The Economic and Financial Crimes Commission (EFCC) is a Nigeria Law enforcement agency that investigates financial crimes such as advance fee fraud (419 fraud) and money laundering. The EFCC was established in 2003, partially in response to pressure from the Financial Action Task Force on Money Laundering (FATF) which named Nigeria as one of 23 countries non-cooperative in the international community’s efforts to fight money laundering.
The pioneer chairman was Nuhu Ribadu, under him, the agency addressed financial corruption by prosecuting and convicting a number of high-profile corrupt individuals, ranging from Nigeria’s former chief law enforcement officer to several bank chief executives. By 2005, the EFCC arrested government officials including a south-south governor.
In September 2006, the EFCC had 31 of Nigeria’s 36 state governors under investigation for corruption. In December 2007, the Nigerian Federal Government, after extensive investigations by EFCC and other organizations, cleared the Vaswary brothers of wrong doing and invited them back into the country. ‘This Day’ and other major newspapers reported the facts of their clearance quoting text from FG issued directive. The Former Health Minister and her deputy are currently on trial for stealing over N30,000,000 ($300,000) from the ministry’s unspent funds from last year.
On June 6, 2008, Chief (Mrs.) Farida Mzamber Waziri was sworn in as the second chairperson of EFCC. Since 2008, its website contains a list of the country’s most wanted criminals.
Objectives of the Economic and Financial Crimes Commission (EFCC)
The Act mandates the EFCC to combat financial and economic crimes. The commission is empowered to prevent, investigate, prosecute and penalize economic and financial crimes and is charged with the responsibility of enforcing the provisions of other laws and regulations relating to economic and financial crimes, including:
- Economic and Financial Crimes Commission Act (2004)
- The Money Laundering Act 1995
- The Money Laundering (Prohibition) Act 2004
- The Advance Fee Fraud and other Fraud Related Offences Act 1995
- The Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act 1994.
- The Banks and other Financial Institutions Act 1991; and
- Miscellaneous Offences Act.
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