THE ROLE OF ECONOMIC AND FINANCIAL CRIMES COMMISSION IN THE MANAGEMENT, CONTROL AND ERADICATION OF CORRUPTION IN NIGERIA
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- NGN 5000
Abstract
Several years of military misrule and mismanagement had weakened the economic management processes and institutions in Nigeria. There was no transparency and accountability in government (Public Sector) and private sectors and Nigeria became notorious for endemic corruption. The result was the inability of government to deliver services to the Nigeria public. Most private companies both in the oil and non-oil sector have constantly evade taxes and have collide with officials to evade custom duties and payment of taxes. In addition, widespread perpetration of economic and financial crimes like advance fee fraud (419), money laundering, cyber crime, banking fraud and endemic corruption have had severe negative consequences on Nigeria, including decreased direct foreign investment in the country. Consequently, the Economic and Financial Crimes Commission (EFCC) was established as one of the mechanisms for the prevention, investigation and prosecution of corrupt practices and economic and financial crimes in the public and the private sector
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