
THE ROLE OF ANTI-FINANCIAL CRIME COMMISSION FIGHTING FINANCIAL CRIME IN NIGERIA
ABSTRACT
This article examines how an anti-graft body. The economic and financial crime commission (EFCC) has fared in reducing the incidence of corruption in Nigeria. In particular bank fraud internet scam and governance. It first discuses the corruption situation in Nigeria by highlighting public office holders who have been associated with corruption charger. Descriptive and chi-square analysis are used and result reveal that the performance of the EFCC has been affected by government interference (p<.005).
However, although the anti-graft body has not been able to reduce the incidence of bank fraud (p>.05) bad governance and advance EFCC fraud have recorded appreciable reaction (p<.05) areas of success as well as challenges that need to be addressed are established EFCC should be amended to reduce government interference and improve it manpower development especially in the areas of fraud and internet seam detection.
CHAPTER ONE
This research has fared in reducing the incidence of corruption in particular internet scam, bank fraud and bad governance. Ti fairs discuses the corruption situation in Nigeria by lighting public office holders who have been associated with corruption charges. This was demonstrated by the establishment of two major anti-graft institution and independent corrupt practices commission (ICPC) and the economic and financial crime commission.
This development in turn facilitate stiff completion, ineffective internal control system, weak corporate governance pal practice among other thus further providing easy avenue for money laundering and other financial crimes . to use the financial system to achieve that various objective. The government though it financial arrow head. The CBN increased its tempo against the fight of financial crime. it does this by putting in place a series of anti-money laundering and comply financing of terrorism measures to pug loopholes so as to ensure the continues soft and soundness of the financial system and determine all forms of financial crime in Nigeria.
1.1 Background Of The Study
In Nigeria, the upsurge in financial crimes could be partly attributed to the liberalization of the financial sector in the late 1980’s which the result in a phenomenal leap in the number and complexities of banks and non bank financial institutions.
This development in turn facilitates stiff competition, ineffective internal control system, weak corporation, governance malpractice among other this further providing easy avenue of many laundering and other financial crimes to use the financial system to achieve their various objective on the embodiment of democracy in Nigeria by may 29, 1999, under the leadership of president Olusegun Obasanjo. One cardinal programme of the Obasanjo administration is the fight against corruption and waste in the public services. This he demonstrated is the establishment of two major anti-graft institutions, the independent corrupt practices and other related offences commission (ICPC) and the economic and financial crime commission (EFCC) in the year 2000ad 2003 respectively. The government though its financial arrow head. The cbnin creased its tempo against the fight of financial crimes.
This it does by putting in place series of anti-money laundering (AML) and combating financing of terrorism (CFT) measures to plug loopholes so as to ensure the continued safe and soundness of the financial system and determine all forms of financial crime in Nigiera (Adigu 2005) the government taget is to zero tolerance for financial crimes and corruption. This is why it has pursued though promulgation of laws against graft such as independent commission practices land other related offences).
Act, money laundering (prohibition) act 2004it has strengthened and keeps strengthening of anti-corruption and other economic crime institutions of due process mechanism in public sector procurement environment for effective private public sector partnership. monthly publication of distributable revenue from federation account to the different tiers of government. Institution for transparencies in the oil and gas though the work of the extractive industries transparency initiative (NEITI among other.
1.2 Statement Of The Problem
 Despite the struggle and movement against financial crimes in the financial system.
 The anti-financial crime commission seems to be a political weapon against political opponents; hence a change in such government weakness the strength of the commission.
 There are individual which seems to be unto chable by the financial crime commission as a result of their political strength or affiliation with the chief basin government. These is weak approach in tacking crime justly and fairly by the commission.
1.3 Objectives Of The Study
The objective of this study is to look into the activities of the financial crime commission in Nigerian with respect to political affiliation. It is also aimed at investigating the extent of success made far by the EFCC and ICPC in their fight against corruption and financial crimes and also to effectively employ the aid of the organization responsible for execution of this adverse practice in Nigeria and to educate the public on the proper use in the country and to delete totally the fraud on brace by the Nigerian.
14. Significance Of The Study
- To help disclose the national for the birth of EFCC and ICPC in Nigeria.
- To be of importance to further researcher as a references guide to their work.
- To be relevant to the researcher because it is a necessary condition for her receiving the award of Higher National Diploma (HND) in the banking and finance.
- To be of relevance to any reader as it will help shows the function, objectives and relationship between EFCC and ICPC.
- To help look at the root causes of financial crimes in Nigeria and ways to fight it.
1.5 Scope Of The Study
The scope of this research work will be limited only to Nigeria that is the project work will not be extended to her countries of the world.
1.6 Imitation Of The Study
This study is limited by
- Financial constraints on the part of the researcher to visit EFCC and office severally as required.
- Unwillingness of EFCC and ICPC officers to develop data of their prosecution
- The restriction at their respective officers form having interview with the necessary officers.
- The time allocated for this project and length of time required to be visiting the EFCC and ICPC officer are inversely related.
1.7 Assumption Of The Study
The following assumption are made
- The EFCC and ICPC has played a vital role in reducing corrupt practices and financial crime in Nigeria.
- The banking sector has derived benefits as a result of the presence of EFCC and ICPC .
1.8 Definition Of Terms
Anti-financial crime:-
this is the process fighting financial crimes
Cyber café crimes:
these are crime committed though the internet.
EFCC:
This is an anti-graft institution established to fight against financial crime in Nigeria.
Electronic crimes:
these are financial crimes committed electronically.
ICPC:-
this is also an anti-graft institution vested to minimize the level of corrupt practices in Nigeria
money laundering :
An integration of the proceeds of illegal activities into the financial or banking sector.
CHAPTER TWO
2.0 Literature Review
2.1 Introduction
The review of relevant literature is the main topic of this chapter. A literature review covers theoretical and methodological contributions to a certain issue in addition to the state of knowledge at the time of writing. It provides information about the state of the art in relation to the subject you are writing about. It examines the body of work on the chosen subject. The literature evaluation in this study comprises the …
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TABLE OF CONTENTSPRELIMINARY PAGES
- Title page
- Approval page
- Dedication
- Acknowledgement
- Table of Contents
- Abstract
- 1.0 Introduction
- 1.1 Background of the Study
- 1.2 Statement of the Problem
- 1.3 Objectives of the Study
- 1.4 Significance of the Study
- 1.5 Scope of the Study
- 1.6 Limitations of the Study
- 1.7 Assumption of the Study
- 1.8 Definitions of Terms
- 2.0 Literature Review
- 2.1 Nature of Financial Crime
- 2.2 Type of Financial Crime
- 2.21 Money Laundering
- 2.22 Internet / Cyber Café Crime
- 2.23 Across The Counter Frauds
- 2.3 Causes of Financial Crimes
- 2.4 Impact of Financial Crime in the Economy
- 2.5 Reducing Financial Crime The Role of Various Agencies of the Economy
- 2.5.1 Independent Corrupt Practices and Other Related Offence Commission
- 2.5.2 Economic and Financial Crime Commission (EFCC)
- 2.6 Achievement of EFCC.
- 3.0 Research Methodology
- 3.1 Introduction
- 3.2 Research Design
- 3.3 Population and Sample Size
- 3.4 Sample Techniques
- 3.5 Validity and Reliability of Measuring Instrument
- 3.6 Method of Data Analysis Techniques.
- 4.0 Presentation and Analysis of Data
- 4.1 Introduction
- 4.2 Presentation of Data
- 4.3 Analysis of Data
- 5.0 Summary, Conclusion and Recommendations
- 5.1 Summary
- 5.2 Conclusion
- 5.3 Recommendation
- 5.4 Areas For Further Studies
BIBLIOGRAPHY
APPENDIX 1
APPENDIX Ii
QUESTIONNAIRE.
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The displayed research work titled "The Role of Anti-Financial Crime Commission Fighting Financial Crime in Nigeria" is stated as a research guideline towards accomplishing your assigned project / seminar research work. All the research materials on this website are ONLY for research purposes and should be used as a guideline in developing your research work. For no reason should you copy word for word as projectlist.com.ng will not be liable for any who copied the material. By ordering the complete research guideline, it signifies that you've accepted our terms of service.
PRELIMINARY PAGES
- Title page
- Approval page
- Dedication
- Acknowledgement
- Table of Contents
- Abstract
- 1.0 Introduction
- 1.1 Background of the Study
- 1.2 Statement of the Problem
- 1.3 Objectives of the Study
- 1.4 Significance of the Study
- 1.5 Scope of the Study
- 1.6 Limitations of the Study
- 1.7 Assumption of the Study
- 1.8 Definitions of Terms
- 2.0 Literature Review
- 2.1 Nature of Financial Crime
- 2.2 Type of Financial Crime
- 2.21 Money Laundering
- 2.22 Internet / Cyber Café Crime
- 2.23 Across The Counter Frauds
- 2.3 Causes of Financial Crimes
- 2.4 Impact of Financial Crime in the Economy
- 2.5 Reducing Financial Crime The Role of Various Agencies of the Economy
- 2.5.1 Independent Corrupt Practices and Other Related Offence Commission
- 2.5.2 Economic and Financial Crime Commission (EFCC)
- 2.6 Achievement of EFCC.
- 3.0 Research Methodology
- 3.1 Introduction
- 3.2 Research Design
- 3.3 Population and Sample Size
- 3.4 Sample Techniques
- 3.5 Validity and Reliability of Measuring Instrument
- 3.6 Method of Data Analysis Techniques.
- 4.0 Presentation and Analysis of Data
- 4.1 Introduction
- 4.2 Presentation of Data
- 4.3 Analysis of Data
- 5.0 Summary, Conclusion and Recommendations
- 5.1 Summary
- 5.2 Conclusion
- 5.3 Recommendation
- 5.4 Areas For Further Studies
BIBLIOGRAPHY
APPENDIX 1
APPENDIX Ii
Disclaimer for Complete Material Utilization
The displayed research work titled "The Role of Anti-Financial Crime Commission Fighting Financial Crime in Nigeria" is stated as a research guideline towards accomplishing your assigned project / seminar research work. All the research materials on this website are ONLY for research purposes and should be used as a guideline in developing your research work. For no reason should you copy word for word as projectlist.com.ng will not be liable for any who copied the material. By ordering the complete research guideline, it signifies that you've accepted our terms of service.
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