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Economy 
Vol. 7, No. 1, 52-58, 2020 

ISSN(E) 2313-8181/ ISSN(P) 2518-0118 
DOI: 10.20448/journal.502.2020.71.52.58 

© 2020 by the authors; licensee Asian Online Journal Publishing Group 

    
 

 
 
 
The Performance of the Economic and Financial Crimes Commission (EFCC) in the 
Fight against Corruption in Nigeria: A Critical Appraisal 

 
Obiwuru Chidera Rex   

 

 
 
Pan-African Institute, Rivers State, Nigeria; Department of Politics and International Relations; Esep Le Berger 
University, Republic of Benin. 

 

 
Abstract 

This very article is essentially geared towards evaluating the performance of the EFCC as an anti-
graft agency in Nigeria. The benchmark for this evaluation is a few selected functions of the 
agency as enumerated in the Economic and Financial Crimes Commission (Establishment) Act 
2004 (section 6). Based on the sensitivity of the topic, secondary analysis is strictly used. The data 
generated for the study are both quantitative and quantitative. The study revealed, with pictorial 
evidence as well as names of culprits and properties confiscated, that the EFCC is actually 
carrying out its functions as mandated by the parliamentary Act of its establishment. However 
contrariwise, the findings revealed that the commission is yet to be fully independent in the 
discharge of its assignment. It is also yet to effectively reduce crime rate in the country. The study 
recommended among other things that the independence of the Commission should not be 
compromised; that is, it should not be used by any government in power as a ridiculing, 
incapacitating machine against the opposition. 

 
Keywords: EFCC, Performance, Appraisal, Nigeria, Corruption. 

JEL Classification: K23 Regulated Industries and Administrative Law. 
 

Citation | Obiwuru Chidera Rex (2020). The Performance of the 
Economic and Financial Crimes Commission (EFCC) in the Fight 
against Corruption in Nigeria: A Critical Appraisal. Economy, 7(1): 
52-58. 
History:  
Received: 20 February 2020 
Revised: 24 March 2020 
Accepted: 27 April 2020 
Published: 11 May 2020 
Licensed: This work is licensed under a Creative Commons 

Attribution 3.0 License  
Publisher:  Asian Online Journal Publishing Group 
 

Funding: This study received no specific financial support. 
Competing Interests: The author declares that there are no conflicts of 
interests regarding the publication of this paper. 
Transparency: The author confirms that the manuscript is an honest, 
accurate, and transparent account of the study was reported; that no vital 
features of the study have been omitted; and that any discrepancies from the 
study as planned have been explained. 
Ethical: This study follows all ethical practices during writing.   

 

 

Contents 
1. Introduction ...................................................................................................................................................................................... 53 
2. The Establishment and Functions of the EFCC ........................................................................................................................ 53 
3. Theoretical Framework .................................................................................................................................................................. 54 
4. Conclusion ......................................................................................................................................................................................... 56 
5. Recommendations ............................................................................................................................................................................ 56 
References .............................................................................................................................................................................................. 56 
 

 
 
 
 
 
 
 
 

 

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Contribution of this Paper to Literature 
The study contributes to the existing literature by appraising the efforts/performance of the Economic and 
Financial Crimes Commission (EFCC) in the fight against corruption in Nigeria. It also tried to correct, 
with evidence, the notion among Nigerians that the EFCC is a dormant, inefficient anti-graft agency. 

 
1. Introduction 

One of the characteristics of every human society is crime. There is no society or country devoid of crime or 
corruption. If such a society ever exists at all, its existence then does not go beyond the confines of the mind, or 
human imagination. In fact thinking of such a society is a sign of hallucination. In the United States for example, 
we have, regardless of the country‟s level of development, Foreign Corrupt Practices Act (OCCA), and the Federal 
Bureau of Investigation (FBI). In United Kingdom, its level of hyper-civilization notwithstanding, it has the 
Serious Fraud Office (SFO). Even in Italy whose capital city is Rome – the abode of the Roman Catholic Church – 
also has the Central Anticrime Directorate of Italian Police Service (DAC-SPS). With this therefore, crime or 
corruption is ubiquitous, hence, the reason for the establishment of the above Act of Parliament and agencies in 
those countries. 

Just like in other states, the presence of corruption is the prime reason for the setting up of the Economic and 
Financial Crimes Commission (EFCC). Some of the criminal acts that the agency combats in Nigeria include but 
not limited to E-commerce/card fraud [which involves defrauding unsuspecting members of the public, after their 
account details, pin and password have been retrieved from them through sending of mails with fake letterheads 
and logos of banks], wonder bank/ponzi schemes [involves recruiting investors who are promised high rates of 
return but later disappointed when the operators – fraudsters – feel they have had large number of clients and shut 
down], romance and dating scam [targeted mostly against gullible foreigners who are in need of love or 
marriage], employment scam [targeted against desperate job seekers due to the high rate of unemployment in the 
country], and charity scam [used against benevolent men and women in the society by guising oneself in order to 
look pitiable, and presenting fabricated, pathetic stories] (EFCC, 2019). 

Other crimes that the agency is established to fight are embezzlement, looting, bribery, vandalism, money 
laundering, contract scam, identity theft/phishing scam, inheritance scam, juju scam, lottery scam, scholarship 
scam, immigration/visa scam, etc (EFCC., 2019; National Bureau of Statistics and Economic and Financial Crimes 
Commission, 2006). 

Looking at the above diversities of crime in the country, it becomes obvious that corruption has become 
synonymous with the word “Nigeria”. No wonder (Orokpo, 2017) claims that although corruption is universal, it is 
quite pervasive in Nigeria as the country ranked 143 most corrupt country in the world out of 182 countries in 
Transparency International‟s 2011 Corruption Perception Index. In like manner, Achebe (1983) notes in an 
unambiguous manner that “anybody who can say that corruption in Nigeria has not yet become alarming is either a 
fool, a crook or else does not live in this country”. 
 

2. The Establishment and Functions of the EFCC 
Prior to the establishment of the EFCC, there have been attempts by successive regimes to curb corruption in 

Nigeria. One vivid attempt was the launching of War Against Indiscipline (WAI) in March 1984 under Buhari-
Idiagbon regime. The military government of the duo struck its beak severally against the rock in the fight against 
indiscipline, bribery and corrupt practices in Nigeria like an eagle seeking to get rid of its old beak on a mountain 
top. Though corruption significantly reduced, but when the government was sacked by General Babangida in 
August 1985 the rate of corruption in the country again skyrocketed. 

In fact, fraudulent activities, economic mismanagement, and accountability and transparency became a great 
issue of concern in all quarters of the federation as it greatly hampered real development in the country. Bearing 
this in mind, Akanbi (2004) cited in Orokpo (2017) affirms that the legacy of corruption and lack of accountability 
that were prevalent under military rule (mainly after Buhari-Idiagbon regime) constituted a kibosh or a constraint 
to the socio-economic development of the nation. Orngu (2006) also cited in (Orokpo, 2017) likewise made it clear 
that prior to the Fourth Republic that commenced in 1999, corruption stitched and put on Nigeria garment of a 
failed state. 

Nonetheless while trying to set ablaze the shameful garment and trying to rescue the country from the ocean 
of a failed state, President Oluseegun Obasanjo‟s administration established the EFCC in 2002 by an Act of the 
National Assembly. Be that as it may, corruption kept soaring in the country to the point that the Transparency 
International ranked Nigeria in 2004 Corruption  Perception Index as the second most corrupt country in the 
world (for precision purpose: 133 out of 133 countries surveyed) with an annual loss of US$ 25.76 billion dollars 
(see (Nwoba & Monday, 2018; Nzejekwu, 2011)). 

Ultimately, the government of Obasanjo, considering the above, amended the Establishment Act in 2004. Thus 
based on the Economic and Financial Crimes Commission (Establishment) Act 2004, the organization performs the 
following functions: 

i. The enforcement and the due administration of the provisions of the Act. 
ii. The investigation of all financial crimes including advanced fee fraud, money laundering, 

counterfeiting, illegal charge transfers, futures market fraud, fraudulent encashment of negotiable 
instruments, computer credit card fraud, contract scam, etc. 

iii. The co-ordination and enforcement of all economic and financial crimes laws and enforcement 
functions conferred on any other person or authority. 

iv. The adoption of measures to identify, trace, freeze, confiscate or seize proceeds derived from terrorist 
activities, economic and financial crimes related offences or the properties the value of which 
corresponds to such proceeds. 

v. The adoption of measures to eradicate the commission of economic and financial crimes. 



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vi. The adoption of measures which includes coordinated preventive and regulatory actions, introduction 
and maintenance of investigative and control techniques on the prevention of economic and financial 
crimes. 

vii. The facilitation of rapid exchange of scientific and technical information and the conduct of joint 
operations geared towards the eradication of economic and financial crimes. 

viii. The examination and investigation of all reported cases of economic and financial crimes with a view to 
identifying individuals, corporate bodies or groups involved. 

ix. The determination of the extent of financial loss and such other losses by government, private 
individuals or organization. 

x. Collaborating with government bodies both within and outside Nigeria carrying on functions wholly 
or in part analogous with those of the Commission. 

xi. Dealing with matters connected with the extradition, deportation and mutual legal or other assistance 
between Nigeria and any other country involving Economic and Financial Crimes. 

xii. The collection of all reports relating suspicious financial transactions, analyse and disseminate to all 
relevant Government agencies. 

xiii. Taking charge of, supervising, controlling, coordinating all the responsibilities, functions and activities 
relating to the current investigation and prosecution of all offenses connected with or relating to 
economic and financial crimes. 

xiv. The coordination of all existing economic and financial crimes, investigating units in Nigeria. 
xv. Maintaining a liaison with office of the Attorney-General of the Federation, the Nigerian Customs 

Service, the Immigration and Prison Service Board, the Central Bank of Nigeria, the Nigeria Deposit 
Insurance Corporation, the National Drug Law Enforcement Agency, all government security and law 
enforcement agencies and such other financial supervisory institutions in the eradication of economic 
and financial crimes. 

xvi. Carrying out and sustaining rigorous public and enlightenment campaign against economic and 
financial crimes within and outside Nigeria. 

xvii. Carrying out such other activities as are necessary or expedient for the full discharge of all or any of 
the functions conferred on it under this Act. 

 

3. Theoretical Framework 
3.1. Institutional Framework 

Institutions are not nonexistent in any society. This is because family, religion, economic systems, legal 
systems, language, mass media, business, academia, art, etc. [which are essential attributes of a human society] are 
themselves institutions (Johan, 2017). Scott (1995) one of the major doyens or proponents of this theory, notes that 
institutions “are social structures that have attained a high degree of resilience” and are “composed of cultural-
cognitive, normative, and regulative elements that, together with associated activities and resources, provide 
stability and meaning to social life”. 

The crux of this theory is that institutions help in the establishment or promotion of a desirable, lawful society 
through the creation and maintenance of order and stability, inculcation of morals and political values in young 
ones, and even apprehension of law defaulters and imposition of penalties on them (see (Meyer, 2008; Norback, 
2019; Orokpo, 2017)). 

To narrow this down to the study, the government of the Federal Republic of Nigeria, considering the 
happenings in different Nigerian states, set up the EFCC to curb economic and financial crimes. No wonder it 
empowered the agency, like we have in the functions of the EFCC above, to, among others, engage in investigation 
of all financial crimes, confiscation of proceeds derived from economic and financial crimes related offences, and 
public enlightenment on the dangers of engaging in economic and financial crimes for the overall betterment and 
thriving of the country and its inhabitants. 
 

3.2. A Critical Appraisal of the EFCC 
Ever since the establishment of the antigraft agency in Nigeria, particularly in recent times, there has been 

commotion as well as verbalization from different angles concerning the efficacy and the trustiness/reliability of 
the agency in the fight against corruption in the country. While some Nigerians believe that the agency is carrying 
out its sacrosanct duty of investigating corrupt practices and even arresting and arraigning corrupt elements in the 
law court, others hold that the agency is yet to be serious with its law assigned duties (Sowunmi, Adesola, & 
Salako, 2010). 

Be that as it may, our appraisal of the performance of the EFCC would be based strictly on a review of just five 
of its objectives or functions stated above so as to see whether or not the agency has truly recorded success in its 
activities in the country. 
 

A. The Adoption of Measures to Eradicate the Commission of Economic and Financial Crimes 
There has been adoption of methods and measures by the EFCC towards curbing corrupt practices in the 

country. The agency established the Nigerian Financial Intelligent Unit (NFIU) who, among others, help in the 
detection of suspicious transactions in financial institutions within Nigeria mainly. It also maintains its own 
database of terrorist groups, individuals, non-governmental organizations (NGOs), etc. and thus frequently 
monitor them (Orokpo, 2017). 

Further, the agency has adopted the Whistle-Blowing Policy mainly for the eradication of crime. Before now 
whistle-blowers have been illy treated by the government example of which was Dele Giwa – a renowned 
journalist who, under General Ibrahim Babangida‟s military junta, was bestially killed by a parcel bomb. His lawyer 
too, late Chief Gani Tawehinmi (SAN) was attacked by a gang of armed soldiers for providing vital information to 
the police concerning his client‟s death. But the EFCC being an agency that loves to keep an ear to the ground, 
provides a whistleblower, whose information directly leads to the voluntary return of stolen or concealed public 



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funds or assets and whose information is one that the agency does not already have and which it could not have 
obtained from any other publicly available source, a reward of about 2.5% - 5% of the amount recovered (see Falana 
(2018)). 

 The whistle blowing policy has of course yielded positive results so far. The recovery of $43.4m, N23.3m and 
27,800 Euros at Flat 7 Osborne Towers, Ikoyi, Lagos State by the EFCC is a clear result of the policy. 

Nevertheless, people are presently discouraged and complain that providing the agency with vital information 
is risky for security reasons and for the fear of the agency reneging or going back on its promise. For example, one 
whistleblower, Abdulmunmini Musa, whose information led to the recovery of the Ikoyi loot/money, sued the 
agency for giving him N325 million against N860 million he said is his five percent commission (see Pulse.ng 
(2017)). 
 

B. Carrying Out and Sustaining Rigorous Public and Enlightenment Campaign Against Economic and Financial 
Crimes within and Outside Nigeria 
The EFCC has been trying in this very aspect of sensitization or enlightenment of the general public on the 

negativity, absurdity and unpalatability of fraud, looting and other economic and financial related crimes. First, 
every arrest made by the agency [and the reasons behind it] is made public for people to be aware of and to desist 
from such an act. When a culprit is convicted by court, the agency also makes it public. [Though there are few 
cases they keep confidential information from the media, and questions they give no response to for some reasons]. 

The agency also has a journal named The Journal of EFCC where articles mainly on crime and corruption are 
published for the interest of the general public. It also publishes books and handouts for teaching e.g. the Anti-
Corruption Preaching/Teaching Manual for Christians in Nigeria, and the Anti-Corruption Preaching/Teaching Manual 
for Muslims in Nigeria. 

Lastly, the EFCC attends youth gatherings across the federation and enlightens them on the havocs corruption 
and crime have wrought on the economic, political as well as socio-cultural life of the country and the way each 
Nigerian can help out. Personally, I have witnessed such or sat under the tutelage of a representative of the agency 
in NYSC orientation camp in Rivers State and that is why I‟m attesting to it. There in the camp located at Nonwa-
Gbam Tai local government area in November 2019, the EFCC also requested for volunteers, as it has been doing 
before, who would help to shun crime, economic and financial crimes particularly. 
 

C. Dealing with Matters Connected with the Extradition, Deportation and Mutual Legal or Other Assistance 
Between Nigeria and any Other Country Involving Economic and Financial Crimes 
The EFCC has been working with different international bodies to ensure the reduction of economic and 

financial crimes. Just very recently, in December 2019 precisely, the EFCC secured the deportation of Mr. 
Mohammed Bello Adoke (SAN), Nigeria‟s former Attorney-General and Minister of Justice, from Dubai, United 
Arab Emirates (UAE) over alleged abuse of office and money laundering as it regards granting of the Oil 
Prospecting Licence (OPL) 245 to Shell and ENI (the case popularly known as the Malabu oil scam deal). Prior to 
Adoke‟s deportation he had been in the custody of the Interpol in same UAE since he was apprehended on 
November 11, 2019. To some, Adoke‟s travel to Dubai for medical reasons was an attempt to escape arrest, but the 
antigraft agency still worked with the International police and the UAE authorities to ensure his arrest and 
deportation. 
 

D. The Investigation of All Financial Crimes Including Advance Fee Fraud, Money Laundering 
This is the function that many Nigerians give credits to the EFCC. The antigraft agency apprehends those 

suspected to be involved in fraud related crimes as well as investigates their case. In an interview with newsmen in 
Abuja, Mr. Ibrahim Magu – the EFCC boss revealed that they recently arrested no fewer than 200 internet fraud 
suspects [called in Nigerian parlance “Yahoo Boys”]. The agency, according to Magu, recovered from one of the 
arrestees – Ismaila Mustapha (a.k.a. Mompha) [and his Lebanese accomplice, Hamza Koudeih], whom they tagged 
“kingpin of an Organized Cyber Syndicate Network”, a whooping amount of N33bn gotten from alleged money 
laundering, and a total of five wristwatches valued at over N60m (Punch, 2019). 

Nonetheless, some people have continued to find fault in the manner in which the EFCC executes his very 
function. To them, once the agency carries out a raid they arrest both the targets and the innocent non-targets. An 
example is when the EFCC Ibadan zone raided a hotel [Modzak Hotel, Lagos precisely] on December 04, 2019 for 
the purpose arresting only one Rasaq Balogun but ended up arresting no fewer than 27 other persons there 
(Pulse.ng, 2019). 
 

E. The Adoption of Measures to Identify, Trace, Freeze, Confiscate or Seize Proceeds Derived from Terrorist 
Activities, Economic and Financial Crimes Related Offences 
Apart from the EFCC going after “yahoo boys”, the agency also is after politicians; it arrests corrupt politicians 

and freezes/seizes whatever property that belong to them which are gotten by the proceeds of crime. The agency 
has seized properties (and has even frozen bank accounts) owned by Dienzani Alison-Madueke [former Minister of 
Petroleum], Haruna Momoh [former managing director of PPMC, a subsidiary of the Nigerian Petroleum 
Corporation – NNPC], Sambo Dasuki [former national security adviser], Ibrahim Shema [former Governor of 
Katsina State], Patience Jonathan [former Nigeria‟s First Lady], Ayodele Fayose [former governor of Ekiti 
State], etc. that were purportedly acquired with public fund. For Shema‟s case, the agency seized his three 
mansions over his alleged involvement in aN74.6bn fraud. According to the EFCC boss – Ibrahim Magu, about 407 
properties were seized (with 126 permanently forfeited and 281 under interim forfeiture) by the agency between 
2015 and 2018. Among the seized properties were filling stations, land, real estate, jewellery, automobiles, 
petroleum products and so forth (see (Olafusi, 2018; Pulse.ng, 2016; The Nation, 2016)). 

Contrariwise, some people believe and verbalize that the agency is being used by each government that comes 
to power, particularly the present Buhari‟s government, to weaken every opposition. The main opposition party, 
People‟s Democratic Party (PDP), has argued that the independence of the EFCC is obviously questionable as most 



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of its political arrestees or targets are usually its (PDP‟s) members or former members/supporters. Some of these 
allegedly arrested, investigated or persecuted politicians or PDP members/supporters include Bukola Saraki 
[former Senate President], Ayodele Fayose, Patience Jonathan, Sambo Dasuki, M. Walter Onnoghen [former 
Chief Justice of Nigeria], etc. while someone like Bola Tinubu, the National Leader of the ruling All Progressive 
Congress (APC), who used bullion vans to allegedly convey huge sum of money to his Ikoyi home during the 2019 
General Elections has never been apprehended nor probed by the agency. In fact when the EFCC boss was asked a 
question by newsmen concerning Tinubu‟s matter he gave no response but rather called for another question 
(Pulse.ng, 2019). 

Another important issue with the EFCC or the problem most Nigerians have with the agency is what the 
recovered fund and properties by the agency are being used for. An average Nigerian sees the agency as the “looter 
of the recovered loot”, for they have hardly seen or heard where the recovered loots are being invested. However, 
the agency has tried to clear the air over the matter by saying that the recovered money is being taken to 
consolidated revenue account in the Central Bank of Nigeria. But, the masses still doubt this and even the 
credibility of the agency. 

Finally and considering the above, the US-based group, Human Rights Watch, condemned the EFCC and 
deemed it an agency that fights corruption with corrupt hands. It even noted that the Nigeria‟s political system 
“rewards rather than punish corruption” mainly because of the “rapturous welcome” given to a PDP chieftain, 
Olabode Gorge [after serving a two-and-a-half year in prison in 2011 for corruption] by even former President 
Olusegun Obasanjo – the founder of the “so-called” EFCC, and former Minister of Defence, Ademola 
Adetokunbo(BBC News, 2011). 
 

4. Conclusion 
From the evaluation above we have seen the strength and weakness of the EFCC particularly in the discharge 

of its law assigned duties. While the agency has adopted several measures, organized several lectures, seminars and 
campaigns, made numerous arrested, and seized properties worth billions of naira all in a bid to banish corruption 
from the country, it has, however, been accused of infidelity, apprehension of non-targets, relooting recovered loot, 
and being used to persecute the opposition party. Whatever, no Nigerian, who is not a cook/disher of lies and/or 
who doesn‟t harbor mendacity and acrimony against the agency, would say the EFCC is an inefficient anti-graft 
body without first covering his/her face with a basket, for proofs of the agency‟s works are there to speak for it. 
 

5. Recommendations 
No good research work that tries to address or correct an anomaly in the society would end without a 

recommendation. Thus considering the findings of this research, the following few suggestions are proffered as 
recommendations which would help to facilitate meaningful improvement in the manner the EFCC fights against 
corruption in Nigeria. 

i. The government, at both federal and state levels, should stare clear off the activities of the EFCC in 
order for the agency to be fully independent and to be able to fight corruption with a mind devoid of 
prejudice. 

ii. The EFCC should try not to renege any of its promise especially as it regards rewarding 
whistleblowers. This will further motivate the people to expose corruption and unscrupulous elements 
in the country. 

iii. There should be proper and a more convincing explanation by the EFCC on who is in charge of or 
where the recovered loots are being channeled to so as to correct the notion of the agency “relooting 
the loot”. 

iv. The EFCC ought to be ultra-careful during raids to avoid apprehending the “innocent” alongside the 
culprit(s). 

 

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whistle-blowers-in-the-fight-against-corruption-in-nigeria/. 
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corruption and awareness of EFCC (Book of Instructions for Field and Editing Staff). Garki, Abuja: National Bureau of Statistics. 
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Nigeria (2007-2017). The Social Sciences, 13(1), 94-104. 
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of Accounting, University of Nigeria,, Enugu.    
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http://www.africmil.org/the-role-of-whistle-blowers-in-the-fight-against-corruption-in-nigeria/
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The Nation. (2016). EFCC seizes three Mansions from Shema. The Nation, September 20. 

 

 
Appendix-1. Evidence that EFCC is Working. 

Source: EFCC Alert, vol. 4, No.1, 31 January 2015. 
 
 

 
Appendix-2. Evidence that EFCC is Working. 

Source: EFCC Alert, vol. 4, No.1, 31 January 2015. 
 

 
 



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Appendix-3. Publications of the EFCC. 

             Source: EFCC Alert, vol. 4, No.1, 31 January 2015. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

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