4 RESEARCH QUESTIONS
1. What are the responsibilities and functions of EFCC?
2. What are the contributions of EFCC in detecting and controlling fraud in Nigeria?
3. How effective EFCC contributions benefited Nigeria public and private sector?
4. What are the contribution of EFCC in enhancing financial accountability and transparency?
5. What are the achievements and successes of the commission?
1.5 RESEARCH HYPOTHESES
Also in line with objectives and research questions are the hypotheses of this study.
1. EFCC has no responsibilities and functions assigned for her.
2. EFCC contributions cannot benefit the Nigeria public and private sector.
3. There is no achievement and successes on the side of the Commission.
4. The contributions of EFCC cannot enhance financial accountability and transparency.
5. EFCC as a machinery cannot effectively detect and control financial and economic irregularities in Nigeria.
1.6 SIGNIFICANT OF THE STUDY.
The
research work will be useful and moreover be a source of information to
the followings • Government with this research work will be witty and
aware of the extent the activities of EFCC has contributed in
administration and controlling of fraud in Nigeria. It will also be of
great significant in examining the area of weakness and how best to
improve them for effective regulation of fraud.
• To the
academic, the research work will help them formulate more theories and
strategies that will enhance the effectiveness of EFCC in ensuring
financial accountability and transparency. It will also contribute to
the enrichment of literature on EFCC and serve as a body of reserved
knowledge to be referred to by researchers.
• Public sector, by
this we mean all government parastatals, institutions, ministries,
corporations etc. FIUs work will expose them to the activities of EFCC.
•
Private sector: By this we mean individuals and corporate bodies who
have contributed their resources to provide goods and services to the
public at a profit. They carry out their various activities which are
expected to be done within the ambits of laws and legislations governing
their operations. They include sole proprietorship, partnership,
corporate organizations among others.
1.7 SCOPE AND LIMITATION OF THE STUDY.
The
scope of this study tries to take a holistic view of the activities of
EFCC in Nigeria and how these can help improve financial accountability
and transparency. It embraces their operations both in the public and
private sectors with the aim of improving financial efficiency.
1.8 LIMITATIONS.
This
research work would suffer many set-backs due to a lot of reasons. One
of such is the inaccessibility of information from the office of EFCC.
Presently, they are security conscious and unwilling to disclose
information and plans available some write ups and journals which would
have been helpful for this research work. Ideally, the work should have
involved more states but due to some inherent constraint such as time
and money but effort would be made to at least touch a great number of
states to have a balance view of this research.
1.9 DEFINITION OF TERMS.
• EFCC:
This
is an acronym for Economic and Financial crimes commission. It is a
commission created by an act of the National Assembly in 2002 and was
amended in 2004. It is charged with the responsibility of investigating
and enforcement of all laws against economic and financial crimes.
• FRAUD:
The
crime of deceiving somebody in order to collect money or goods
illegally. It also means a person who pretends to have qualities and
abilities, skills etc that he or she does not really have to deceive
others.
• It is an acronym for Nigeria Financial intelligent
unit. It is an autonomous central national agency, domiciled within EFCC
with responsibility of receiving and analyzing financial information.
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