THE ENFORCEMENT OF ECONOMIC AND FINANCIAL CRIMES LAWS AND THE REDUCTION OF ECONOMIC AND FINANCIAL CRIMES IN NIGERIA

Abstract

Corruption is recognized as the bane of the Nigerian society as it undermines governance. The Economic
and Financial Crimes Commission (EFCC) was established to mitigate the menace of economic and financial crimes in Nigeria. This was informed by the upsurge of corruption by government officials and
the need to enthrone probity in governance in the country. This study therefore appraises the performance of the Economic and Financial Crimes Commission in reducing corruption in Nigeria. It examines the impact of immunity of public officeholders and the arrests and prosecution of corrupt
government officials on the effective enforcement of economic and financial crimelaws in Nigeria by
the EFCC. It utilized the qualitative method in the collection and analysis of data; while structural
functional theory served as the theoretical framework of analysis. The study demonstrated that
immunity of public officeholders has not hindered the effective enforcement of economic and financial
crimes laws by EFCC in Nigeria. It also revealed that arrests and prosecution of government officials by
the Economic and Financial Crimes Commission (EFCC) has not reduced the incidence of corruption
among government official in Nigeria. It therefore, concludes that the enforcement of the economic and
financial crimes laws in Nigeria by the Economic and Financial Crimes Commission (EFCC) has not led to
reduction in economic and financial crimes by public officeholders. It therefore recommends enhancing
the independence of EFCC and the passage of the Special Courts (Establishment) Bill to designate
specific courts to hear corruption cases to facilitate prosecution of corrupt officials.