An Evaluation of the Functions of the Economic and Financial Crimes Commission inCorrelation to the Enforcement of Section 21 of the Central Bank Act, 2007

Abstract

This research critically examines the role of the Economic and Financial Crimes Commission (EFCC)
in relation to the enforcement of Section 21 of the Central Bank Act, 2007, amid concerns over the
devaluation and continuous abuse of the Nigerian Naira. Recent high-profile arrests of celebrities by
the EFCC for allegedly abusing naira notes have sparked debate about the legal authority of the EFCC
to address such offenses. The study explores whether the EFCC’s mandate, defined by its enabling
statutes and case law, extends to the enforcement of Section 21, which deals with the tampering and
defacing of Naira notes. A comprehensive study of the EFCC Act reveals that the Commission’s
functions are specifically confined to economic and financial crimes, such as fraud, money laundering,
and embezzlement, which are non-violent illicit activities aimed at wealth accumulation, and are distinct
from the currency-related offenses outlined in Section 21 of the Central Bank Act. The research
highlights that tampering with or defacing currency does not fall within the statutory definition of
economic and financial crimes as per the EFCC Act. Consequently, the EFCC’s intervention in such
matters, including the arrest and prosecution of individuals for abuse of the naira, appears to exceed
its statutory authority and may be considered as overstepping its legal boundaries and can be best
termed as an act by meddlesome interlopers. The study concludes that the EFCC’s recent actions in
prosecuting cases related to currency abuse are ultra vires, rendering these interventions as
meddlesome interferences rather than legitimate enforcement actions within its defined scope.