Publication Type: Briefing Paper
Authors: Idayat Hassan
Publication date: August 2021
Keywords: Agencies, Regulations
Nigeria’s Economic and Financial Crimes Commission (EFCC) was created in 2002 to complement the Independent Corrupt Practice and Other Related Offences Commission (ICPC). This was in response to a decision in June 2001 by the Financial Action Task Force (FAFT) – the global inter-governmental watchdog on money laundering and financial terrorism – to place Nigeria on its ignominious list of Non-Cooperating Countries and Territories.
While the EFCC quickly made significant efforts to address corruption through aggressive investigation, prosecution of high-profile offenders and the recovery of huge assets, concerns have remained regarding the effectiveness of the Commission – and particularly about its ability to remain independent from political interference.