ASSESSMENT OF THE CHALLENGES OF ECONOMIC AND FINANCIAL CRIMES COMMISSION (EFCC) AND ITS IMPACT ON PERFORMANCE

Abstract

This study examines the challenges of the Economic and Financial Crimes Commission (EFCC) and its impact on performance. These challenges ranged from delay of court proceedings, connivance of bank officials in money laundering activities, funds recovery and convictions, corrupt activities by Politically Exposed Persons (PEPs), as well as absence of legal framework to regulate Designated Non-Financial Businesses and Professions (DNFBPs) etc. The study spanned from 2015 to 2021 and the researcher used both primary and secondary sources of data. Qualitative as well as quantitative research designs were used by way of purposive sampling method in which top management staff of key departments were interviewed and available literature was sourced from the EFCC domain and perused to compliment the findings of the interviews. A well-structured questionnaire was also designed and issued to a sample size of 362 respondents. Correlation analysis was used to determine the relationship between the variables. It was found that although EFCC has performed modestly within the paucity of funds available at their disposal, yet there remains some challenges which if surmounted, there exists a passionate disposition to record more successes. The study recommended amongst others that EFCC designated judges should be trained and retrained to meet with the ever-evolving trends of these crimes as well as expedite court proceedings to reduce delays, EFCC should leverage on more sophisticated tools and technologies for tracking and funds recovery, stiffer punishment should be meted on PEPs to reduce incidences of corrupt practices and stricter punishment should be meted on those aiding and abetting money laundering in Nigeria.