Corruption and Financial Crimes in Nigeria: An Examination of Activities of the Economic and Financial Crimes Commission (EFCC), 2015-2023
Udegbunam, Cyprian Uchenna PhD, Osuchukwu, Cynthia Nkechi PhD, Odita, Augustine Ogoegbunam
Abstract
Nigeria faces a significant issue with corruption. It is pervasive and appears in nearly every sector of the economy. The widespread nature of this issue makes it consistently challenging to address. As a result, it leads to economic regression, political turmoil, social instability, deterioration of infrastructure, lack of accountability, and a disregard for the rule of law, among other consequences. Numerous efforts by successful governments to mitigate this problem have encountered various obstacles. A cursory look into the history of corruption in Nigeria shows that despite the creation of anti-corruption agencies and legislative measures by different administrations, financial corruption has remained persistent and has increased significantly. To tackle financial crimes and corruption, the Nigerian government set up the Economic and Financial Crimes Commission (EFCC) in 2002. This study examined how effectively the Economic and Financial Crimes Commission (EFCC) has tackled financial corruption and its harmful effects in Nigeria from 2015 to 2023. The study mainly relied on data gathered from secondary sources, such as textbooks, journals, newspapers, magazines, articles, online resources, and publications from the EFCC, among others. The objective of the study was to explore the extent of corruption and the Nigerian government's initiatives to combat it by examining various perspectives that shed light on the underlying causes of corruption. The findings indicated that the commission is unable to combat corruption in Nigeria independently due to significant political interference from the elite, inadequate leadership, and an unfavorable environment for the commission's operations. It was recommended that for the commission to achieve and exceed its current successes, a degree of independence is essential. Furthermore, this study suggests enhancements in the form of increased political commitment, improved legal framework
Keywords
References
various estimation techniquesâ, Economic Research, Vol. 32 No. 1, pp.3053-3076.
Akinwale, A. (2019). âNigeria: HEDA - Nigeria lost U.S$600 billion to corruption in 59 yearsâ,
available at: allafrica.com/stories/201910210472.
Akwagyiram, A. (2018). Nigeria unemployment rises to 23.1 percent in Q3 from 18.1 percent year
earlier â statistics office. Renters, 19th Dec. 2018.
Aloko, S. M. A. & Usman, A. (2013). Youth unemployment and rising insecurity: A critical
assessment, in R. Ayo Dunmoye et al (ed.) Proceedings of A.B.U@ 50 Humanities
International Conference: National security, integration and sustainable development in
Nigeria. Held at A.B.U, Zaria, 19th-20th November, 2013. pp.465-477.
Aluko, S. A. (2008). âCorruption and national development: A lecture delivered at the Centre for
Democratic Development Research and Trainingâ, Zaria, Kaduna State, Nigeria, as part of
the activities of Professor Bala Usman Annual Memorial Lecture, On Saturday, 31st May,
Aluko, Y. A. (2009). Corruption in Nigeria: Concepts and dimensions. In: Anti-corruption reforms
in Nigeria since 1999: Issues, challenges and the way forward, E.U. David and E.O. Emeka
(eds.). IFRA, Paris, France 1-8.
Amaechi, O. R. & Okechukwu, I. E. (2015). Analyses of legal frameworks for fighting corruption
in Nigeria: Problems and challenges. Kuwait Chapter of Arabian Journal of Business and
Management Review 5(3), 35-37.
Angeles, L. & Neanidis, K. C. (2015). âThe persistent effect of colonialism on corruptionâ,
Economica, Vol. 82 No. 326, pp.319-349.
Ashforth, B. E. & Anand, V. (2003). âThe normalization of corruption in organizationsâ, Research
in Organizational Behavior, Vol. 25, pp.1-52.
Ebhuomhan, S. (2017). Corruption: EFCC secured about 1,500 convictions in 14 years official.
Premium Times. December 4, https://www.premiumtimeseng.com.
Economic and Financial Crimes Commission Act 2002, Laws Of the Federation of Nigeria.
Ekundayo, R. M., Obasaju, B., Adedoyinisola, L. & IseOlorunkanmi, J. (2013). Analysis of
corruption and economic growth in Nigeria, Afro Asian Journal of Social Sciences,
Volume 4, No. 4. Quarter II.
Eme, O. I. (2015). Politically exposed persons and the Nigerian state, Germany, LAP Academic
Publishing.
Fatile, J. O. (2012). âCorruption and the challenges of good governance in the Nigerian public
sectorâ, Africaâs Public Service Delivery and Performance Review, Vol. 1(3), pp.47-64.
FBI, (2005). Financial crimes report to the public. Washington DC: U.S. Department of Justice.
Fedotov, Y. (2017). Costal-anti-corruption climate change: it started in Nigeria. Speech by
UNODC Executive Director Yuri Fedotov. Retrieved on 01/06/2024 from www.un.org.
Folarin, S. F. (2009). The anti-corruption war in Nigeria: A critical appraisal of the role of the
ICPC and EFCC. Nigerian Journal of Economic and Financial Crimes, 1(2), 1-26.
Hope, R. K. (2000). Corruption and development in Africa: Lessons from country case studies.
London: Macmillan Press Ltd. 18.
Igiebor, G. O. (2019). âPolitical corruption in Nigeria: implications for economic development in
the fourth republicâ, Journal of Developing Societies, Vol. 35 No. 4, pp. 493-513.
Ikejiani-Clark, M. (1995). The pathologies of local government administration: Corruption/fraud.
In: M. Ikejiani-Clark and F.C. Okoli (eds.), Contemporary issues in public administration.
Lagos: Magrove Publication, pp.122-137.
Justesen, M. K. & Bjornskov, C. (2014). âExploiting the poor: bureaucratic corruption and poverty
in Africaâ, World Development, Vol. 58, pp.106-115.
Justine, I. I. C. & Okoye, J. C. (2014). Anti-corruption crusade in Nigeria: A more words than
Deeds. International Journal of Public Policy & Administration Research, No.1(2) pp.47-
Kharas, H., Hamel, K. & Hofer, M. (2018). The start of a new poverty narrative, Brookings
Institution. Available at bit.ly/21/Y9Hwp. Retrieved 20th July, 2024.
Kotera, G., Okada, K. & Samreth, S. (2012). âGovernment size, democracy, and corruption: an
empirical investigationâ, Economic Modeling, Vol. 29 No. 6, pp. 2340-2348.
Lumumba, P. L. O. (2013). âThe keynote speech on African corruptionâ. At the 3rd Anti-
Corruption Convention on 2nd December, 2013 at Africana Hotel Kampala Uganda.
Mauro, P., Medas, P. & Fournier, J. M. (2019). âThe cost of corruptionâ, available at:
imf.org/external/pubs/ft/fandd/2019/09/pdf/the-true-cost-of-global-corruption-mauro.pdf.
Mbah, C. C., Ojukwu, U. G. & Okoye, P. B. (2019). âPoverty in the Developing Countries is
caused by the development of underdevelopmentâ: Unpacking Andre Gunder Frank (1967)
In Twenty First Century Third World politics. International Journal of Academic
Multidisciplinary Research (IJAMR) Vol. 3(11), pp.67-71.
Musa, I. (2011). Assessment of the Effectiveness of Anti-Corruption Institutions in the Federal
Public Service of Nigeria. (Doctoral dissertation, Department of Public Administration,
Ahmadu Bello University Zaria). Retrieved from: kubanni.abu.edu.ng
National Bureau of Statistics, (2010). âThe Nigerian poverty profile 2010 reportâ, Abuja.
North, C. M., Orman, W. H. & Gwin, C. R. (2013). âReligion, corruption, and the rule of lawâ,
Journal of Money, Credit and Banking, Vol. 45 No. 5, pp.757-779.
Nwanolue, B. O. G. & Ojukwu, U. G. (2012). Legislative efficiency & democratic stability in the
Fourth Republic governance and politics of Nigeria: A re-appraisal of national assembly.
Arabian Journal of Business & Management Review (Kuwait Chapter). Vol. 1(9).
Nwoba, M. O. E. & Nwokwu, P. M. (2018). Appraisal of Economic and Financial Crimes
Commission (EFCC) in the fight against corruption in Nigeria (2014-2017), The Social
Sciences 13(1) pp.94-104.
Obiwuru, C. R. (2020). The performance of the Economic and Financial Crimes Commission
(EFCC) in the fight against corruption in Nigeria: A critical appraisal. Economy, 7(1)
p.5258.
Ogbeidi, M. M. (2012). âPolitical leadership and corruption in Nigeria since 1960: a socio-
economic analysisâ, Journal of Nigeria Studies, Vol. 1 No. 1, pp. 1-25.
Ogundiya, I. S. (2009). âAnti-corruption reforms in Nigeria: Challenges and failureâ. In Ogundiya
I.S., Olutayo A.O. & Amzat-Jimoh (Eds.) A decade of re-democratization in Nigeria
(1999-2009) Anyanwu Bureau of Commercials Ibadan-Nigeria pp. 149-164.
Ogunlana, O. F. (2019). âDeterminants of public sector corruption in Nigeriaâ, International
Journal of Public Policy and Administration Research, Vol. 6 No. 1, pp. 1-11.
Ojaide, F. (2000). âThe professional accountant and anti-corruption crusadeâ, ICAN News
Bulletin, July/September.
Okeke, M. I., Ojukwu, U. G. & Nnamani, D. O. (2019). The implications of immunity clause and
the pollution of excellency for democratic consolidation in Nigeria. International Journal
of Academic Management Science Research (IJAMSR) Vol.3(11), pp.14-24.
Olawoyin, O. (2017). âWhy corruption is endemic in Nigeria â finance ministerâ, available at:
www.premiumtimesng.com/news/top-news/233249-why-corruption-is-endemic-in-
nigeria-financeminister.
Olufusi, E. (2018). EFCC seizes over 20 houses from Diezani, five from Fayose, Dasuki. The
Cable, November 15, 2018.
Onyema E., Roy, P., Oredola, H. & Ayinla, S. (2018). The Economic and Financial Crimes
Commission and the politics of (in) effective implementation of Nigeriaâs anti-corruption
policy. ACE SOAS Consortium Anti-Corruption evidence making Anti-Corruption real.
Working Paper 7. Retrieved from: http://ace.soas.ac.uk.
Orokpo, F. O. (2017). An appraisal of the economic and financial crimes commission (EFCC) in
Nigeria 2002-2015 [A Dissertation]. Post Graduate School, Benue State University,
Makurdi.
Osuagwu, L. (2012). âConceptualization of corruption in business organizationsâ, American
International Journal of Co
