AIMS AND OBJECTIVES OF ECONOMIC AND FINANCIAL CRIMES COMMISSION | E.F.C.C.

Before unveiling the aims and objectives of E. F. C. C., it is sufficient to say at this juncture that the Economic and Financial Crimes  Commission was established by the former government of Obasanjo, seven years ago as an agency to combat advanced fee fraud, popularly known as 419 and other related crimes. It became very popular since its inception due to its dynamic and courageous leader then Mallam Nuhu Ribadu.

 

E.F.C.C. was able to restrict the recklessness and extravagant spending in public offices, call to attention the activities of governors, local government chairman, head of banks and business alike.⁵ In essence, for the sake of being up date, is it of vital importance to bring to notice that the commission has re-designed its powers and it has been reduced, its leadership disorganized and disoriented.

The Commission is leaden with the aims and objectives listed here under:-     

1.   To investigate all financial crimes such as advance fee fraud, money laundering, counterfeiting, illegal charge transfer, future market fraud, fraudulent encashment of negotiable instrument, issuance of dud cheques e.t.c

2.   Adoption of measures to identify, trace, freeze, confiscate, or seize proceeds derived from terrorist activities, economic and financial crimes related offences or properties, the valve of which corresponds to such proceeds.

3.   Adoption of measures to eradicate and prevent the commission of economic and financial crimes with a view of identifying, individuals, corporate bodies or group involves      

4.   Facilitation and rapid exchange of scientific and technical information geared towards the eradication of economic and financial crimes

5.   Determination of the extent of financial loss and such other losses incurred by the government, private, individual or organization.

6.   Collaboration with government bodies within and outside Nigeria carrying out their functions wholly or in part analogues with those of the commission.

7.   Dealing with matters connected with extradition, deportation and mutual legal or other assistance between Nigeria and any other country involving economic and financial crimes.

8.   The collection of all reports relating to suspicious financial transactions, analyze and disseminate such information to all relevant government agencies.

9.   Maintaining liaison with office of the Attorney General of the Federation, Nigeria Custom’s Service, accountant, immigration and Prison Service Board, Central Bank of Nigeria, Nigeria Deposit insurance corporation, national Drug Law Enforcement Agency, all government security and law enforcement agencies and such other financial supervisory institutions towards the eradication of economic and financial crimes.

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