The Economic and Financial Crimes Commission and The Fight Against Corruption in Nigeria: An Appraisal
Abstract
Apart from oil which contributes about 95% of Nigeria’s foreign exchange, the country is also known for good soil for agriculture which could make it a force to be reckoned with in the continent. However, widespread perpetration of economic and financial crimes like advance fee fraud (419), money laundering, cybercrime, banking fraud, yahoo and recently yahoo+ and endemic corruption have had severe negative consequences on Nigeria, including decreased direct foreign investment. In spite of enabling laws enacted before Nigeria’s democratic dispensation and the relevant institutions to administer them, fraudulent activities still thrived unabated in the economy. The theory of this study is hinged on the public choice theory that is concerned with the individuals’ interests and preferences that model ones’ behaviour in taking rational decision. The methodology of the study is qualitative in nature as data were collected from secondary sources through articles in journals, textbooks, conferences, and other internet materials. The data were analysed using content analysis. The paper has shown that rather than fighting corruption, the activities of EFCC has become increasingly complicated as a result of the corrupt practice fused in the system. The paper concludes that in order to overcome Nigeria’s challenges, there is need for strong and successful public policies developed from progressive ideas. There is also the need to consciously transform social values as well as institutions that work as enabling environments for corruption. The paper finally recommends that the Federal as well as all tiers of government should ensure they stamp out corrupt tendencies by ensuring that all political office holders render selfless service to the society and fishing out and punishing corrupt officials by the anti-corruption agencies in the country. Also, it is recommended that the Federal government should show commitment to the fight against corruption in Nigeria by amending the EFCC Establishment Act so that it can be an independent body and not under the whims and caprices of the presidency.
Keywords
EFCC, Fight, Corruption, Nigeria, Appraisal
Citations
IRE Journals:
Itse Joseph Itse
"The Economic and Financial Crimes Commission and The Fight Against Corruption in Nigeria: An Appraisal" Iconic Research And Engineering Journals Volume 9 Issue 1 2025 Page 1943-1954
IEEE:
Itse Joseph Itse
"The Economic and Financial Crimes Commission and The Fight Against Corruption in Nigeria: An Appraisal" Iconic Research And Engineering Journals, 9(1)
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