Given the increasing threats posed by economic and financial crime such as corruption, money laundering, and fraud, the Nigerian government sought to establish the Economic and Financial Crimes Commission (EFCC) in 2003.
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How was the EFCC Created
EFCC was created while Chief Olusegun Obasanjo was still president. His concern prompted the establishment of the agency to mostly quell international concerns of corruption that was already haunting the nation.
The Commission observes in its activities the provisions of the Economic and Financial Crimes Commission (Establishment) Act 2004 which provided legal basis for establishment of the Commission and the activities to be undertaken by the Commission.
This Act also provides for EFCC with jurisdiction which is mainly to examine, investigate and prosecute corruption related offenses such as advance fee scam (419), money laundering and terrorist financing.
The EFCC was part of a larger agenda of nurturing the confidence of the international community over Nigeria’s economy and politics, which had suffered for years thanks to military dictatorship and corruption.
The agency received sweeping mandates to ensure that financial crimes were curbed and that any assets recovered were repatriated back home. Nuhu Ribadu was the pioneer chairman of the anti-corruption commission called EFCC; he was appointed in April 2003 and held office until December 2007.
Ribadu, who was a senior officer in the police service, became a famous figure as an anti-corruption campaigner both in his country Nigeria and the entire world because of his extensive work in the administration of justice particularly in combating financial crimes and corruption.
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EFCC’s Vision
A Nigeria free of economic and financial crimes.
EFCC’s Mission
To eradicate economic and financial crimes through prevention, enforcement and coordination. This vision is ambitious for the EFCC for it dares the commission to continually modify its techniques and equipment in order to be one step ahead of the felons who commission dynamic economic crimes like cyber fraud and money laundering among other advanced crimes.
Also the mission of the EFCC is a reflection of the multidimensional nature of economic and financial crime. The following are ways EFCC have been upholding their mission.
- Capacity building and training: The agency invests in training both within the public and private sectors, helping institutions understand and adopt anti-corruption measures.
- Systemic reforms: By pushing for stronger legal frameworks and transparent financial systems, the EFCC reduces opportunities for economic crimes to occur.
- Enforcement: It is also important to note that enforcing laws established to combat economic and financial crimes is one of the missions of the EFCC.
- Investigating financial misconduct in society: The EFCC carries out in-depth examinations into matters such as fraud, money laundering, corruption in the public sphere, and other vices.
- Prosecution of offenders: The EFCC collaborates with the court system to ensure proper punishment for all persons and institutions who engage in financial-related crimes.
- Asset recovery: The recovery of property which has been stolen or misused through involvement in corrupt activities is one of the most notable elements of the Commission’s enforcement measures. In most cases, the assets that are recovered are repatriated to the citizens and the government of Nigeria where they also serve the purpose of economic growth.
- Cooperating with other national law enforcement agencies: At the inter-agency level fighting against financial crimes in Nigeria, the EFCC is working with the Nigerian Police Force, Nigerian Customs Service, Central Bank of Nigeria (CBN) and other agencies.
- Collaboration with international organizations: The Commission has been in contact with various organs such as Interpol, the FBI and the United Nations Office on Drugs and Crime (UNODC). This connection and cooperation helps in investigating and curtailing the proliferation of such financial machinations in foreign countries including Nigeria as a network against corruption fighting all around the world.
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The mission of the EFCC, therefore, is all encompassing, as it has central preventive aspects, general and special law enforcement emphases and measures and cooperation in fighting economic and financial crimes.
