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Reasons Behind The Reform

The Economic and Financial Crimes Commission (EFCC) is Nigeria's financial crime investigation agency, established in 2003 in response to international pressure to fight money laundering. The EFCC has prosecuted and convicted several high-profile corrupt officials, including government ministers and bank executives. Under former chairman Nuhu Ribadu, the EFCC investigated corruption cases against various state governors and the daughter of a former president. The agency continues to pursue prominent cases of financial crimes in Nigeria.

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Chidinma Glory Ejike
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75 views2 pages

Reasons Behind The Reform

The Economic and Financial Crimes Commission (EFCC) is Nigeria's financial crime investigation agency, established in 2003 in response to international pressure to fight money laundering. The EFCC has prosecuted and convicted several high-profile corrupt officials, including government ministers and bank executives. Under former chairman Nuhu Ribadu, the EFCC investigated corruption cases against various state governors and the daughter of a former president. The agency continues to pursue prominent cases of financial crimes in Nigeria.

Uploaded by

Chidinma Glory Ejike
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We take content rights seriously. If you suspect this is your content, claim it here.
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Reforms, especially in Nigerias economic sector had always been an integral aspect of Nigerias political economy since independence

in 1960. From time to time, the way and manner in which the business of the tate is conducted as well as the benefits accruing to citi!ens in the process ha"e had to undergo re"iews depending on the e#igencies of the time. $t se"eral occasions, some of the reform policies implemented included the deregulation of interest rates, e#change rate and entry into ban%ing business. &ther measures implemented included, the establishment of the Nigeria 'eposit (nsurance )orporation, strengthening of the regulatory and super"isory institutions, an upward re"iew of capital ade*uacy standards, capital mar%et deregulation and introduction of indirect monetary policy instruments. Ne"ertheless, a peculiar feature of past reform programs in Nigeria is the associated (nternational +onetary Fund ,-orld .an% e#ternal influence and directi"e, inconsistency in policy implementation and corruption. /he thrust of this paper therefore is to illuminate the current reform efforts in Nigeria in a bid to demonstrate its home0grown character, its prospects as well as its challenges.

Economic reforms was first introduced in Nigeria in 2003, during the second term of President Olusegun Obasanjo. The reform program was nown as the National Economic Empowerment and !e"elopment #trateg$. The go"ernment aimed to impro"e the macroeconomic en"ironment within Nigeria and to better manage public e%penditures. #tructural reforms pla$ed a large role as well. Reasons Behind the Reform: !uring &''', human de"elopment indicators of Nigeria were below a"erage in comparison with other de"eloping economies. Nigeria depended strongl$ on its oil e%port business, leading the countr$ "ulnerable to fluctuations in oil prices.

(olatile fiscal spendings were destabili)ing the countr$*s macroeconomic conditions. This "olatile economic en"ironment deterred pri"ate in"estment+ at the same time, go"ernment e%penditures were rising. The unemplo$ment rate in Nigeria was ,uite high. The amount of domestic debt was increasing along with the rate of inflation. -n &''', the inflation rate was &0../, whereas in 2003 it climbed up to 2&.0/. The Nigerian citi)ens a"erage income per capita was "er$ low, below 1300.

The go"ernment*s plan to tac le these problems included structural, institutional, go"ernance, and macroeconomic reforms. 2oreo"er, the Nigerian go"ernment started to e%tend the reform process to the regional le"el. The$ wor ed to di"ersif$ the econom$ awa$ from oil, in order to impro"e the domestic business climate. E344

/he Economic and Financial Crimes Commission 12F))3 is a Nigerian law enforcement agency that in"estigates financial crimes such as ad"ance fee fraud 1419 fraud3 and money laundering.516 /he 2F)) was established in 7008, partially in response to pressure from the Financial $ction /as% Force on +oney 9aundering 1F$/F3, which named Nigeria as one of 78 countries non0cooperati"e in the international community:s efforts to fight money laundering.516 /he agency has its head office in $bu;a.576

History
5nder the pre"ious E344 chairman Nuhu 6ibadu, the agenc$ has addressed financial corruption b$ prosecuting and con"icting a number of high7profile corrupt indi"iduals, ranging from Nigeria*s former chief law enforcement officer to se"eral ban chief e%ecuti"es. 8$ 2009, the E344 arrested go"ernment officials including, !iepre$e :lamie$eseigha.;3< -n #eptember 200=, the E344 had 3& of Nigeria*s 3= state go"ernors under in"estigation for corruption.;.< -n !ecember 200>, the Nigerian 3ederal ?o"ernment, after e%tensi"e in"estigations b$ E344 and other organisations, cleared the (aswani brothers of an$ wrongdoing and in"ited them bac into the countr$. @eading Nigerian dail$ AThis !a$A and other major newspapers reported the facts of their clearance ,uoting te%t from 3? issued directi"es. -n :pril 2000, the E344 began an in"estigation of the "er$ influential daughter of the former Nigerian President, #enator -$abo Obasanjo78ello for recei"ing N&0 million B1&00,000C, stolen from the 2inistr$ of Dealth. The former Dealth 2inister and her deput$ are currentl$ on trial for stealing o"er N30,000,000 B1300,000C from the ministr$*s unspent funds from last $ear. On Eune =, 2000, 4hief B2rsC 3arida 2)amber Fa)iri was sworn in as the new chairperson of the E344.;&< Then on the =th of :ugust 2000, the former chairman Nuhu 6ibadu was demoted from :ssistant -nspector ?eneral B:-?C to !eput$ 4ommissioner of Police B!4PC.;9< Fa)iri was dismissed b$ President ?oodluc Eonathan on 23 No"ember 20&& and replaced b$ -brahim @amorde as :cting 4hairman, who has since been confirmed on the &9 3ebruar$ 20&2 b$ the Nigerian #enate.;=< #ince 2000, its website contains a list of the countr$*s most wanted criminals.;>< On #eptember &., 20&0, the head of the 3orensic 5nit of the E344, :bdullahi 2ua)u, was assassinated in Gaduna. De had been acti"el$ in"ol"ed in the trials of se"eral heads of ban s.;0<

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