ATTENTION:
BEFORE YOU READ THE ABSTRACT OR
CHAPTER ONE OF THE PROJECT TOPIC BELOW, PLEASE READ THE INFORMATION BELOW.THANK
YOU!
INFORMATION:
YOU CAN GET THE COMPLETE
PROJECT OF THE TOPIC BELOW. THE FULL PROJECT COSTS N5,000 ONLY. THE FULL
INFORMATION ON HOW TO PAY AND GET THE COMPLETE PROJECT IS AT THE BOTTOM OF THIS
PAGE. OR YOU CAN CALL: 08068231953, 08168759420
WHATSAPP US ON
08137701720
THE ROLE OF ECONOMIC AND FINANCIAL CRIME COMMISSION IN
GOVERNMENT ACCOUNTABILITY BETWEEN 2004-2015
CHAPTER ONE
1.0 INTODUCTION
1.1 BACKGROUND
OF THE STUDY
The main focus of the research study is the impact of EFCC in
the public sectors accountability. Economic and financial crime commission is
popularly known as EFCC. Crimes have been associated with man since his fall.
Crime remain elusives and ever strives to hide itself in the most unlikely
places.
Our Country has been adjudged as corrupt. We are said to have
been in “419” bug. Some people have tagged Nigeria a ‘financial terrorist’
Nation on account of the volume of financial crimes that emanate from Nigeria.
This crime is becoming a culture in Nigeria both in private and public sectors.
But the crime is more on public sector because power corrupt and absolute power
corrupt absolutely. They are more engaged in crime because of immunity clause
covering them. That is why the formal and first chairman of Economic and
Financial Crime Commission [EFCC] [Nuhu Ribadu] in his statement release by BBC
news on Thursday, 28 September 2006 by 08:37 Nigeria time and GTM 09:37 UK that
almost all of Nigeria’s State governors are being investigated for corruption, the
anti-graft agency head said. Nuhu Ribadu told the Nigeria Senate that 31 out of
36 State governors were being investigated and that 15 of them would be charged
in the coming weeks.
He also said that the world biggest thief was Nigeria but was
prevented from naming him. Critics of the president Olusegun Obasanjo say that
fight against corruption is being used as a political tool but Ribadu denies
these charges.
He said that Nigeria governors enjoy immunity from
prosecution while in office and the Country is regularly ranked as one of the
world most corrupt Countries .He added, “if we all live in the us , all of us
will be in prison by now, because the things we do here cannot be tolerated
there . By this statement, Ribadu is implying that all of us are corrupt but I personally did not believe in that.
What I believe is that about 90% of us are corrupt. He rated then Zamfara State
Governor [Sanithmed Yerima]” as the worst case of corruption because it was
direct stealing, no third party.
So many other
public servants have been tried and convicted. These men are the people we
respect and call honorable. They walk and drive around the country in serene
with the purpose of building the Nation, but the question is what good have
they done or have in mind for this Country? The police man stopping for search,
is he doing it for the love of our Country or is he doing it for the sake of
his own satisfaction interest of extortion? Likewise, other public servants.
In our Country
Nigeria, we have about 43,953 Lawyers call to bar, 707 high court and shariah
court judges, 47 federal high court of justices, 46 court of appeal justices
and 15 justices of the Supreme court of Nigerian. Nigeria spend about
N350,000,000 annually on this people. Apart from that, many are being called to
bar annually. Despite all these things, I am painfully aware of the fact that
crime is increasing instead of decreasing. While we now have legislation to
regulate the conduct of public sectors for corrupt practices, the vices are still
very much with us. Bank frauds are in upsurge, abuse and manipulation are still
the stock in trade of many banks. 419 still looms large, money laundry from
corrupts proceeds is visible. It is this circumstances that us threatened to
impose councilor measure on Nigeria in 2004. If she did nothing to update her
looms and take pains to fund the perpetrators of economic and financial crimes.
Infact, it is
for this reason and the international dimension which this crimes had assumed
that the promulgation of the EFCC act 2002 becomes inevitable. The act which
was reenacted in 2004 is revolutionary in many respects. For the first time,
power of co-ordination and enforcement of varied but related economic and
financial crime laws are vested in one body. The definition of economic and
financial crimes in section 46 of the money laundry Act is all about
encompassing. 2nd, because the nature of the crime handed by the commission is
at the heart of the economy, all stakeholders like security agents, law enforcement
agent and other financial regulators are members of the commission.3rd, apart
from the offences created by the EFCC Act itself, the commission has
responsibility of specifically enforce the provision of other principal laws
ordering on economic and financial crimes which includes the following;
i. The money laundry Act 2004
ii. The advanced fee fraud Act 1995
iii. Failed Bank [malpractice in bank Act
1991, as amended]
iv. The bank and other financial institution
Act, 1996
v. The miscellaneous offences Act 1985
vi. Any other law or regulation relating to
economic and financial crimes including penal code and criminal code.
[Section 7 of EFCC Act].
We can now see
that it is not the law but its enforcement to make sure that they are adhered
to. In other to do this, there must be men of integrity to see to it
enforcement. This will help to reduce economic and financial crime in our
Country (Nigeria) most especially in public sectors of the economy.
The issue of
economic and financial crime is a national issue affecting our economy. In as
much as there are is no accountability in public sector, our economy cannot
grow because both local and Foreign investors are scared of investing in the
Country
When we talk
of accountability, accountability has dearly manifested itself as a principal
to be pursued if the status quo is to be perpetrated. Accountability as
contained in long man Dictionary contemporary English is the condition or quality
of being able to give an explanation for one’s action. Accountability is also
defined as the tendering off return on stewardship relating to the management
of funds and other assets of which individuals or institutions had been
custodians.
The economic
and financial crime commission is established by economic and financial crime
commission Act 2003, as a body co-operates to enforce and administer the
provision of the Act. It is designated financial and intelligence unit [FIU] in
Nigeria with the power to co-ordinate the various institutions involved in the
fight against money laundering and enforcement of all laws dealing with
economic and financial crime in Nigeria.
EFCC was
established to play a major role which includes the following:
i. Investigation of all financial crime such as advance fee
fraud
(other wise known as 419) money laundering, fraudulent terfeity, illegal charge transfer, market fraud,
fraudulent diversion of fund, computer credit card fraud, contract scan,
forgery of financial instrument,
issuance of bounded check, etc.
ii. Adoption of measures to eradicate and prevent the
commission co-operate group or individual involved.
iii. Adoption of measures to identify, trace, freeze,
confiscate or seize proceeds derived from terrorist activities, economic and
financial crime related offences or properties.
iv. The collection of all reports relating to suspicious
financial transaction, analyze and disseminate to all relevance government
agencies which maintain liaison with office of the Attorney-General of
federation i.e Nigeria custom service, immigration and prison service board,
Nigeria deposit insurance co-operation, National Drug Law Enforcement Agency
(NDLEA) etc, in other to eradicate crime in public sector.
1.2 DEFINITION OF
PROBLEM
Despite the adoption of EFCC, public sectors have being
experiencing a lot of economic and financial problems. They include;
a. The major problem
that imposes the enforcement of economic crimes i.e the influence of corruption that took over the
control of the Nation. All the while, since our independence in 1960 and more
especially from 1985 to 2003, corruption become manifestly entrenched and institutionalized
into our politics.It ruled our lives as it was the major considaration in the
governance in our affairs as Nation. There was and became no need for due
process but the highest bidder on bribery and corruption. The rule of law
therefore gave way to the selfish rule of man. While the rest of the world
progressed, we headed back to the hobbersion state. Fraudsters and criminals
took advantage of the situation and the problem became where to enforce, how to
enforce and on whom to enforce the economic
and financial laws.
b. Another problem is
the failure of law enforcement agencies. Today we have over 500,000 law
enforcement personnel working in our various enforcement agencies in Nigeria.
Nigeria spends on average of N300,000,000,000 on the law enforcement agencies
including the judiciary annually. Besides, we have about 43,953 lawyers called
to bar, 707 high court and shariah court judges, 47 federal high court of
justices, 46 court of appeal justice, and 15 justice of the supreme court of
Nigeria. There are still men and women, in short, thousands of them begin
called to bar annually. But all these agencies has done little or nothing in
preventing crimes.
c. Another problem
facing economic and financial crime commission in crime control is that the
investigating units working on economic crimes are not dealing with very
complex areas of the law, both criminal and civil. On the criminal side which
is the most area of focus, understanding and differentiating among such
concepts as embezzlement, larceny by tricks, and obtaining times of value by false pretenses have played
generation of law students and even some lawyers let alone the enforcement
agents. Some states have attempted to simplify this area of their law of
merging these offenses into an offence of theft but court continues to have
problems with the interpretation of those crimes. Finally, statues prescribing
different kinds of fraud have become many, varied and complicated. For
instance, economic crimes have five components as follows:
i. A
wrongful intent.
ii. Disguise
of purpose.
iii. Reliance
on victim’s ignorance and carelessness.
iv. Voluntary
victim-operation.
v. Concealment
of the violation.
1.3.
OBJECTIVES OF THE STUDY
The objectives of this research study are as follows:
i. To
determine the efficiency and credibility of economic and financial crime
commission and its contribution to public sector accountability.
ii. To review
the containment of economic and financial crime commission through determined
investigation and enforcement or relevant laws.
iii. To determine
the role of rule of law in the control of economic and financial crime in our
public sectors.
iv. To
determine what the law enforcement agencies should do to reduce economic and
financial crimes. That is, what other enforcement agents should do to aid
economic and financial crime commission in crime control.
v. To
determine the areas of law that will help the investigating unit and other
enforcement agents in their investigation.
vi. To examine
the funding of economic and financial crime commission and its efficiency.
HOW TO RECEIVE PROJECT
MATERIAL(S)
After paying the appropriate
amount (#5,000) into our bank Account below, send the following information to
08068231953 or 08168759420
(1)
Your project topics
(2)
Email Address
(3)
Payment Name
(4)
Teller Number
We
will send your material(s) after we receive bank alert
BANK ACCOUNTS
Account
Name: AMUTAH DANIEL CHUKWUDI
Account
Number: 0046579864
Bank:
GTBank.
OR
Account
Name: AMUTAH DANIEL CHUKWUDI
Account
Number: 3139283609
Bank:
FIRST BANK
FOR MORE INFORMATION, CALL:
08068231953 or 08168759420
https://projectmaterialsng.blogspot.com.ng/
https://foreasyprojectmaterials.blogspot.com.ng/
https://mypostumes.blogspot.com.ng/
https://myeasymaterials.blogspot.com.ng/
https://eazyprojectsmaterial.blogspot.com.ng/
https://easzprojectmaterial.blogspot.com.ng/
Comments
Post a Comment