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THE ENFORCEMENT OF ECONOMIC AND FINANCIAL CRIMES LAWS AND THE REDUCTION OF ECONOMIC AND FINANCIAL CRIMES IN NIGERIA

CHAPTER ONE

INTRODUCTION

1.1 Background of the Study

In recent times, the prevalence of economic and financial crimes of all kinds have been a major factor that has impede the economic growth and development of emerging nations across the globe, Nigeria inclusive. Pado (2011) asserted that corruption has caused governments and residents of nations around the world a colossal amount of money in providing facilities, resources and intellectuals that will assist in curbing this peril.

Ogbewe (2005) also asserted that this high rate of fraudulent activities, economic mismanagement, money laundering, and other forms of corrupt practices, has over the years caused the Nigeria government recurrently over fifty billion naira annually in trying to curb the menace. But through time, the Nigerian government is increasingly becoming resolute in setting up strategic policies in other to combat the menace. Thus, the need to curb the high rate of financial crimes led to the establishment of Economic and Financial Crimes Commission (EFCC) in April 16 2003 under the administration of former President Olusegun Obasanjo. 

Togbolo (2005) noted that the establishment of this Commission was also in response to pressures from the Financial Action Task Force on Money Laundering (FATF), which then named Nigeria as one of the 23 countries non-cooperative in the international community’s efforts to fight money laundering. In essence, EFCC was established to rid Nigeria of economic and financial crimes and to effectively coordinate the domestic effort of the global fight against money laundering and terrorist financing. This Commission was established with the mandate to investigate, prevent and persecute persons of economic and financial crimes in Nigeria. Thus, legal instrument backing the Commission is the EFCC (establishment) Act 2002.  The Act enables EFCC to oversee the investigation of financial and economic irregularities against individuals, corporate bodies and national communities. 

Since inception, it is on record through information from the EFCC’s website, that in terms of annual prosecution activities records the Commission has been consistent in the investigation and prosecution of all manners of persons that are accused or charged with economic and financial crimes in Nigeria (Dike, 2008). According to Daniel (2013), the commission has among others recorded several convictions on money laundering (Efenyumi, 2013), oil pipeline vandalism (Akinpelu, 2021) and related economic crimes, assets and money worth over billions have been recovered from corrupt officials and their cohorts (Nzekekwu, 2011). With the uncovering of the 43 million dollars in April, 2017 hidden in an apartment in Ikoyi, Lagos, allegedly owned by the wife of the former NIA boss, 9.8 million dollars was

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