EFFECT OF ECONOMIC AND FINANCIAL CRIME COMMISSION (EFCC) ON SOCIO-ECONOMIC DEVELOPMENT IN NIGERIA

Abstract

The pandemic corrupt practices in Nigeria has been as a shortcoming on Nigerian Society, and this resulted in the slow pace of socioeconomic development in the country. This paper adopted secondary technique of data collection. The study revealed that there is a remarkable achievement on the recovering of looted fund by Economic and Financial Crime Commission which improves the socio-economic development in Nigeria. The main objective of the study is to examine the effect of the institution EFCC towards the actualization of its goals, through vision, mission and functions of the commission. The paper analyzed that EFFC has a significant impact on the socio-economic development in Nigeria. However, the commission is faced with the challenges of operating within an unfavorable legal space of limited prosecutorial powers that hinders to a large extent its operational success. Thus, some of these legal limitations posed a serious threat to their effective performance. The paper therefore, recommended that the legal powers of the commission be enlarge and the declaration of assets should be mandatory to all public office holders at least every two year. While, independent and special designated courts should be instituted to prosecute corrupt cases to ensure effective service delivery of the commission.