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APPRAISAL OF ECONOMIC AND FINANCIAL CRIMES COMMISSION (EFCC) IN THE REDUCTION OF FINANCIAL CRIMES IN NIGERIA’S POLITICAL SYSTEM (2011-2016)
Abstract: Corrupt acts, especially financial crimes have fraught and impedes efforts towards socio-economic development in Nigeria. The rate at which public funds are looted, siphoned and mismanaged with impunity calls for serious concern. This study therefore, appraises the efforts of EFCC in the reduction of financial crimes in Nigeria’s political system. Content analytical method was employed to review the achievements of the commission through secondary data, while the theory of prebendalism and deterrence were adopted for the study. Prebendalism theory exposes the reasons why financial crimes are on the increase in Nigeria’s polity, while the deterrence theory recommends possible measures to address the ugly trend. Findings revealed among others things that the commission has made significant contributions in terms of arrests, prosecution and convictions of violators and offenders of financial crimes in Nigeria. The study recommended among others that the government should employ more manpower to enhance EFCC duty performances, because inadequate staff adversely affects the performances of their duty; that the government should establish special court to facilitate the activities of the agency and avoid unnecessary delays which characterizes court cases in Nigeria; that any official of EFCC or judge found to have compromised in carrying out official duties should be dismissed.
Key words: Financial crimes Corruption Looting Money laundering EFCC