Analysis of the Legal and Institutional Framework for the Fight Against Corruption and Financial Crimes in Nigeria


Corruption has affected many countries all over the world especially the developing countries. It has various implications for both the developed and developing economies. Corruption hampers development and thus raises the level of poverty in any economy that finds itself entrenched in corrupt practices. Corruption creates uncertainty and risks in the growth and developmental potentials of any country. The rate of corruption occurring in the corridors of power in Nigeria led to the creation of anti-corruption agencies such as the EFCC (Economic and Financial Crimes Commission) and the ICPC (Independent Corrupt Practices and Other Related Offences Commission and the Code of Conduct Bureau amongst others. However, these agencies have made almost no headway in fighting corruption and Nigeria is rated as one of the most corrupt nations in the world. The failure of these institutions has been attributed to inefficiency, government policies and poor funding amongst others. Corruption has continued to weaken institutions, discourage investment and retard economic development. Corruption has also led to diversion of developmental resources of the society to private or personal use. This has contributed to the leakage of capital from Nigeria for illegal deposits abroad. This paper will look at the institutions set up in the fight against corruption and financial crimes. Our main emphasis will be on Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Code of Conduct Bureau (CCB) and the Economic and Financial Crimes Commission (EFCC).