Even
though both commissions are anti-graft agency saddled with the responsibilities
of combating bribery, corruption and other financial malpractice in Nigeria,
However, these are some differences
between Economic and financial crimes commission and independent corrupt
practice commission.
While independent corrupt practices
commission targets corruption in the public sector especially bribery
gratification, graft and abuse or misuse of office, EFCC on the other hand
investigate
peoples in all sectors who appear to be living above their means and is
empowered to investigate and prosecute money laundering and other financial
crimes. The EFCC mission is to curb the menace of corruption that constitute
the clog in the wheel of progress protect national and foreign investment In
the country, instill the spirit of hard-work in the citizenry and discourage
all gotten wealthy, identify illegal acquired wealth and confiscate them, build
an upright workforce in both public and private sectors of the economy and
contribute to the global war against financial crimes.
Also, the Economic and financial
crimes commission differs from the independent corrupt practice commission in
term of composition of officers. Section 3 of the corrupt practices and
other related offences Act 2000, which provides for its composition is of
the effect that the ICPC is made up of a chairman and 12(twelve) other members
which includes under section 3(3) a, A retired police officer not below the
rank of commissioner of police. Subsection (6) A legal practitioner with at
least 10 years post call experience. Sub section (c) a retired judge of a
superior court of record. Sub section (d) a retired public servant sub section (e)
a woman sub(f) a youth. While the EFCC consists of a wider scope of officers which
includes the chairman, the governor of central bank of Nigeria or his
representative and all other official from the foreign affairs, finance, justice
Ministries. Also the chairmen or their representatives from the national drug
law enforcement Agency, National intelligence Agency, Department of state
security service, corporate affairs commission and some other Federal Commission.
Also, while the independent corrupt
practice commission is headed by a retired justice of a superior courts of
record and whose tenure of office is 5 years and may be reappointed for a further
term of 5years and no more, the Economic and financials crimes commission is
been headed by a chairman who shall be a serving or retired member of any
government security or law enforcement agency not below the rank of Assistant
commissioner of police or equivalent and not less than 15 years cognate
experience whose tenure is for a period of four years and may be reappointed
for a further term of four years and no more.
The independent corrupt practice
commission can be differentiated from the economic and financial crimes
commission in that the ICPC relates or deals more on offence in government
parastatals, ICPC prosecutes offences of giving or accepting gratification,
under sections and 9 of the independent corrupt practices and other related
offences Act.
Counseling offence relating to
corruption, fraudulent acquisition of property, receipt property. Bribery of
public officer, bribery for giving assistance. All these offences are found, applicable in government
ministries and agencies while the EFCC on the other hand, prosecutes financial
malpractices both in government agencies or ministries, financial institutions
like banks, insurance companies, individuals engaged in Advance fee fraud, and
offences relating to terrorism under section 15(1) of the economic and
financial crimes commission (Establishment) Act 2004.
The EFCC is more wider in scope in
relation to offences of financial malpractice. Section 46 of Economic and
financial crimes (Establishment Act 2004 provide the non-violent criminal and
illicit activity committed with objective of earning wealth illegally and form
of fraud. Money laundering, illegal oil Bunkering tax evasion, dumping of toxic
waste. That is the EFCC prosecutes both economic crimes and financial crimes.