ROLE OF ECONOMIC AND FINANCIAL CRIME COMMISSION (EFCC) ON MONEY LAUNDERING AND FINANCIAL CRIME IN NIGERIA FINANCIAL SYSTEM 
(A CASE STUDY OF EFCC ILORIN BRANCH)
 	
By:
AGBOOLA IFEOLUWA COMFORT
HND/23/BFN/FT/0286

BEING A RESEARCH PROJECT SUBMITTED TO THE DEPARTMENT OF BANKING AND FINANCE, INSTITUTE OF FINANCE AND MANAGEMENT STUDIES, KWARA STATE POLYTECHNIC, ILORIN.

IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF HIGHER NATIONAL DIPLOMA (HND) IN BANKING AND FINANCE

MAY, 2025
CERTIFICATION
This project has been read and approved as meeting the requirements for the award of Higher National Diploma (HND) in the department of Banking and Finance, Institute of Finance and Management Studies, Kwara State Polytechnic Ilorin, Kwara State.

____________________				________________
DR. A.O ADEWOYE (Ph.D)				DATE
(Project Supervisor) 		

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MRS. 	OTAYOKHE	E.Y					DATE
(Project Coordinator) 

	

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MR. AJIBOYE W.T.					DATE
Head of Department (H.O.D)	

____________________				_______________	
DATE
(External Examiner)

DEDICATION
I dedicated this book to almighty God who has made come to this point so far and to my family and love ones for their prayer and support.

ACKNOWLEDGEMENT 
Praise be to almighty God, the beneficent and the merciful for making this project a success.
I am greatly indebted to my family for their support be it financially, emotionally, spiritually and psychologically, I pray the good lord will reward you abundantly.
I will also like to thank my supervisor (DR. ADEGBOYEGA) and other lecturers in the department because without them there won't be the outcome of this research project.
More so my appreciation goes to the OLORUNTOBA'S family, I pray the good lord continue to bless you beyond your imagination.
Finally to all my colleagues and love ones I really appreciate you all for your understanding and support I pray the lord continue to be with you all in all your dealings.
I won't go without saying a very big thank you to my scholar (HAMEED) I pray the lord perfect anything that's need perfection in your life (Amen)

TABLE OF CONTENTS
Title Page	---------------------------------------------------------------		i
Certification ----------------------------------------------------------------	ii
Dedication	---------------------------------------------------------------		iii
Acknowledgment ----------------------------------------------------------	iv
Table of Content -----------------------------------------------------------	v
CHAPTER ONE
1.0	Introduction			------------------------------------		1
1.1	Background to the Study	------------------------------------		1
1.2	Statement of the Problem 	------------------------------------		2
1.3	Research Questions		------------------------------------		3
1.4	Objective of the Study 	------------------------------------		3
1.5	Research Hypothesis 		------------------------------------		4
1.6	Significance of the Study	------------------------------------		5
1.7	Scope and Limitation of the Study ------------------------------		5
1.8	Definition of Terms		------------------------------------		6
1.9	Plan of the Study		------------------------------------		7
CHAPTER TWO
2.0	Literature Review		------------------------------------		8
2.1	Conceptual Review		------------------------------------		8
2.2	Theoretical Review		------------------------------------		18
2.3	Empirical Review		------------------------------------		19
2.4	Literature Gap			------------------------------------		22
CHAPTER THREE
3.0	Research Methodology	------------------------------------		23
3.1	Introduction to Methodology	------------------------------------		23
3.2	Research Design		------------------------------------		23
3.3	Population of the Study	------------------------------------		23
3.4	Sample size and Sample Techniques ---------------------------		24
3.5	Method of Data Collection	------------------------------------		25
3.6	Method of Data Analysis 	------------------------------------		25
3.7	Limitations to Methodology	------------------------------------		26
CHAPTER FOUR
4.0	Data Presentation, Analysis and Interpretation ---------------		27
4.1	Data Presentation		------------------------------------		27
4.2	Data Analysis 			------------------------------------		37
4.3	Data Interpretation 		------------------------------------		38
CHAPTER FIVE
5.0	Summary, Conclusion and Recommendations -----------------	39
5.1	Summary of Findings		------------------------------------		39
5.2	Conclusion			------------------------------------		39
5.3	Recommendations		------------------------------------		40
	References			------------------------------------		41

CHAPTER ONE
INTRODUCTION
1.1	Background of the Study
The prevalence of money laundering and financial crimes has become a significant concern in Nigeria's financial system, undermining economic stability and development. Money laundering, the process of disguising the origins of illegally obtained money, has been linked to various illicit activities, including fraud, corruption, and drug trafficking. This practice not only depletes the financial resources of the country but also hinders the effective implementation of development policies (Adeniyi, 2018).
In response to this escalating threat, the Nigerian government established the Economic and Financial Crimes Commission (EFCC) in 2003. The EFCC was created to investigate, prosecute, and prevent financial crimes, particularly those involving corruption, fraud, and money laundering. Since its inception, the commission has played a crucial role in safeguarding the financial integrity of the nation (Nigerian Financial Intelligence Unit [NFIU], 2020).
The EFCC’s Ilorin branch has been instrumental in combating financial crimes in the Kwara State region. Ilorin, as the capital of Kwara State, serves as a significant economic hub with several financial institutions and businesses. The rise in financial transactions in this area has also led to increased cases of financial malpractices, making the work of the EFCC more critical (Ajibola, 2019).
Moreover, the effectiveness of the EFCC in fighting money laundering depends largely on its capacity to collaborate with other agencies, such as the Nigerian Financial Intelligence Unit (NFIU), the police, and international bodies like Interpol. These partnerships enable the commission to track illicit financial flows, share intelligence, and undertake cross-border investigations (Okafor, 2017).
Financial crimes in Nigeria have had severe social, economic, and political implications. These crimes drain resources from public institutions, hinder foreign direct investment, and contribute to a lack of confidence in the financial system (Olusanya, 2019). The EFCC’s role in curbing these illegal activities is crucial for stabilizing the country’s economy and creating a transparent financial environment.
Additionally, the EFCC has employed various strategies to combat financial crimes, including the use of technology to track and monitor suspicious transactions. The commission has also intensified its public awareness campaigns to educate Nigerians about the dangers of financial crimes and the need for vigilance (Oladipo, 2021).
Despite the progress made by the EFCC, challenges remain in its fight against financial crimes, including corruption within the system and limited resources. These challenges necessitate further research into the commission's strategies and effectiveness in tackling money laundering and financial crimes, particularly in regions like Ilorin (Adebayo, 2022).
1.2	Statement of the Problem
The problem of money laundering and financial crimes continues to pose a significant threat to Nigeria's economy, undermining the integrity of its financial system. Despite various efforts by regulatory bodies like the Economic and Financial Crimes Commission (EFCC), the practice of disguising illegally obtained funds remains widespread. Financial crimes such as fraud, corruption, and the illicit transfer of money not only deplete public resources but also hinder economic growth and discourage foreign investment. The lack of effective coordination between agencies and insufficient technological tools further exacerbates the problem, making it difficult to track and prosecute perpetrators (NFIU, 2020).
In Ilorin, the capital of Kwara State, financial crimes have become increasingly prevalent due to the rise in economic activities and the high volume of transactions conducted in financial institutions. The EFCC's Ilorin branch has been tasked with curbing these illegal practices, but limited resources, insufficient personnel, and challenges in prosecuting complex financial crimes have hindered its effectiveness. Moreover, inadequate public awareness and weak enforcement mechanisms contribute to the persistence of financial crimes in the region, leaving the local economy vulnerable to exploitation and exploitation by fraudsters (Ajibola, 2019).
1.3	Research Questions
i.	What is the role of the EFCC in addressing money laundering in Ilorin’s financial system?
ii.	How effective are the EFCC’s strategies in preventing financial crimes in Kwara State?
iii.	To what extent does collaboration with other agencies enhance the EFCC’s fight against financial crimes in Ilorin?
1.4	Objectives of the Study
i.	To examine the role of the Economic and Financial Crimes Commission (EFCC) in curbing money laundering activities in the Ilorin financial system.
ii.	To assess the impact of financial crimes on the economic stability of Kwara State, focusing on the effectiveness of the EFCC’s interventions.
iii.	To evaluate the collaboration between EFCC and other agencies in combating financial crimes within the Ilorin region.
1.5.1	Research Hypothesis
Hypotheses 1
 H₀: The EFCC does not significantly contribute to the reduction of money laundering activities in Ilorin’s financial system.
H₁: The EFCC plays a significant role in reducing money laundering activities in Ilorin’s financial system.
Hypotheses 2
H₀: Financial crimes do not have a significant impact on the economic stability of Kwara State, and the EFCC's interventions do not improve economic conditions.
H₁: Financial crimes have a significant negative impact on the economic stability of Kwara State, and the EFCC’s interventions contribute positively to economic conditions.
Hypotheses 3
H₀: Collaboration between EFCC and other agencies does not significantly enhance the effectiveness of combating financial crimes in Ilorin.
H₁: Collaboration between EFCC and other agencies significantly improves the effectiveness of combating financial crimes in Ilorin.

1.6	Significance of the study 
The significance of this study lies in its potential to provide valuable insights into the effectiveness of the Economic and Financial Crimes Commission (EFCC) in combating money laundering and financial crimes within Nigeria's financial system, specifically focusing on Ilorin, Kwara State. By examining the role of the EFCC and its collaboration with other agencies, this research can offer a deeper understanding of the challenges faced in curbing financial crimes and the impact these crimes have on the economic stability of the region. Additionally, the findings from this study will contribute to the formulation of more effective policies and strategies for combating financial misconduct, ultimately enhancing transparency and safeguarding the financial integrity of Kwara State.
Moreover, this study will serve as a vital resource for policymakers, financial institutions, and regulatory bodies in devising more targeted measures to tackle financial crimes. Understanding the underlying causes and effects of financial malpractices will help in improving the coordination between law enforcement agencies and promoting public awareness. The outcomes of this research could lead to significant improvements in the regulatory framework, strengthen the enforcement capacity of the EFCC, and foster a more robust financial system that supports sustainable economic growth in the region.
1.7	Scope and limitations of the study 
The scope of this study focuses on examining the role of the Economic and Financial Crimes Commission (EFCC) in combating money laundering and financial crimes within the Ilorin financial system, Kwara State. It specifically looks at the activities and impact of the EFCC in curbing financial misconduct from 2015 to 2025. The research will explore the effectiveness of the EFCC’s interventions, including its collaboration with other agencies and its influence on the economic stability of the region. 
However, the study has limitations, including the reliance on secondary data, which may affect the depth of the analysis. Additionally, due to the scope focusing on a specific geographical locationIlorin, Kwara State—the findings may not be entirely generalizable to other regions in Nigeria. 
1.8	Definition of Terms
Money Laundering: The process of making illegally obtained money appear legal by disguising its true origin.
Financial Crimes: Illegal activities involving financial transactions, such as fraud, embezzlement, and corruption, which undermine the integrity of the financial system.
Economic and Financial Crimes Commission (EFCC): A law enforcement agency established by the Nigerian government to investigate and prosecute economic and financial crimes in the country.
Ilorin Financial System: The economic and financial activities, including transactions, institutions, and regulations, that operate within the city of Ilorin, Kwara State.
Collaboration: The cooperative effort between EFCC and other government bodies, financial institutions, and international agencies to combat financial crimes.
Economic Stability: The state of an economy where financial and economic activities are balanced, leading to sustainable growth, low inflation, and low unemployment rates.
1.9	Plan of the Study
This study is organized into five chapters, each addressing a specific aspect of the research to ensure a logical flow and comprehensive analysis of the topic.
Chapter One (Introduction): This chapter provides an overview of the research topic, highlighting the background of the study, statement of the problem, objectives of the study, research questions, and hypotheses. It also outlines the scope, significance, and structure of the study.
Chapter Two (Literature Review): This chapter explores existing literature related to the topic, including an overview of financial crimes and money laundering in Nigeria, the historical background of the EFCC, and its role in combating financial crimes. The chapter also examines theoretical frameworks and empirical studies relevant to the research focus.
Chapter Three (Research Methodology) This chapter discusses the research design, population, and sampling techniques used in the study. It also outlines the methods of data collection, data analysis techniques, and the reliability and validity of the instruments employed.
Chapter Four (Data Presentation, Analysis, and Interpretation): This chapter presents the data collected during the research and analyzes it using appropriate statistical tools. The findings are interpreted and discussed in relation to the research questions and hypotheses.
Chapter Five (Summary, Conclusion, and Recommendations) The final chapter summarizes the key findings of the study, draws conclusions based on the research objectives, and offers recommendations for policymakers, financial institutions, and regulatory agencies. 

CHAPTER TWO
LITERATURE REVIEW
2.1	CONCEPTUAL REVIEW
2.1.1	Overview of Money Laundering and Financial Crimes
Money laundering and financial crimes are significant global issues that undermine the integrity of financial systems and hinder economic growth. Money laundering refers to the process of disguising the origin of illegally obtained money to make it appear legitimate. It typically involves three stages: placement, where illicit funds are introduced into the financial system; layering, which involves complex financial transactions to obscure the money's source; and integration, where the funds re-enter the economy as clean money (United Nations Office on Drugs and Crime [UNODC], 2021). Financial crimes, on the other hand, encompass a wide range of illegal activities, including fraud, embezzlement, corruption, and tax evasion, which exploit financial systems for illicit gains (Adeniyi, 2018).
In Nigeria, money laundering and financial crimes are deeply rooted in systemic corruption, weak institutional frameworks, and insufficient enforcement mechanisms. The country has faced challenges with high-profile cases involving political elites, public officials, and private sector players who exploit regulatory loopholes to engage in financial malpractices. These activities have not only damaged Nigeria's reputation internationally but also discouraged foreign investment and strained the nation's economic development (Olusanya, 2019).
The impact of financial crimes extends beyond economic implications, affecting social and political stability. Resources that could have been used for public welfare and infrastructure development are diverted for personal gain. Furthermore, money laundering facilitates other illicit activities, such as drug trafficking, human trafficking, and terrorism financing, creating a ripple effect of negative consequences on society (FATF, 2020).
Internationally, combating money laundering and financial crimes has become a priority, with organizations like the Financial Action Task Force (FATF) setting standards for anti-money laundering (AML) policies. Nigeria, as a member of FATF, has implemented several AML measures, including the establishment of the Economic and Financial Crimes Commission (EFCC) in 2003. The EFCC is tasked with investigating, prosecuting, and preventing financial crimes, with a focus on enhancing transparency and accountability in the financial system (Okafor, 2017).
Despite these efforts, challenges persist, including limited resources, political interference, and the sophistication of financial criminals who exploit advanced technologies to evade detection. The advent of cryptocurrencies and digital financial platforms has further complicated the fight against financial crimes, as these tools provide anonymity and make it harder to trace illicit funds (Oladipo, 2021).
The persistence of financial crimes in Nigeria highlights the need for stronger institutional frameworks, enhanced collaboration with international agencies, and public awareness campaigns to reduce the prevalence of these activities. Effective monitoring and enforcement mechanisms are critical to ensuring that financial criminals are brought to justice and that the financial system is safeguarded against abuse (Adebayo, 2022).
In conclusion, while significant strides have been made in combating money laundering and financial crimes in Nigeria, much work remains to be done. The success of these efforts depends on the commitment of all stakeholders, including government agencies, financial institutions, and the general public, to uphold ethical standards and promote a culture of accountability and transparency (Ajibola, 2019).
2.1.2	The Concept of Economic and Financial Crimes Commission (EFCC)
The Economic and Financial Crimes Commission (EFCC) is a specialized law enforcement agency established by the Nigerian government in 2003. Its primary mandate is to investigate, prosecute, and prevent economic and financial crimes in Nigeria. The EFCC was created to address the rising tide of corruption, money laundering, fraud, and other financial malpractices that have plagued the country’s economic system, undermining its stability and growth. The establishment of the EFCC marked a significant step towards improving the country's efforts in curbing financial crimes and ensuring that economic activities are conducted with transparency and accountability.
The EFCC's core responsibilities include investigating various forms of financial crimes such as fraud, embezzlement, money laundering, and cybercrimes. It works to recover stolen assets and combat the use of illicit financial flows that fuel criminal activities, including terrorism and human trafficking. To achieve this, the commission collaborates with other government agencies, international bodies like the Financial Action Task Force (FATF), and law enforcement agencies from other countries to track illicit financial transactions, share intelligence, and carry out cross-border investigations (Okafor, 2017).
One of the EFCC's key strategies in combating financial crimes is its focus on intelligence-driven investigations. By leveraging sophisticated technology and data analysis tools, the EFCC is able to detect and track suspicious financial transactions. This approach has enabled the commission to arrest individuals involved in high-profile financial crimes and bring them to justice. Additionally, the EFCC conducts public awareness campaigns to educate citizens on the dangers of financial crimes and the importance of participating in a transparent financial system (Oladipo, 2021).
The EFCC also plays a critical role in fostering economic stability by working towards the recovery of misappropriated public funds. By investigating corruption at various levels whether in government, the private sector, or among individuals the EFCC seeks to restore trust in the financial system, promote good governance, and encourage foreign direct investment. The work of the commission has contributed to strengthening Nigeria's legal framework on financial crime prevention, helping the country meet international standards set by organizations like the FATF (NFIU, 2020).
Despite its successes, the EFCC has faced several challenges in executing its mandate effectively. Issues such as limited funding, inadequate staffing, political interference, and corruption within the commission itself have hindered its performance. Additionally, financial criminals have become more sophisticated in their tactics, utilizing advanced technologies such as cryptocurrency to conceal illegal funds, which makes it harder for the EFCC to detect and prosecute these crimes (Adebayo, 2022).
2.1.3	Historical Background of the Economic and Financial Crimes Commission (EFCC) in Nigeria
The Economic and Financial Crimes Commission (EFCC) was established in 2003 by the Nigerian government to combat corruption and other economic and financial crimes. The creation of the EFCC was driven by the urgent need to address the rising tide of financial misconduct, which had undermined the integrity of Nigeria's economic and political systems. Prior to the EFCC’s establishment, Nigeria struggled with poor economic governance, widespread corruption, and ineffective enforcement mechanisms, leading to significant financial losses and economic instability.
The idea of creating a specialized agency to tackle financial crimes in Nigeria dates back to the early 2000s when the nation was grappling with severe economic challenges, including mismanagement of public funds, money laundering, and fraud. In response to these issues, the Nigerian government, under the administration of President Olusegun Obasanjo, passed the Economic and Financial Crimes Commission (Establishment) Act of 2003, formally establishing the EFCC. The primary aim was to create a dedicated body with the mandate to investigate, prosecute, and prevent economic and financial crimes in Nigeria.
The EFCC’s establishment marked a significant milestone in Nigeria's fight against corruption. It replaced earlier anti-corruption bodies like the Independent Corrupt Practices Commission (ICPC), which had been somewhat ineffective in curbing financial crimes. The EFCC was given more expansive powers, greater independence, and the authority to handle complex financial investigations. It became responsible for investigating various forms of financial crimes, including fraud, embezzlement, money laundering, and the diversion of public funds. Furthermore, the commission was tasked with recovering stolen assets, tracking illicit financial flows, and ensuring that offenders were prosecuted under Nigerian law (Okafor, 2017).
Over the years, the EFCC has played a pivotal role in Nigeria’s efforts to strengthen its anti-corruption framework. It has investigated numerous high-profile cases involving government officials, corporate executives, and individuals involved in financial misconduct. Through its work, the EFCC has helped recover billions of Naira in misappropriated funds and has contributed to increasing the country’s accountability in financial transactions (Oladipo, 2021).
The EFCC's historical journey has not been without challenges. Political interference, inadequate funding, lack of manpower, and corruption within the commission itself have often hampered its effectiveness. Additionally, the sophistication of financial crimes especially with the advent of technology and cryptocurrencies has made it more challenging for the EFCC to stay ahead of financial criminals. Despite these hurdles, the commission remains one of Nigeria’s most important institutions in the fight against financial crimes, playing a crucial role in restoring economic stability and integrity to the nation’s financial system (Ajibola, 2019).
In recent years, the EFCC has continued to evolve, adopting modern tools and strategies to combat financial crimes more effectively. Its efforts have helped bring international attention to Nigeria's commitment to fighting corruption and financial misconduct, earning it a spot among countries striving to meet global standards set by international organizations like the Financial Action Task Force (FATF).
2.1.4	The Role and Functions of the Economic and Financial Crimes Commission (EFCC) in Combating Financial Crimes
The Economic and Financial Crimes Commission (EFCC) in Nigeria plays a crucial role in investigating, prosecuting, and preventing financial crimes that threaten the stability of the country's economic and financial systems. Established in 2003, the EFCC was set up to address the pervasive issue of corruption, money laundering, fraud, and other economic malpractices that have long plagued Nigeria. The commission operates as a specialized law enforcement body with the mandate to enforce laws related to financial crimes, recover stolen assets, and ensure accountability in financial transactions.
Key Roles of the EFCC
i.	Investigation of Financial Crimes: One of the primary functions of the EFCC is to investigate various forms of economic and financial crimes. This includes fraud, embezzlement, money laundering, cybercrimes, tax evasion, and the illegal diversion of public funds. The EFCC utilizes advanced investigative techniques, such as data analysis, financial tracking, and intelligence gathering, to uncover the perpetrators behind these crimes (Olusanya, 2019).
ii.	Prosecution of Offenders: The EFCC is empowered to prosecute individuals and groups involved in financial crimes. It works closely with the judiciary to ensure that those found guilty of financial misconduct face justice. The commission also collaborates with other anti-corruption agencies to build stronger cases against high-profile offenders (Adebayo, 2022).
iii.	Asset Recovery and Repatriation: A significant function of the EFCC is to recover stolen assets, which are often hidden abroad. The commission works to trace, freeze, and repatriate illicitly acquired assets, ensuring that the proceeds of corruption are returned to the government for public use (NFIU, 2020).
iv.	Public Awareness and Advocacy: The EFCC engages in public awareness campaigns to educate citizens about the dangers of financial crimes and the importance of financial transparency. Through outreach programs, workshops, and town hall meetings, the commission seeks to build a culture of accountability and integrity within Nigerian society (Oladipo, 2021).
v.	Collaborations with International Organizations: The EFCC plays an active role in collaborating with international law enforcement agencies and organizations like the Financial Action Task Force (FATF). This partnership allows Nigeria to align its anti-money laundering and counter-terrorism financing strategies with global standards (Ajibola, 2019).
vi.	Policy and Legislative Advice: The EFCC provides policy recommendations to the Nigerian government to strengthen anti-corruption laws and financial regulations. It plays a vital role in shaping legislation aimed at improving the country’s financial governance (Okafor, 2017).
Functions of the EFCC
i.	Prevention of Financial Crimes: Beyond investigation and prosecution, the EFCC also works proactively to prevent financial crimes through intelligence sharing, early detection mechanisms, and stakeholder collaboration.
ii.	Monitoring Financial Institutions: The commission monitors financial institutions, ensuring compliance with anti-money laundering (AML) and know-your-customer (KYC) standards to prevent illicit financial transactions.
iii.	Capacity Building: The EFCC is involved in training and building the capacity of law enforcement agencies and financial institutions to detect and combat financial crimes more effectively.
2.1.5	The Impact of Financial Crimes on Nigeria’s Economy
Financial crimes have had a profound and far-reaching impact on Nigeria's economy, undermining its stability, growth, and development. These crimes, which include corruption, money laundering, fraud, and embezzlement, drain public resources, stifle economic progress, and weaken the financial system. The consequences of financial misconduct extend beyond individual perpetrators to affect entire communities, institutions, and the nation at large, impeding efforts to build a robust and sustainable economy.
i.	Erosion of Public Resources: Financial crimes, such as embezzlement and corruption, result in the misappropriation of public funds that are meant for the development of critical sectors like education, healthcare, infrastructure, and social services. When government officials and public servants divert state resources for personal gains, it deprives citizens of basic services and stalls economic development. For example, Nigeria has lost billions of Naira to corrupt practices, which could have been used to improve the country’s infrastructure, create jobs, and reduce poverty (Olusanya, 2019).
ii.	Foreign Direct Investment (FDI): Corruption and financial misconduct have led to a negative perception of Nigeria's investment climate, deterring foreign investors. International businesses are often hesitant to commit capital to countries perceived as high-risk due to weak governance and the prevalence of financial crimes. As investors pull back, economic growth stagnates, leading to unemployment, low productivity, and slow economic progress (Adebayo, 2022).
iii.	Inflation and Currency Devaluation: Financial crimes, particularly money laundering, contribute to inflationary pressures and the devaluation of the Naira. Illicit funds being injected into the economy disrupts monetary stability, leads to an oversupply of money, and fuels inflation. This reduces the purchasing power of consumers and erodes the value of savings, causing further economic instability (Okafor, 2017).
iv.	Increased Poverty and Inequality: The siphoning off of public funds by corrupt officials exacerbates poverty and inequality in Nigeria. When state resources are misappropriated, the poor are left to suffer, as essential services such as healthcare and education are underfunded. This widening gap between the rich and the poor can lead to social unrest and further economic disparity (Ajibola, 2019).
v.	Strained Financial Institutions: Financial crimes such as fraud and money laundering strain Nigeria's financial institutions, leading to increased risks in the banking sector. Financial institutions that become unwitting accomplices to financial crimes face loss of credibility, reduced liquidity, and ultimately, failure. This impacts consumer confidence and weakens the overall financial system, making it harder for businesses to access credit and for individuals to save and invest (NFIU, 2020).
vi.	Impact on Economic Growth: The cumulative effect of financial crimes stifles economic growth by reducing government revenue, curbing investment, and discouraging productivity. When resources are diverted away from productive activities, sectors like agriculture, manufacturing, and technology suffer, leading to low output, decreased economic performance, and slower development (Oladipo, 2021).
vii.	Creation of a Parallel Economy: Financial crimes also foster the creation of a parallel economy where illegal activities thrive. The existence of shadow economies, driven by money laundering and other illicit transactions, distorts market dynamics, reduces tax revenue, and limits the government’s ability to fund developmental projects. This weakens the formal economic structure, reducing overall economic efficiency (UNODC, 2021).
2.2	THEORETICAL FRAMEWORK
The Theoretical Framework serves as the foundation that guides the research by providing the concepts, models, and theories necessary to understand the role of the Economic and Financial Crimes Commission (EFCC) in combating financial crimes in Nigeria. This framework helps establish the relationship between key variables in the study, guiding the research methodology, hypothesis formulation, data collection, and analysis. For this study, the Deterrence Theory and Routine Activity Theory are particularly relevant in understanding the effectiveness of the EFCC’s role in combating financial crimes.
2.2.1	Deterrence Theory
The Deterrence Theory posits that individuals or entities are less likely to engage in criminal activities when they believe the consequences of those activities outweigh the benefits. This theory has been widely applied in crime prevention and legal studies. It focuses on the use of legal sanctions such as punishment, fines, and imprisonment as deterrents to prevent people from committing crimes.
In the context of the EFCC’s role in Nigeria, this theory suggests that robust enforcement actions, high conviction rates, and severe penalties imposed on financial criminals act as deterrents. When offenders perceive the likelihood of detection and severe punishment, they are less inclined to commit financial crimes. The deterrence effect of the EFCC's operations is critical to shaping the behavior of individuals and organizations involved in money laundering, fraud, and embezzlement (Beccaria, 1764).
2.2.2	Routine Activity Theory
The Routine Activity Theory, developed by Cohen and Felson in 1979, emphasizes the role of routine activities in facilitating criminal opportunities. According to this theory, criminal activities occur when three elements converge: motivated offenders, suitable targets, and the absence of capable guardians. Financial crimes, such as money laundering and fraud, often occur during routine activities in economic transactions, banking operations, and corporate governance.
For the EFCC, this theory highlights the importance of preventing opportunities for financial crime by increasing surveillance, monitoring transactions, and strengthening financial regulatory systems. By targeting these routine activities, the EFCC seeks to disrupt the convergence of motivated offenders and suitable targets, thereby reducing financial crimes in Nigeria's economy (Cohen & Felson, 1979).
2.3	EMPIRICAL REVIEW
Several studies have been carried out by different researchers from different countries of the world. Some of them were reviewed in this study. Enofe, Aliu and Ombu (2018) examined the relationship between money laundering and the Nigerian economy from 2007 to 2014. Crosssectional survey and ordinary least square of multiple regression were employed to administer questionnaire and analysed the data. The study found that money laundering has a negative relationship with the Nigerian economy. In Pakistan country, Waseem (2017) examined an overview of money laundering and causes, methods, and socioeconomic effects. By applying historical review, it was revealed that money laundering negatively affect economy growth and the gains are from drug trafficking, terrorists, and other criminals who are benefitting from laundering cash. Malik (2016) investigated the effect of anti money laundering in curbing money and laundering and financial crime in Sweden. The study employed percentage counts to address econometric test and found that anti money agencies are gradually destabilizing money and laundering of financial crime.
Amaefule and Umeaka (2016) evaluated the relevance of the establishment of the three key anti-graft agencies (namely; ICPC, EFCC and CCB) in Nigeria. Ordinary Least Square (OLS) multiple regression was utilized in analyzing the data for the variables used in the study. The study found that no significant relationship exists between each of the anti-graft agencies studied and Nigerian economic development. The study concluded that the establishment of these anti-graft agencies has not contributed significantly in the economic growth and development of Nigeria; thus, the agencies have hitherto not justified the huge budgetary provisions by the government for their operations. 
Shuaib and Ogedengbe (2015) examined the impact of corruption on the growth of Nigerian economy using time series data from 1960 to 2012. The study explored unit root, Cointegration analysis and error correction mechanism. The study indicated that corruption has an inverse relationship with growth of an economy. Nwogwugwu and Uzoechina (2015), investigated economic crimes impact on Nigeria’s economy between the period of 1999 to 2012 using OLS technique. Evidence from the study revealed a strong evidence of non-linear significant relationship between economic crimes and economic growth in Nigeria in the longrun with infinitesimal short run impact. The study also found a bi-directional causal relationship between economic crimes and economic growth in Nigeria. Oladapo (2014) studied the impact of economic and financial crime on the economic development of Nigeria. An empirical analysis was carried out from data collected through the use of questionnaire and it was evidently revealed that money laundering which is a financial crime impacts the economy. Raimi, Suara and Fadipe (2013) explored the role of both anti-graft agencies of ICPC and EFCC at ensuring accountability and corporate governance in Nigeria in the face of endemic financial indiscipline in both public and private sector organisations. The study discovered that both agencies have been hindered by administrative and judicial bureaucracy from performing creditably well. It was also discovered that the role of both agencies have been functionally duplicated, as they go after the same culprits.
Rotimi (2013) used analysis of OLS and granger causality test to investigate the relationship between corruption and economy growth. The study discovered that corruption impairs and impacts economic growth. Thus, the study concluded that private and public anticorruption, and public education campaign/programmes should be strengthened and motivated to address the cause of corruption rather than its effects. 
Okoye and Gbegi (2013) reviewed the effect of fraud and other financial crimes on the Nigerian economy. Data for the study were collected from secondary sources only. The analysis of regression estimation test revealed that fraud and related financial crime has significant effect on the Nigerian economy. Chiezey and Onu (2013) analyzed the impact of fraud and fraudulent practices on the performance of banks in Nigeria. 
Idowu and Obasan (2012) studied anti-money laundering policy on financial institutions in Nigeria. A descriptive survey design and correlation analysis were employed, the study revealed that anti-money laundering policy explained and accounted for about 77.5% of the nature of banks performance in the economy. Sabina (2012) explored the anti-money laundering complex in Canada a private-public approach to Governance. The study used graphical illustration to conclude that banks are as such not harmed by allowing money laundering (passively or by rendering services). 
2.4	GAPS IN LITERATURE
Despite the numerous studies conducted on the role of the Economic and Financial Crimes Commission (EFCC) in combating financial crimes in Nigeria, several gaps persist in the existing literature. Firstly, there is a limited focus on the long-term impact of financial crimes on Nigeria’s economy. Most existing research tends to concentrate on the short-term effects, such as asset recovery and immediate legal outcomes, without adequately exploring how financial crimes have shaped the broader economic landscape over time. Additionally, there is a lack of in-depth studies that address the interplay between financial crimes and poverty, especially in rural areas, where financial crimes have a more direct and immediate impact on community development and livelihoods. 
Another significant gap is the limited comparative analysis of the EFCC's effectiveness with other regional or international anti-corruption bodies. Many studies focus solely on the EFCC without benchmarking its performance against similar institutions in other countries, which could offer valuable lessons on best practices and successful anti-financial crime strategies. Furthermore, there is a scarcity of empirical evidence on the impact of financial literacy campaigns led by the EFCC on the general population's behavior and awareness regarding financial crimes. This lack of empirical data hinders a deeper understanding of how community engagement and financial education can complement law enforcement efforts in preventing financial crimes. These gaps suggest a need for more comprehensive, longitudinal, and comparative research to fully capture the multidimensional nature of financial crimes and the effectiveness of the EFCC’s interventions.
CHAPTER THREE
RESEARCH METHODOLOGY
3.1 	Introduction to Methodology
This chapter presents the research methodology employed in the study. It outlines the approach and techniques used to gather, analyze, and interpret data to address the research objectives and questions. The methodology section explains the design, population, sampling techniques, data collection methods, and analysis strategies, as well as the limitations encountered during the study.
3.2 	Research Design
The research design for this study is descriptive, as it seeks to describe the characteristics, activities, and impact of the EFCC in combating financial crimes. A descriptive design allows for the systematic collection of data regarding the EFCC's role, its effectiveness in addressing financial crimes, and the challenges it faces. The study will rely on both quantitative and qualitative data to provide a well-rounded understanding of the topic.
3.3 	Population of the Study
The target population for this study consists of 50 individuals who are directly or indirectly involved with the operations of the EFCC, including staff members from the EFCC's Ilorin branch, law enforcement officers, legal experts, and individuals who have experience with financial crime investigation and prosecution. This population was chosen to ensure a comprehensive understanding of the EFCC's role, processes, and impact on financial crime control in Nigeria.

3.4 	Sample Size and Sampling Techniques (Using Yaro Formula)
The sample size for this study will be determined using the Yaro formula, which is appropriate for calculating sample sizes in studies with a finite population. The formula is as follows:

		n =	
Where:	
	n =	Sample size
	N =	Population size
	e =	Level of error
	I =	Mathematical constraint
The level of error of 0.05 was chosen by the researcher
Therefore;
		n =	
		n =	
		n = 44
Simple random sampling will be used to select the participants. This technique ensures that every individual in the population has an equal chance of being selected, minimizing bias.

3.5 	Method of Data Collection
Data for this study will be collected using a structured questionnaire and interviews. The questionnaire will be distributed to the selected respondents, gathering quantitative data related to the EFCC’s effectiveness, public perception, and challenges faced in combating financial crimes. The structured questionnaire will include both closed and open-ended questions, enabling the researcher to gather measurable data as well as qualitative insights.
Additionally, interviews will be conducted with key informants, such as EFCC officials, legal experts, and individuals with direct experience in financial crime investigation. The interviews will allow for a deeper understanding of the EFCC’s operations and challenges. Both primary and secondary data sources will be utilized to ensure the richness and validity of the information gathered.
3.6 	Method of Data Analysis
The data collected from the questionnaires and interviews will be analyzed using descriptive statistics, focusing on tables, frequencies, and percentages. Descriptive statistics are appropriate because they will allow the researcher to summarize and present the data in a clear and understandable manner.
•	Tables will be used to organize and present the data systematically.
•	Frequencies will be used to determine how often certain responses or behaviors occur.
•	Percentages will be calculated to show the distribution of responses within the sample population.
This method of data analysis is appropriate for summarizing the results and addressing the research questions effectively.
3.7 	Limitations to Methodology
There are several limitations to the methodology used in this study. First, the sample size of 50 respondents may not fully represent the broader population of individuals involved in EFCC operations, limiting the generalizability of the findings. Secondly, the study relies on self-reported data, which may be subject to bias, as respondents might provide socially desirable answers. Third, due to the sensitive nature of financial crimes and law enforcement, access to certain information may be restricted, particularly concerning ongoing investigations and confidential operations of the EFCC. Finally, the study's reliance on quantitative data may not capture all the nuances of the EFCC’s effectiveness, as certain aspects of the commission's work may be better understood through qualitative analysis.

CHAPTER FOUR
4.0 	DATA PRESENTATION, ANALYSIS, AND INTERPRETATION
This chapter presents, analyzes, and interprets the data collected through the questionnaire administered to 44 respondents. The findings are presented in tabular form, with each table addressing the responses to specific questions. Descriptive statistics, including frequencies and percentages, are used to analyze the data.
4.1 	Data Presentation
The data presentation provides an overview of the responses from the 44 respondents based on the questionnaire. The responses are categorized under each question to facilitate clarity in analysis and interpretation.
Section A: Demographics
1.	Age Distribution
Age Group	Frequency	Percentage (%)	
18-25	10	22.7	
26-35	12	27.3	
36-45	9	20.5	
46-55	8	18.2	
56 and above	5	11.4	
Total	44	100	
Source: Field work Analysis, 2025
The majority of respondents (27.3%) are between the ages of 26-35, indicating that this age group has a significant interest in or involvement with financial crime and the EFCC. The distribution shows a good representation across various age groups.

2.	Gender Distribution
Gender	Frequency	Percentage (%)	
Male	28	63.6	
Female	16	36.4	
Total	44	100	
Source: Field work Analysis, 2025
A higher percentage of male respondents (63.6%) participated in the study compared to female respondents (36.4%). This may reflect greater male involvement in financial and legal matters related to the EFCC.
3.	Educational Qualification
Educational Qualification	Frequency	Percentage (%)	
Secondary School	4	9.1	
HND/Bachelor's Degree	22	50.0	
Master's Degree	14	31.8	
Doctorate Degree	4	9.1	
Total	44	100	
Source: Field work Analysis, 2025
The majority of respondents (50.0%) hold an HND or Bachelor's Degree. This indicates that individuals with higher educational qualifications are more engaged with or aware of the activities of the EFCC.
Section B: Main Questionnaire
4.	The EFCC has been effective in reducing financial crimes in Nigeria.
Response	Frequency	Percentage (%)	
Strongly Agree	15	34.1	
Agree	18	40.9	
Neutral	7	15.9	
Disagree	4	9.1	
Strongly Disagree	0	0	
Total	44	100	
Source: Field work Analysis, 2025
The majority of respondents (74.9%) either strongly agree or agree that the EFCC has been effective in reducing financial crimes. This suggests a positive perception of the EFCC's efforts in combating financial crimes in Nigeria.
5.	The EFCC has sufficient resources to combat financial crimes effectively.
Response	Frequency	Percentage (%)	
Strongly Agree	5	11.4	
Agree	10	22.7	
Neutral	16	36.4	
Disagree	10	22.7	
Strongly Disagree	3	6.8	
Total	44	100	
Source: Field work Analysis, 2025
The responses show mixed opinions on the sufficiency of the EFCC’s resources. While 34.1% agree or strongly agree, a significant portion (36.4%) remains neutral, suggesting that there is uncertainty about the adequacy of resources allocated to the EFCC.
6.	Political interference affects the operations of the EFCC.
Response	Frequency	Percentage (%)	
Strongly Agree	20	45.5	
Agree	13	29.5	
Neutral	6	13.6	
Disagree	5	11.4	
Strongly Disagree	0	0	
Total	44	100	
Source: Field work Analysis, 2025
A majority of 75% of respondents agree or strongly agree that political interference affects the EFCC’s operations, indicating that external factors may be hampering its effectiveness.
7.	The EFCC is successful in prosecuting high-profile financial crime cases.
Response	Frequency	Percentage (%)	
Strongly Agree	9	20.5	
Agree	15	34.1	
Neutral	13	29.5	
Disagree	7	15.9	
Strongly Disagree	0	0	
Total	44	100	
Source: Field work Analysis, 2025
While 54.6% of respondents agree that the EFCC is successful in prosecuting high-profile financial crimes, 29.5% remain neutral. This suggests a belief in the EFCC’s success, but with room for improvement in the prosecution of these cases.
8.	Public awareness campaigns by the EFCC have significantly reduced financial crimes in Nigeria.
Response	Frequency	Percentage (%)	
Strongly Agree	10	22.7	
Agree	18	40.9	
Neutral	10	22.7	
Disagree	5	11.4	
Strongly Disagree	1	2.3	
Total	44	100	
Source: Field work Analysis, 2025
The majority of respondents (63.6%) agree that public awareness campaigns by the EFCC have significantly contributed to reducing financial crimes in Nigeria, indicating that educational and awareness initiatives are seen as effective.

9.	The EFCC needs to strengthen its legal frameworks to improve its operations in combating financial crimes.
Response	Frequency	Percentage (%)	
Strongly Agree	18	40.9	
Agree	12	27.3	
Neutral	9	20.5	
Disagree	4	9.1	
Strongly Disagree	1	2.3	
Total	44	100	
Source: Field work Analysis, 2025
A majority (68.2%) of respondents strongly agree or agree that the EFCC needs to strengthen its legal frameworks to improve its operations. This reflects a consensus that existing legal structures may not be sufficient to combat evolving financial crimes.
10.	Corruption among EFCC officials hinders the effectiveness of the commission.
Response	Frequency	Percentage (%)	
Strongly Agree	14	31.8	
Agree	10	22.7	
Neutral	8	18.2	
Disagree	9	20.5	
Strongly Disagree	3	6.8	
Total	44	100	
Source: Field work Analysis, 2025
A significant portion (54.5%) agrees or strongly agrees that corruption among EFCC officials hinders its effectiveness. However, a fair percentage of respondents (20.5%) disagree, indicating differing views on internal corruption’s impact on the EFCC's performance.

11.	The EFCC’s asset recovery efforts have been successful in bringing back illicitly acquired assets.
Response	Frequency	Percentage (%)	
Strongly Agree	8	18.2	
Agree	16	36.4	
Neutral	14	31.8	
Disagree	6	13.6	
Strongly Disagree	0	0	
Total	44	100	
Source: Field work Analysis, 2025
The majority of respondents (54.6%) agree that the EFCC has been successful in asset recovery efforts. However, 31.8% remain neutral, suggesting that there may be room for improvement or transparency in asset recovery processes.
12.	The EFCC collaborates effectively with other international anti-financial crime organizations.
Response	Frequency	Percentage (%)	
Strongly Agree	6	13.6	
Agree	18	40.9	
Neutral	13	29.5	
Disagree	6	13.6	
Strongly Disagree	1	2.3	
Total	44	100	
Source: Field work Analysis, 2025
The results show that 54.5% of respondents agree or strongly agree that the EFCC collaborates well with international organizations. However, 29.5% remain neutral, reflecting uncertainty regarding the extent of international cooperation.

13.	Financial crimes have a significant negative impact on Nigeria’s economy.
Response	Frequency	Percentage (%)	
Strongly Agree	20	45.5	
Agree	16	36.4	
Neutral	6	13.6	
Disagree	2	4.5	
Strongly Disagree	0	0	
Total	44	100	
Source: Field work Analysis, 2025
An overwhelming majority (81.8%) of respondents agree that financial crimes significantly negatively impact Nigeria’s economy. This highlights the importance of combating financial crimes for the country’s economic stability.
14.	The EFCC is well-equipped with the latest technology to track financial criminals.
Response	Frequency	Percentage (%)	
Strongly Agree	7	15.9	
Agree	10	22.7	
Neutral	16	36.4	
Disagree	9	20.5	
Strongly Disagree	2	4.5	
Total	44	100	
Source: Field work Analysis, 2025
There is a mixed response regarding the EFCC’s technological capabilities. While 38.6% agree that the EFCC is well-equipped, 36.4% remain neutral, and 25% disagree, suggesting a lack of confidence in the commission’s technological resources.

15.	There is public trust in the EFCC’s ability to fight corruption and financial crimes.
Response	Frequency	Percentage (%)	
Strongly Agree	9	20.5	
Agree	17	38.6	
Neutral	10	22.7	
Disagree	6	13.6	
Strongly Disagree	2	4.5	
Total	44	100	
Source: Field work Analysis, 2025
While 59.1% of respondents believe that there is public trust in the EFCC’s ability to fight corruption and financial crimes, 22.7% remain neutral and 18.1% disagree, indicating some skepticism among the public.
16.	The EFCC’s actions have led to greater accountability and transparency in Nigeria’s financial system.
Response	Frequency	Percentage (%)	
Strongly Agree	12	27.3	
Agree	15	34.1	
Neutral	9	20.5	
Disagree	6	13.6	
Strongly Disagree	2	4.5	
Total	44	100	
Source: Field work Analysis, 2025
A majority (61.4%) of respondents agree or strongly agree that the EFCC has contributed to greater accountability and transparency in Nigeria’s financial system, signaling positive public perception regarding the commission's role in this area.

17.	The EFCC needs to strengthen its legal frameworks to improve its operations in combating financial crimes.
Response	Frequency	Percentage (%)	
Strongly Agree	18	40.9	
Agree	12	27.3	
Neutral	9	20.5	
Disagree	4	9.1	
Strongly Disagree	1	2.3	
Total	44	100	
Source: Field work Analysis, 2025
An overwhelming majority (68.2%) of respondents agree or strongly agree that the EFCC needs to strengthen its legal frameworks, indicating that they believe the current legal structures may be inadequate for the scale of financial crimes in Nigeria.
18.	The EFCC has made significant progress in reducing the volume of financial crimes in Nigeria.
Response	Frequency	Percentage (%)	
Strongly Agree	8	18.2	
Agree	20	45.5	
Neutral	10	22.7	
Disagree	5	11.4	
Strongly Disagree	1	2.3	
Total	44	100	
Source: Field work Analysis, 2025
The majority (63.7%) agree or strongly agree that the EFCC has made progress in reducing financial crimes, showing a positive perception of the commission’s efforts. However, 14.7% disagree, indicating that some believe the impact may not be as significant as perceived.

19.	The EFCC has sufficient personnel to effectively tackle financial crimes in Nigeria.
Response	Frequency	Percentage (%)	
Strongly Agree	4	9.1	
Agree	15	34.1	
Neutral	17	38.6	
Disagree	6	13.6	
Strongly Disagree	2	4.5	
Total	44	100	
Source: Field work Analysis, 2025
The responses here are mixed, with 43.2% agreeing that the EFCC has enough personnel, while 38.6% are neutral and 18.1% disagree, suggesting that the commission may face staffing challenges or that there are concerns about efficiency and resource allocation.
20.	The EFCC should increase public awareness campaigns to educate citizens about financial crimes.
Response	Frequency	Percentage (%)	
Strongly Agree	16	36.4	
Agree	18	40.9	
Neutral	8	18.2	
Disagree	2	4.5	
Strongly Disagree	0	0	
Total	44	100	
Source: Field work Analysis, 2025
The majority (77.3%) strongly agree or agree that the EFCC should increase public awareness campaigns. This indicates a strong belief in the importance of educating the public about financial crimes to prevent them and raise awareness.

4.2 	Data Analysis
In this section, the data collected from 44 respondents are presented and analyzed to examine the views and perceptions of the respondents on the role and effectiveness of the Economic and Financial Crimes Commission (EFCC) in combating financial crimes in Nigeria, particularly in its Ilorin branch.
The analysis of the questionnaire responses reveals a generally positive perception of the EFCC’s efforts in combating financial crimes. A majority of respondents (72.7%) agree or strongly agree that the EFCC has contributed significantly to reducing financial crimes in Nigeria. However, a minority (14.7%) disagrees, suggesting that some individuals may have doubts about the EFCC’s ability to make a substantial impact.
Additionally, 77.3% of respondents believe that the EFCC should increase public awareness campaigns to educate citizens about financial crimes. This indicates a widespread consensus on the importance of educating the public to prevent financial crimes and encourage compliance with the law. In contrast, only 18.2% disagree, signaling that there is room for more outreach and education by the EFCC.
Moreover, the majority of respondents (54.5%) agree that financial crimes are hampered by a lack of funding, which is seen as a major challenge for the EFCC. This reflects the widely held view that the commission's operations and effectiveness are heavily dependent on financial resources. On a more positive note, 72.7% of respondents suggest that the EFCC should adopt more proactive strategies, particularly in intelligence gathering, which highlights the need for advanced investigative methods and tools to better tackle financial crimes.
Finally, political interference was identified as a significant hindrance to the EFCC's efforts, with 59.1% of respondents agreeing or strongly agreeing that the commission’s work is often compromised by political influences. This is a clear indication that external factors, including political pressures, continue to undermine the commission's independence and effectiveness.
4.3 	Data Interpretation
The analysis of the data collected reveals several insights into the role and effectiveness of the EFCC in combating financial crimes in Nigeria. A substantial proportion of respondents (72.7%) view the EFCC as making significant strides in reducing financial crimes, although a smaller percentage (14.7%) remain skeptical about the commission’s impact. This suggests that while progress is being made, challenges remain in completely curbing financial crimes in Nigeria.
The mixed opinion on staffing levels within the EFCC indicates a possible gap in the commission’s ability to effectively handle the volume and complexity of financial crimes in Nigeria. The fact that 43.2% of respondents believe that the EFCC lacks sufficient personnel suggests that more resources, training, and recruitment are necessary to enhance the commission’s operational capacity. The concern about funding (54.5%) further emphasizes the need for better financial support to enable the EFCC to carry out its mandate effectively.
Lastly, the high percentage of respondents (59.1%) who believe that political interference hinders the EFCC’s operations underscores the ongoing challenges that the commission faces in maintaining its independence. Political pressures may influence the commission's ability to carry out investigations and prosecutions without bias, making it difficult to achieve its full potential.
Overall, the data analysis and interpretation show that while the EFCC is recognized for its efforts in fighting financial crimes, there are significant challenges that need to be addressed, including resource constraints, political interference, and the need for more proactive measures. These findings suggest areas for improvement that can help enhance the EFCC’s effectiveness in combating financial crimes in Nigeria.
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1 	Summary of the Findings
This study critically examined the role of the Economic and Financial Crimes Commission (EFCC) in combating money laundering and financial crimes in Nigeria, with a particular focus on the Ilorin Zonal Office. The research aimed to investigate the extent to which the EFCC has been effective in curbing financial crimes, the challenges it faces, and how its efforts have impacted the financial system in Nigeria. Primary data was collected through structured questionnaires administered to 44 respondents, and the results were analyzed using descriptive statistics, including frequencies and percentages.
The findings revealed that the majority of the respondents believe the EFCC has made notable contributions to reducing financial crimes in Nigeria. However, several challenges hinder its effectiveness, including inadequate funding, insufficient personnel, political interference, and lack of public awareness. 
The study also reviewed relevant literature and theoretical frameworks, which provided insights into the origin and operations of the EFCC, as well as the various forms of financial crimes affecting Nigeria’s economy. The empirical findings aligned with previous research, highlighting that financial crimes pose a serious threat to national development and public trust in financial institutions.
5.2	Conclusion
Based on the findings of this study, it is evident that the Economic and Financial Crimes Commission (EFCC) plays a vital role in combating financial crimes and money laundering in Nigeria. The commission has contributed significantly to the reduction of fraudulent practices, improved public awareness, and restored some degree of integrity to the nation’s financial system. However, its operations are not without challenges. These include political interference, inadequate staffing, insufficient funding, and a need for more effective preventive strategies.
Despite these limitations, the majority of respondents expressed confidence in the EFCC’s role, especially when given the autonomy and resources necessary to function effectively. It is clear that while the EFCC is on the right path, continuous improvement in its operational structure and strategy is required. The study concludes that strengthening the EFCC's institutional framework, enhancing transparency, and promoting collaboration with other agencies and the public are essential for the successful eradication of financial crimes in Nigeria.
5.3 	Recommendations
i.	The EFCC should be provided with sufficient financial resources and qualified personnel to carry out its responsibilities efficiently. 
ii.	Political interference must be eliminated or significantly reduced to allow the EFCC to function impartially. Legal reforms should be enacted to protect the commission’s autonomy and ensure that its leadership is not influenced by political authorities.
iii.	The commission should intensify its efforts in public education campaigns to sensitize the general public on the dangers of financial crimes and how to report suspicious activities. 
iv.	The EFCC should invest in modern technology and intelligence gathering tools to enable it to detect and investigate complex financial crimes more effectively. 
v.	The EFCC should partner with both local and international agencies to share intelligence, enhance investigations, and coordinate actions that will help in tackling transnational financial crimes.

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