COMBATING CORRUPTION IN A "FAILED" STATE: THE NIGERIAN ECONOMIC AND FINANCIAL CRIMES COMMISSION (EFCC)

Abstract

Corruption is a complex and persistent cancerous global phenomenon, which bedevils Nigeria. In Nigeria corruption in the form of misappropriation, bribery, embezzlement, nepotism, money laundering etc. by public officials have permeated the fabric of the society. Major political parties ’ office seekers top the list of unfit or corrupt officials. Elected officials of high echelon and public officers use their position of authority to actively engage in corrupt activities. It is estimated that corruption accounts for 20 percent of the GDP of Nigeria. For several years Nigeria has been at the bottom of the TI CPI ranking. In 2002, the Nigerian government created the EFCC to investigate and prosecute cases of corruption and financial crimes. This paper reviews the political economy of corruption and the efforts by the Nigerian government to combat it by examining the types and forms of corruption and the various perspectives for understanding the causes of corruption. The study while recognizing the importance of the various perspectives, notes that both the institutional and rent-seeking theories offer deeper insights into the systemic corruption activities. Finally, the paper examines the activities of the EFCC and notes that it faces serious challenges, as the configurations of the Nigerian political landscape are uncertain.