THE CONTRIBUTIONS OF EFCC IN PROMOTING FINANCIAL ACCOUNTABILITY AND TRANSPARENCY IN NIGERIA

ABSTRACT
Several years of military misrule and mismanagement had
weakened the economic management processes and institutions
in Nigeria. There was no transparency and accountability in
government (Public Sector) and private sectors and Nigeria
became notorious for endemic corruption. The result was the
inability of government to deliver services to the Nigeria public.
Most private companies both in the oil and non-oil sector have
constantly evade taxes and have collide with officials to evade
custom duties and payment of taxes. In addition, widespread
perpetration of economic and financial crimes like advance fee
fraud (419), money laundering, cyber crime, banking fraud and
endemic corruption have had severe negative consequences on
Nigeria, including decreased direct foreign investment in the
country. Consequently, the Economic and Financial Crimes
Commission (EFCC) was established as one of the mechanisms
for the prevention, investigation and prosecution of corrupt
practices and economic and financial crimes in the public and the
private sector.

Finally, this research work is aimed at looking
into the various contributions of the Economic and Financial
Crimes Commission (EFCC) in promoting financial accountability
and transparency. To achieve this aim five research questions
were developed. The study adopted the survey research
approach using the three study areas. The EFCC Lagos, EFCC
Enugu and PHCN formed the population of the study. A sample
size of 55 was choosing using Taro Yamane’s model while simple
random techniques was used to select the sample. Data
retrieved from 55 completed questionnaires were subsequently
presented in tables while simple percentage were used to
analyse and answer the research questions formulated to guide
the research work. After the analysis of data, the hypotheses
tested reviewed that the contributions of EFCC has effectively
promoted financial accountability and transparency in Nigeria.
Therefore, the researcher recommends the following: developing
an intensified information technology, staff training, capacity
building and health care fraud control.

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