Scenario One
Chief Jagunlabi is the former Executive
– Governor of a South – Eastern State in the country, not only is he unpopular
for his lack of achievements during his 2 term period of 8 years but he has
also acquired a financial fortune of $1 Billion dollars at the expense of the
pensioners in his state and civil servants whose salaries had miraculously found
its way into his bank account in Switzerland. Now that Chief is no longer a sitting
Governor, the EFCC have taken him to court for prosecution and he is facing if
found guilty, 7 years in Prison.
– Governor of a South – Eastern State in the country, not only is he unpopular
for his lack of achievements during his 2 term period of 8 years but he has
also acquired a financial fortune of $1 Billion dollars at the expense of the
pensioners in his state and civil servants whose salaries had miraculously found
its way into his bank account in Switzerland. Now that Chief is no longer a sitting
Governor, the EFCC have taken him to court for prosecution and he is facing if
found guilty, 7 years in Prison.
Scenario Two
Mr. Uche has been approached by Miss
Fineface and Mr. Smart, they have just presented to him a proposal for a
business partnership which will fetch all parties great financial rewards, Mr.
Uche pledges 150 Million Naira to the project and wires same to the accounts of
Mr. Smart and Miss Fineface. 10 weeks later Mr. Uche can’t seem to get a hold
of either Mr. Smart or Miss Fineface and their offices have been closed down. His
sources have revealed to him that both were spotted in Dubai, France and Italy
on a spending spree. Mr. Uche has reported to the EFCC that he has been duped
and the anti – graft agents have laid wait at the Muritala Mohammed Airport for
Mr. Smart and Miss Fineface who will be returning to Nigeria at noon on the
same day.
Fineface and Mr. Smart, they have just presented to him a proposal for a
business partnership which will fetch all parties great financial rewards, Mr.
Uche pledges 150 Million Naira to the project and wires same to the accounts of
Mr. Smart and Miss Fineface. 10 weeks later Mr. Uche can’t seem to get a hold
of either Mr. Smart or Miss Fineface and their offices have been closed down. His
sources have revealed to him that both were spotted in Dubai, France and Italy
on a spending spree. Mr. Uche has reported to the EFCC that he has been duped
and the anti – graft agents have laid wait at the Muritala Mohammed Airport for
Mr. Smart and Miss Fineface who will be returning to Nigeria at noon on the
same day.
THE ANTI – GRAFT AGENCY
The Economic and Financial Crimes
Commission, the Anti – Corruption watch dog of the FRN and one time woe-bringer
to the many corrupt officials in the Country’s public administration systems
was created by the EFCC (Establishment) Act, 2004. The EFCC according to the
Act is charged with responsibility of co-coordinating the various institutions
involved in the fight against money laundering and enforcement of all laws dealing
with the economic and financial crimes in Nigeria. The Functions of the Agency
include:
Commission, the Anti – Corruption watch dog of the FRN and one time woe-bringer
to the many corrupt officials in the Country’s public administration systems
was created by the EFCC (Establishment) Act, 2004. The EFCC according to the
Act is charged with responsibility of co-coordinating the various institutions
involved in the fight against money laundering and enforcement of all laws dealing
with the economic and financial crimes in Nigeria. The Functions of the Agency
include:
a) Enforce
and administer the EFCC Act.
and administer the EFCC Act.
b) Investigate
financial crimes including advance fee fraud, money laundering, counterfeiting,
illegal charge transfers, futures market fraud, fraudulent encashment of
negotiable instruments, computer credit card fraud, contract scam.
financial crimes including advance fee fraud, money laundering, counterfeiting,
illegal charge transfers, futures market fraud, fraudulent encashment of
negotiable instruments, computer credit card fraud, contract scam.
c) Coordination
and enforcement of all economic and financial crime laws.
and enforcement of all economic and financial crime laws.
d) Adoption
of measures to identify, trace, freeze, confiscate or seize proceeds derived
from terrorists’ activities, economic and financial offences or the properties
which correspond to such proceeds.
of measures to identify, trace, freeze, confiscate or seize proceeds derived
from terrorists’ activities, economic and financial offences or the properties
which correspond to such proceeds.
e) Adoption
of measures to eradicate financial crimes.
of measures to eradicate financial crimes.
f) Adopting
coordinated efforts to prevent financial crimes.
coordinated efforts to prevent financial crimes.
g) Facilitation
of rapid exchange of scientific and technical information and the conduct of
joint operations geared towards eradication of financial crimes.
of rapid exchange of scientific and technical information and the conduct of
joint operations geared towards eradication of financial crimes.
h) Examination
and investigation of all reported cases of economic and financial crimes with a
view to identifying the individuals or corporate bodies involved.
and investigation of all reported cases of economic and financial crimes with a
view to identifying the individuals or corporate bodies involved.
i)
Determination of the extent of financial loss and
such other losses by government, private individuals or organizations.
Determination of the extent of financial loss and
such other losses by government, private individuals or organizations.
j)
Collaborating with local and international
agencies to carry out its functions.
Collaborating with local and international
agencies to carry out its functions.
k) Dealing
with matters connected with extradition, deportation and mutual legal or ther
assistance between Nigeria and other countries.
with matters connected with extradition, deportation and mutual legal or ther
assistance between Nigeria and other countries.
l)
Collection of all reports relating to suspicious
financial transaction, analyze and disseminate to all relevant govt. agencies.
Collection of all reports relating to suspicious
financial transaction, analyze and disseminate to all relevant govt. agencies.
m) Supervising,
controlling, coordinating all responsibilities and functions and activities
regarding the prosecution of all offences connected with its mandate.
controlling, coordinating all responsibilities and functions and activities
regarding the prosecution of all offences connected with its mandate.
n) Coordinating
all existing crime units in Nigeria.
all existing crime units in Nigeria.
o) Liason
with the office of the A. G of theFederation, Customs, CBN, NDIC and NDLEA.
with the office of the A. G of theFederation, Customs, CBN, NDIC and NDLEA.
p) Carrying
out public awareness campaigns.
out public awareness campaigns.
q) Carrying
out activities necessary to discharging its full duties.
out activities necessary to discharging its full duties.
From the
foregoing, the functions and powers of the EFCC are evident. Anyone who has
been a victim of a fraud or scam should alert the EFCC asap.
Adedunmade
Onibokun
@adedunmade