AN EXAMINATION OF THE PROVISIONS OF THE ECONOMIC AND FINANCIAL CRIMES (EFCC) ACT IN NIGERIA

The historical background to the existence of the Economic and Financial Crimes Commission (EFCC)became eminent when it was recognised from the late 1980's of the need to create a special agency to investigate economic and financial crimes in Nigeria. It wasperiod when the menace of Advance Fee Fraud with its negative impact on Nigeria had been acknowledged. It became also notable that the sophistication of economic crimes was such that there might be the need for a special commission to handle their investigation and prosecution. The EFCC is a creation of the law with the responsibility to investigate money laundering and advance fee fraud in Nigeria. The history of the EFCC in Nigeria began with its establishment in 2003 about IS5years ago, in 2003. At the course of its development Nigeria became confronted with a lot of different anti-developmental issues. Among other things include the high level of criminality and fraudulent activities. Poverty and crime have remained high to this day. Owing to this, there is a smear of the country’s image. The enormity of the situation brought about the creation of the EFCC.