THE ROLE OF EFCC IN PROSECUTING CORPORATE FINANCIAL CRIMES IN NIGERIA

Abstract

This study centered on the role of EFCC in prosecuting corporate financial crimes in Nigeria. Its specific objectives were to ascertain the determinants of corporate financial crimes in Nigeria; to investigate the economic implication of corporate financial crimes in Nigeria; as well as to examine the effectiveness of EFCC in prosecuting corporate financial crimes in Nigeria. To this end, the researcher administered two hundred (200) questionnaires to respondents, out of which one hundred and ninety-eight (198) were recovered. The researcher employed chi-square statistical tool in testing the stated hypotheses. At the end of the exercise, the researcher found that lack of control over management by directors of corporate organizations, corporate culture, weakness in traditional auditing style have contributed to corporate financial crimes among other factors responsible for corporate financial crimes in Nigeria, that there are economic implication of corporate financial crimes on Nigeria economy, such as discouragement of foreign capital inflow, as well as reducing economic performance; that the EFCC have not being effective in prosecuting corporate financial crimes in Nigeria due to over protection of top corporate officials involved in financial crime, insincerity on the part of the presiding judges, etc. Deriving from the findings of this study, the researcher recommends that the rule of law must be upheld to instill sanity in the administration of justice. Equal treatment of corrupt officials is a necessity. There should be no exceptions to the rules as the law is no respecter of any person.