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 coll ide 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 fra ud 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 pr evention, investigation and prosecution of corrupt practices and economic and financial crimes in the public and the private   sector.     Finally, this research work is aimed at looking into the various contributions of the Economic and Financial Crimes Commis sion (EFCC) in promoting financial accountability and transparency. To achieve this aim five research questions were    developed.      The study adopted the survey research approach using the three study areas. The EFCC Lagos, EFCC Enugu and PHCN formed the pop ulation of the study. A sample size of 55 was choosing using Taro Yamane’s model while simple random   techniques   was   used   to   select   the sample.     Data retrieved from 55 completed questionnaires were subsequently presented in tables while simple percentage w ere used to analyse and answer the research questions formulated to guide the research work. After the  analysis of data, the hypotheses tested reviewed that the contributions of EFCC has effectively promoted financial accountability and transparency in Ni    geria. Therefore, the researcher recommends the following: developing an intensified information technology, staff training, capacity building and health care fraud control.


Title page i

Certification ii

Dedication iii

Acknowledgement iv

Abstract v

Table of contents vi


Background of the Study1

Statement of the Problem4

Objectives of the Study6

Research Questions7

Research Hypothesis7

Significance of the Study8

Scope of the Study9


Definition of Terms References10



Origin of Economic and Fi nancial

Crimes Commission 14

Powers of EFCC in Controlling Crimes19

Matters on EFCC Investigate22

Capital Market Fraud23

EFCC and other Arms34

Constraints faced by EFCC in curbing fraud in Nigeria35

Achievements of EFCC References41


Research Design52

Area of Research53

Population and Sample Size53

Research Instrument of Data Collection56

Validation of Instrument57

Method of Data Collection57

Method of Data Analysis58


Data Presentation60

Testing of Hypotheses69


Summary of Findings75



Bibliography 80

Appendix A 82

Appendix B 83



Fraudulent activities, economic mismanagement, corruption, lack of accountability and transparency have been the bane of the economy. Fraud and criminality remained elusive and therefore brought inefficiency in the system, especially in the public sector.

This menace lead to the establi shment of EFCC i n 2002 by an Act of the National Assembly which was later amended in 2004. It was borne out of the determination of the Federal Government to root out corruption and sanitize the Nigerian economic environment by enforcing all economic and f inancial crimes laws.

The Act mandates the EFCC to combat financial and economic crimes and the Commission is empowered to prevent, investigate, prosecute and penalize economic and financial crimes. Also, the EFCC is charged with and has been investigating cases of abuse of office, diversion of public funds through fraudulent award of contracts, tax fraud, illegal

bunkering, terrorism financing, capital market fraud, cyber crime, banking fraud, etc.

With a mission to curb the menace of corruption that constitutes the clog in the wheel of progress; protect national and foreign investments in the country; imbue the spirit of hard work in the citizenry and discourage the crave for ill -gotten wealth; identify such ill -gotten wealth and confiscate them; build an upright work force in both public and private sector of the economy; and contribute to the global war against financial crimes and terrorism financing; the advent of the EFCC has impacted positively on Nigeria’s global acceptance being a turning point in t he country’s anti -corruption crusade.

Since its establishment, the EFCC has taken the bull by the horns working tenaciously to fulfill its mandate. Under the current leadership, it vigorously pursues its mandate of investigating cases earlier highlighted; the Commission has made concerted efforts in identifying, tracing and freezing, confiscating, or seizing proceeds derived from such illicit activities. EFCC, from inception, has also played host to the Nigerian Financial Intelligence Unit (NFIU), vested wi th the

responsibility of collecting suspicious transactions reports (STRs) from financial and designated non -financial institutions, analyzing and disseminating them to all relevant government agencies and other F IUs all over the world.

So far, the Commiss ion has been able to and still recording successes in several areas of its mandate. Among others, it has recorded several convictions on corruption, money laundering, oil pipeline vandalism and related offences. Assets and money worth over $11 billion have been recovered from corrupt officials and their cohorts. The Commission is tenacious with over 65 high profile cases at advanced stages of prosecution in several courts in Nigeria and over 1500 other cases in court and secured over 600 convictions.

Before then there were other provisions of Financial Crimes Laws s uch as:

⦁ Money laundering amen dment Acts 2003, No 7; 1995, No

⦁ The Advance fee fraud and other related offences Act 1995 as amended.

⦁ The failed Banks (Recovery of Debts) and financial malpractices on Banks Acts 1994 as amended.

⦁ The Banks and other financial institution Act 1991 as amended.

⦁ Miscellaneous offences Act 1983.

⦁ Any other law or regulations relating to economic and financial crimes including the Criminal code and penal code.

The commission is also designated to Nigerian financial intelligent unit (NFIU). It is thus, substantial that our problem is not the absence of legislation (Law) or the deficiencies in them but the total neglect to enforce them have been the plight of disaster,


A nation where financial and economic crimes are endemic cannot attain economic stability, growth and developmen t. According to Irving Kristol’ s (2OO7), the problem is always far more important than devising a solution, for he who can define the problem has always exercised a large degree of intellectual sovereignty over the range of possible solutions that must be imagined

Nigeria being a country where corruption is pandemic has been rated both domestically and internationally as a c orrupt nation. Public officials take huge bribes and the cost of public goods and services are inflated, government often pays for non- existent goods and services. Even when such corrupt practices are exposed, it has always been played to the gallery and sacrificed at the alter of backside bargaining. The corrupt practices that have characterized and painted the nation black include fraud, embezzlement, falsification of financial information, obtaining by false pretence, lack of transparency and accountabil ity among others.

These evils have in no small measure negated economic stability, growth and development in our country. Experience has shown that both the public and private sectors have continued to suffer inefficiency and ineptness and that growth indices and graph are having a downward slope. This has brought the pertinent question — are there adequate control measures and checks to stem this ugly tide (corruption)?

Poor and insincere policy conception, formulation and implementation on economic and fi nancial crimes in Nigeria have been responsible for the low achievement recorded in curbing and stamping out economic and financial crimes in the country. Hence, the emergence of the “Economic and financial crimes commission to enhance financial accountabi lity and transparency in Nigeria.”


The major aim of this study is to assess the contributions of EFCC in promoting financial accountability and transparency in Nigeria. The objectives include:

1. To examine the responsibilities and functions of EFCC.

2. To carry out a comprehensive analysis on the contributions of EFCC in detecting and controlling fraud in Nigeria.

3. To examine how effective EFCC contributions benefited Nigeria public and private sectors since her incept ion.

4. To examine the contributions of EFCC in enhancing financial accountability and transparency.

5. To effectively examine the achievements and successes of the commission.


1. What are the responsibilities and functions of EFCC?

2. What are the contributions of EFCC in detecting and controlling fraud in Nigeria?

3. How effective EFCC contributions benefited Nigeria public and private sector?

4. What are the contribution of EFCC in enhancing financial accountability and transparen cy?

5. What are the achievements and successes of the commission?


Also in line with objectives and research questions are the hypotheses of this study.

1. EFCC has no responsibilities and functions assigned for her.

2. EFCC contrib utions cannot benefit the Nigeria public and private sector.

3. There is no achievement and successes on the side of the Commission.

4. The contributions of EFCC cannot enhance financial accountability and transparency.

5. EFCC as a machinery cannot effect ively detect and control financial and economic irregularities in Nigeria.


The research work will be useful and moreover be a source of information to the followings

⦁ Government with this research work will be witty and aware of the extent the activities of EFCC has contributed in administration and controlling of fraud in Nigeria. It will also be of great significant in examining the area of weakness and how best to improve them for effective regulation of fraud.

⦁ To the academic, the research work will help them formulate more theories and strategies that will enhance the effectiveness of EFCC in ensuring financial accountability and transparency. It will also contribute to the enrichment of

literature on EFCC and ser ve as a body of reserved knowledge to be referred to by researchers.

⦁ Public sector, by this we mean all government parastatals, institutions, ministries,   corporations   etc. FIU s work will expose them to the activities of EFCC.

⦁ Private sector: By th is we mean individuals and corporate bodies who have contributed their resources to provide goods and services to the public at a profit. They carry out their various activities which are expected to be done within the ambits of laws and legislations g overning their operations. They include sole proprietorship, partnership, corporate organizations among others.


The scope of this study tries to take a holistic view of the activities of EFCC in Nigeria and how th ese can help improve financial accountability and transparency. It embraces their operations both in the public and private sectors with the aim of improving financial efficiency.


This research work would suffer many set backs due to a lot of reasons. One of such is the inaccessibility of information from the office of EFCC. Presently, they are security conscious and unwilling to disclose information and plans available some write ups and journals which would have been helpful for this research work. Ideally, the work should have involved more states but due to some inherent constraint such as time and money but effort would be made to at least touch a great number of states to have a balance view of this research.


⦁ EFCC: This is an acronym for Economic and Financial crimes commission. It is a commission created by an act of the National Assembly in 2002 and was amended in 2004. It is charged with the responsibility of investigating and enforcement of all la ws against economic and financial crimes.

⦁ FRAUD : The crime of deceiving somebody in order to collect money or goods illegally. It also means a person

who pretends to have qualities and abilities, skills etc that he or she does not really have to dec eive others.

⦁ It is an acronym for Nigeria Financial intelligent unit. It is an autonomous central national agency, domiciled within EFCC with responsibility of receiving and analyzing financial information.

⦁ INVESTIGATION: This means a special kind of examination of accounts or records carried on by an investigator with the predefined purpose according to the necessity of the situation (Chike Nwoha 2003:33) .


‘Economic and Financial crimes commission EFCC (2004), Information Handbook 1, J excel commercial and sec urities printers, EFCC, PP 1 -5.

“EFCC made me cry,” (2007): Journal of EFCC (Zero tolerance),

4th April, vol.1 No. 4.

“On the Run”, Journal of EFCC (Zero tolerance) Dec.2, 2007, vol.


Dariye, Nyarne Join Kalu, Tur aki in Prison , Vanguard, vol. 23 No. 60374, front page & p. 15 .

EFCC establishment Act, 2004.

EFCC money Laundering and prohibition Act , 2004

Ise, O.L, I’m ready to return Loot , (2007): Vanguard, vol. 23: No 6, J uly 23Frontpage p. 15.

Nigeria Financial i ntelligent unit information Handbook (2007): “Public Service corruption , The New offensive,” Journal of EFCC (Zero tolerance) J an.3, vol.1 No. 3 .



RESEARCHWAP.COM is an online repository for free project topics and research materials, articles and custom writing of research works. We’re an online resource centre that provides a vast database for students to access numerous research project topics and materials. guides and assist Postgraduate, Undergraduate and Final Year Students with well researched and quality project topics, topic ideas, research guides and project materials. We’re reliable and trustworthy, and we really understand what is called “time factor”, that is why we’ve simplified the process so that students can get their research projects ready on time. Our platform provides more educational services, such as hiring a writer, research analysis, and software for computer science research and we also seriously adhere to a timely delivery.


Please feel free to carefully review some written and captured responses from our satisfied clients.

  • "Exceptionally outstanding. Highly recommend for all who wish to have effective and excellent project defence. Easily Accessable, Affordable, Effective and effective."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.
  • "I saw this website on facebook page and I did not even bother since I was in a hurry to complete my project. But I am totally amazed that when I visited the website and saw the topic I was looking for and I decided to give a try and now I have received it within an hour after ordering the material. Am grateful guys!"

    Hilary Yusuf, United States International University Africa, Nairobi, Kenya.
  • " is a website I recommend to all student and researchers within and outside the country. The web owners are doing great job and I appreciate them for that. Once again, thank you very much "" and God bless you and your business! ."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.
  • "I love what you guys are doing, your material guided me well through my research. Thank you for helping me achieve academic success."

    Sampson, University of Nigeria, Nsukka.
  • " is God-sent! I got good grades in my seminar and project with the help of your service, thank you soooooo much."

    Cynthia, Akwa Ibom State University .
  • "Great User Experience, Nice flows and Superb functionalities.The app is indeed a great tech innovation for greasing the wheels of final year, research and other pedagogical related project works. A trial would definitely convince you."

    Lamilare Valentine, Kwame Nkrumah University, Kumasi, Ghana.
  • "Sorry, it was in my spam folder all along, I should have looked it up properly first. Please keep up the good work, your team is quite commited. Am grateful...I will certainly refer my friends too."

    Elizabeth, Obafemi Awolowo University
  • "Am happy the defense went well, thanks to your articles. I may not be able to express how grateful I am for all your assistance, but on my honour, I owe you guys a good number of referrals. Thank you once again."

    Ali Olanrewaju, Lagos State University.
  • "My Dear Researchwap, initially I never believed one can actually do honest business transactions with Nigerians online until i stumbled into your website. You have broken a new legacy of record as far as am concerned. Keep up the good work!"

    Willie Ekereobong, University of Port Harcourt.
  • "WOW, SO IT'S TRUE??!! I can't believe I got this quality work for just 3k...I thought it was scam ooo. I wouldn't mind if it goes for over 5k, its worth it. Thank you!"

    Theressa, Igbinedion University.
  • "I did not see my project topic on your website so I decided to call your customer care number, the attention I got was epic! I got help from the beginning to the end of my project in just 3 days, they even taught me how to defend my project and I got a 'B' at the end. Thank you so much, infact, I owe my graduating well today to you guys...."

    Joseph, Abia state Polytechnic.
  • "My friend told me about ResearchWap website, I doubted her until I saw her receive her full project in less than 15 miniutes, I tried mine too and got it same, right now, am telling everyone in my school about, no one has to suffer any more writing their project. Thank you for making life easy for me and my fellow students... Keep up the good work"

    Christiana, Landmark University .
  • "I wish I knew you guys when I wrote my first degree project, it took so much time and effort then. Now, with just a click of a button, I got my complete project in less than 15 minutes. You guys are too amazing!."

    Musa, Federal University of Technology Minna
  • "I was scared at first when I saw your website but I decided to risk my last 3k and surprisingly I got my complete project in my email box instantly. This is so nice!!!."

    Ali Obafemi, Ibrahim Badamasi Babangida University, Niger State.
  • To contribute to our success story, send us a feedback or please kindly call 2348037664978.
    Then your comment and contact will be published here also with your consent.

    Thank you for choosing