Economic and Financial Crimes Commission (EFCC) and Financial Accountability and Transparency in Nigeria
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Abstract
This study explores the effect of Economic and Financial Crimes Commission (EFCC) and financial accountability and transparency in Nigeria from 2010 to 2023. Using an ex-post facto research design and secondary data from the International Centre for Investigative Reporting (ICIR) and EFCC Conviction reports, the study investigates the effect of EFCC's operational metrics: number of petitions received, investigated cases, cases filed in court, and convictions secured, on the Corruption Perception Index (CPI) as a proxy for financial accountability and transparency. The analysis employs Ordinary Least Squares (OLS) regression to assess these relationships. The results reveal distinct effects of EFCC activities on corruption perception: the number of petitions received has a negative significant effect on the corruption perception index, whereas the number of investigated cases positively influences perceptions of corruption. However, the study finds that the number of cases filed in court and convictions secured have insignificant effects on corruption perception. The study recommends enhancing EFCC's processes for receiving and handling petitions transparently, prioritizing investigations based on severity and public interest, streamlining court processes to expedite legal proceedings, and strengthening collaboration between EFCC and the judiciary. Additionally, capacity building for prosecutors and legal teams, alongside systemic reforms within the legal system, are crucial for improving the effectiveness of anti-corruption measures in Nigeria.
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Copyright (c) 2024 Odeke, Dominion Okalizibe (Author)
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Odeke, Dominion Okalizibe, Department of Banking and Finance, Niger Delta University, Bayelsa State, Nigeria.
Department of Banking and Finance,
Niger Delta University, Bayelsa State, Nigeria.
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