COMBATING CORRUPTION IN NIGERIA: THE ROLE OF ECONOMIC AND FINANCIAL CRIMES COMMISSION (EFCC)

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COMBATING CORRUPTION IN NIGERIA: THE ROLE OF ECONOMIC AND FINANCIAL CRIMES COMMISSION (EFCC)

Abstract

Corruption is a persistent cancerous phenomenon which bedevils Nigeria. Misappropriation, bribery, embezzlement, nepotism, and money laundering by public ofcials have permeated the fabric of the

society. The ofce seekers of major political parties top the list of unt or corrupt ofcials. Elected ofcials in high echelons of power and public ofcers use their positions to engage in corrupt activities. It is estimated that corruption accounts for 20 percent of the GDP of Nigeria. For several years, Nigeria has been at the bottom of Transparency International’s (TI) Corrupt Perception Index (CPI) ranking. In 2002, the Nigerian government created the Economic and Financial Crimes Commission (EFCC) to investigate and prosecute cases of corruption and nancial crimes. The data for the study were basically selected from secondary materials such as textbooks, internet materials, newspapers and magazines, journals, articles and EFCC publications, etc. This paper reviews the scope of corruption and the efforts by the Nigerian government to combat it by examining the various perspectives for understanding the causes of corruption. The study while recognizing the importance of the various perspectives, notes that both the rent-seeking and institutional theories offer deeper insights into the systemic nature of Nigerian corruption. Finally, the article examines the activities of the EFCC and notes that it faces serious challenges as the congurations of the Nigerian political landscape are uncertain.

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