PHD PROPOSAL
CHAPTER ONE: INTRODUCTION
1.1 Background to the Study The Economic and Financial Crimes Commission (EFCC) was established by the (Establishment) Act 2002 and (repealed and re-enacted by EFCC) Act 2004. It is a body corporate with perpetual succession and a common seal. It is a designated Financial Intelligence Unit (FIU) in Nigeria with powers to coordinate various institutions involved in the fight against money laundering and enforcement of all laws dealing with economic and financial crimes (Otite, 1983).
The Commission‘s power also covers combating terrorism and terrorist financing. The Commission is also bestowed with the responsibility of enforcing the following laws including the money laundering (prohibition) Act 2004, Advance Free Fraud (and other Related Offences) Act 1995, the Failed Banks (Recovery of Debts) and other Financial Malpractices Act, 1994 as amended, the Banks and other Financial Institutions Act 1991 as amended and the Miscellaneous Offences Act 1985. The Commission also has as its mandate, coordinating preventive and regulatory action, including introducing and maintaining an investigative and control techniques on the prevention of economic and financial crimes.
The Nigerian Government established the Commission due to the severe negative perceptions of the country as a money launder and other forms of economic and financial crimes. The preponderance of these criminal activities had discouraged numerous potential investors to Nigeria, thus diverting much needed FDI for the country’s economic growth. As a direct consequence of the activities of the now very infamous criminals who engaged in Advanced Fee Fraud, and an equally endemic corrupt practice of both government and private citizens, Transparency International has consistently rated Nigeria as one of the top three most corrupt countries in the world (Ikubaje 2006). Nigeria, like most African states, appears to be at a cross road. It is ridden with crisis and entails issues of
1.1 Background to the Study The Economic and Financial Crimes Commission (EFCC) was established by the (Establishment) Act 2002 and (repealed and re-enacted by EFCC) Act 2004. It is a body corporate with perpetual succession and a common seal. It is a designated Financial Intelligence Unit (FIU) in Nigeria with powers to coordinate various institutions involved in the fight against money laundering and enforcement of all laws dealing with economic and financial crimes (Otite, 1983).
The Commission‘s power also covers combating terrorism and terrorist financing. The Commission is also bestowed with the responsibility of enforcing the following laws including the money laundering (prohibition) Act 2004, Advance Free Fraud (and other Related Offences) Act 1995, the Failed Banks (Recovery of Debts) and other Financial Malpractices Act, 1994 as amended, the Banks and other Financial Institutions Act 1991 as amended and the Miscellaneous Offences Act 1985. The Commission also has as its mandate, coordinating preventive and regulatory action, including introducing and maintaining an investigative and control techniques on the prevention of economic and financial crimes.
The Nigerian Government established the Commission due to the severe negative perceptions of the country as a money launder and other forms of economic and financial crimes. The preponderance of these criminal activities had discouraged numerous potential investors to Nigeria, thus diverting much needed FDI for the country’s economic growth. As a direct consequence of the activities of the now very infamous criminals who engaged in Advanced Fee Fraud, and an equally endemic corrupt practice of both government and private citizens, Transparency International has consistently rated Nigeria as one of the top three most corrupt countries in the world (Ikubaje 2006). Nigeria, like most African states, appears to be at a cross road. It is ridden with crisis and entails issues of
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