Sep 17, 2014


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.  

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.

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:
a)      Enforce 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.
c)       Coordination 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.
e)      Adoption of measures to eradicate financial crimes.
f)       Adopting 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.
h)      Examination 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.
j)        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.
l)        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.
n)      Coordinating all existing crime units in Nigeria.
o)      Liason with the office of the A. G of theFederation, Customs, CBN, NDIC and NDLEA.
p)      Carrying out public awareness campaigns.
q)      Carrying 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