Corruption had been in Nigeria since the country got her independence in 1960 and lots of effort had been put in place by president to reduce the level of corruption in Nigeria but all these effort proof abortive until the year 2003 when General Olusegun Obasanjo undertake some reforms program in the country part of it is what led to the establishment of Economic and Financial Crime commission to help in curbing financial crime rate in the country.

The objective of the study was to identify the impact of Economic and Financial Crime commission on the Economic Development of Nigeria ranging from various financial crimes.

The study was approached by quantitative research method, by conducting a survey with designed questionnaire because it is consider as the best way to gather information regarding this research from abroad. The questionnaire were sent to Nigeria citizen both in Finland and abroad through email, Face book, skype.etc

The findings shows that Nigerian citizens who respond to the survey has knowledge about the Economic and Financial Crime Commission and rate of corruption presently in Nigeria

The entire conclusion presented is only valid within the case study country for this thesis and cannot be generalise because the conclusion part is based on the response gotten from Nigerian citizen.

Economic crime, financial crime, Economic and financial crime commission, corruption.


1.2. History of Nigeria
1.3. Objective of the thesis
1.4 Research question
1.5 Structure of the study

2.1 Definition of important terms
2.1.1 Nigerian scams
2.1.2 Banking fraud
2.1.3 Economic governance
2.2. Economic development
2.2.1. Economic development of Africa on corruption
2.2.2. Economic development of Nigeria
2.2.3. Brief history of corruption in Nigeria
2.2.4. The effect of corruption on Nigerian economy
2.2.5. Bribery and corruption definition according to the bribery Act 2010.
2.3. Economic and financial crime commission
2.3.1 Definition of economic and financial crime commission according to the Act that established it
2.3.2. Purpose of establishing the EFCC according to the establishment Act
2.3.3. Economic and Financial crime commission constitutional power
2.3.4 Examples of cases resolved
2.3.5. Recovery and Return if proceeds of crime
2.4 Financial Crime
2.4.1. Financial crime in Nigeria
2.4.2. Accountability and corporate governance
2.5.1Other anti corruption initiative of the Nigerian Government

3.1 Research methodology
3.2 Research Design
3.3 Data collection
3.4 Reliability, Validity and Generalization

4.1 Introduction and General Background
4.2 Working Background
4.3 Sex distribution of the respondent table
4.4 Corruption distribution of the respondent figure
4.5 Corruption rate distribution of respondent figure
4.6 Establishment of the Economic and financial crime commission
4.6 Adverse effect of corruption from respondent figure
4.7 Eradication of corruption from respondent table
4.8 Corruption prevention from the respondent Figure
4.10 Usefulness of EFCC to both private and Government

5.2 Result from the respondent
5.3 Recommendations
5.4 Recommendation for further research

Nigerian has been facing many problems for a very long time up till the present moment. Among the problems are high rates of poverty and unemployment, low investment, high rate of inflation, high level of corruption and poor economic growth. Of all this problems the major one is the developmental issue in which the level of corruption in the country is assumed to have worsened political, social and indeed the poverty alleviation program of the Nigerian Government.

Almost all the sectors of the Nigerian Economy either political, economic, security, education and other social service sector are badly affected with corruption on daily basis if not every seconds. Though corruption is a globally phenomenon, I personally think that developed countries are less corrupt than developing countries of the world. Corruption is pandemic in Nigeria.

All these are what led to the establishment of Economic and Financial Crime Commission (EFCC) under the leadership of Olusegun Obasanjo to fight against corruption in Nigeria as part of the reform program to address corruption and money laundering and in order to answer to the Financial Action Task Force (FATF) concerns about Nigerian anti money laundering and combating the Financing of terrorism in the world. (Samuel Togbolo, 2005). Lots of people have held their views on the present surge of fighting the antics of corruption where some are fully in support of other act against it. The fact still remains that no meaningful society can grow amidst the monster called corruption. Although before Nigerians have been yarning and hoping for an economy that will savage our problem. Fighting against corruption in Nigeria, one must acknowledge that is one of the most daunting and challenging task to embark on but with political will and commitment by her leaders and the right attitude by all Nigerians there is no doubt that someday, the Transparency International report will rank Nigeria as one of the least corrupt countries in the world (Ameh, 2007).I would like to say that as Nigeria we should not give room to what I will call phenomenal meaning that we are only satisfied as long as the corruption does not hammer on us and any of our family members.

The Economics and Financial crime commission (EFCC ACT, 2004) is primarily charge with the responsibility of enforcing laws relating to banking, money laundering, and advance free fraud miscellaneous offences and any other laws or regulations relating to Economic and Financial Crimes, including criminal code and the penal code.

EFCC has the power to persecute directly without going through the Attorney General’s office. The independence corrupt practices (ICPC ACT, 2000) on the other hand focus on curbing, bribery and corruption in the civil public service and limited in time of those offences committed from year 2000.

1.2. History of Nigeria

Nigerian is a country that God has blessed with lots of natural resources like crude oil but despite all this corruption still exist in the country. Is one third larger than Texas and most populous country in Africa located in the Gulf of Guinea in West Africa, Benin, Niger, Cameroon and Chad are its neighbors.(Fact Monster, n.d.)

The Country is an amalgam of ancient kingdom with a long history of organized societies. The name (Nigerian) was adopted in 1898 to designate the British protectorate on the River Niger. The population as at 2010 was 152,217,314, land area 351,694square meter; the capital is Abuja , monetary value is Naira, It has a multiparty Government transitioning from military to civilian rule. Nigerian was declared independence in Britain on October 1st 1960 after that three year the country gained her independence. The country president at the moment is Good luck Jonathan. (Nigerian government, n.d)

1.3. Objective of the thesis

Since the establishment of the EFCC in 2003, it has been involved in the investigation of cases ranging from high profile corruption cases, economic and financial crime commission has been facing some problems after its establishment in 2003 such as...

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