Law on Combating Economic and Financial Crimes

In order to save the country from its critical stage of corruption, Obasanjo introduced several laws and acts during his tenure. Among them, there are three acts that are worth appreciated, which is ‘The Economic and Financial Crime Commission Act (EFCC)’, ‘The Corrupt Practices and Other Related Offences Act’ and ‘Money Laundering Act’ (LawPàdí 2019).

Ocheje (2019) claims that ‘The Corrupt Practices and Other Related Offences Act’ is known as the most comprehensive and severe anti-corruption legislation in Nigeria’s history. In order to guarantee the effective implementation of the law, the Nigerian government established the ‘Independent Investigation Committee on Anti-Corruption and Related Crimes’. The committee has extensive, unprecedented investigation, management, supervision, and control functions that not only accept reports of corruption and investigate, prosecute corrupt elements in appropriate cases, but also examine, evaluate, and correct public institution systems and Vulnerabilities in the procedural loopholes also have the responsibility of educating and inspiring the public against corruption and related crimes.

The investigators of the committee also enjoy the immunity granted to the police by law, as long as they have reasonable doubts about the relevant articles or evidence and the crime, they have the right to take seizure or seizure measures. In addition to the committee, Nigeria has also established a nearly parallel anti-corruption agency, ‘The Economic and Financial Crimes Commission”, which was established to guarantee the implementation of the Law on Combating Economic and Financial Crimes. Its duties are mainly to investigate and deal with corruption, criminal activities such as economic crimes, financial crimes, financing of terrorist activities, and money laundering.

Of course, as far as the importance of the Nigerian anti-corruption agency is concerned, the ‘Independent Investigation Commission on Anti-Corruption and Related Crimes’ is clearly the most important anti-corruption weapon, and it is the first drop of blood from the Nigerian anti-corruption campaign. It is worth noting that in the practice of anti-corruption in Nigeria, there are voices that the content and institutional functions of Nigerian anti-corruption legislation may be cross-cutting and diversified, which may easily lead to conflicts of jurisdiction between relevant anti-corruption agencies, which may instead “intensify Not to reduce ‘corruption.’ As the anti-corruption movement in Nigeria is in full swing, this voice is fading and sinking in the country’s anti-corruption wave.