THE FIGHT
With the growing threat of economic and financial crimes to Nigeria, the Nigerian government has genuinely woken up from slumber. Previous governments in Nigeria have made efforts to fight economic and financial crimes but recorded little or no success. Such efforts include the promulgation of the under listed laws aimed at providing a legal framework to combat these crimes:

• The National Drug Law Enforcement Agency (NDLEA) Act, 1989
• The Money Laundering Act of 1995 (now 2004)
• Advance Fee Fraud (otherwise known as 419) and Related Offences Act of 1995
• Failed Banks (Recovery of Debts) an Financial Malpractice in Banks Act of 1996
• Banks and Other Financial Institutions, Act of 1991
• Miscellaneous Offences Act, 1985
• Foreign Exchange (Miscellaneous) Offences Act of 1995

In 1999, democratic government came to Nigeria. The need to actively fight the siege of economic and financial crimes became pressing. Locally and Internationally, Nigeria was under pressure to take a responsive approach towards the elimination of financial and economic crimes. In response to these yearnings, Nigerian government under the leadership of president Olusegun Obasanjo took steps to curb these dangerous trends.

• In 2000, the Anti Corruption Commission was established under the Independent Corrupt Practise and Related Offences Act 2000.
• Due process office was created in the presidency
• The economic and financial crimes commission was established in 2002. The Act establishing it was later re-enacted in 2004.

a.  THE ANTI CORRUPTION COMMISSION: The commission was set up for the purpose of holding public officials accountable for their stewardship. Success has been recorded since its establishment as many are being prosecuted today in various courts for offences bordering on corruption.

b. THE DUE PROCESS OFFICE IN THE PRESIDENCY: The need to check abuse of due process procedures in the award and discharge of government contracts made it necessary for the establishment of this office under the presidency. The office since inception has recorded tremendous success in its duty to enthrone accountability and transparency in the public service. It has recovered over N85billion.

c. THE ECONOMIC AND FINANCIAL CRIMES COMMISSION (EFCC): The EFCC is at the forefront of Nigeria’s anti-cyber crime, financial and economic crime war. The commission investigates and takes proactive measures to help prevent financial and economic crimes.

The EFCC is charged with the responsibility of Enforcement and Administration of the EFCC Act in the overall context of preventing, detecting, investigating and prosecuting all cases of economic and financial crimes in Nigeria. The Act also criminalizes the financing and participation in terrorism.

It has the responsibility of enforcing other laws and regulations relating to economic and financial crimes including:  continue ....next page