Tag Archives: EFCC

Illicit Financial Flows and Economic Growth: Moderating Role of Economic and Financial Crime Commission in Nigeria (Published)

Despite the efforts of Economic and Financial Crime Commission (EFCC) at curbing illicit financial flows and related problems, the magnitude of the challenges experienced overwhelms her implementation capacities. This therefore necessitate this study by analysing the effect of illicit financial flows on economic growth in Nigeria. The data for study were extracted from the report of EFCC and Central Bank of Nigeria (CBN) statistical bulletins from the period of 2010 to 2019. The study data was based on secondary sources. A purposive sample technique was adopted for the study. Based on the OLS regression model, findings of the study revealed that illicit financial flow and convicted secured by EFCC have a positive and insignificant influence on economic growth. It is therefore, recommended that EFCC should increase the effort in prosecuting and secured convictions of offenders, because will strongly reduce illicit financial flow in Nigeria.

Citation: Abdulrasheed Bawa and Joseph Ogwiji (2022)  Illicit Financial Flows and Economic Growth: Moderating Role of Economic and Financial Crime Commission in Nigeria, European Journal of Accounting, Auditing and Finance Research, Vol.10, No. 9, pp.24-35

Keywords: EFCC, Illicit financial flows, Nigeria, economic growth


Corruption is an ancient practice that has been traced back to pre-biblical time and made itself known in the ancient civilizations of developed and developing countries. Self-interest affect both the old and the young, man and woman. It is the problem that strata the socio-political and economic structure of any region especially in Igbo land. The aim of this paper is to empirically investigate the relationship between corruption and self-interest in Igbo leadership using SPSS and correlation test. The study also anchored on two theories: the idealistic theory and the anomie theory. The study revealed that the level of corruption and self-interest among Igbo leaders over the years has become a source of embarrassment to Igbos living outside the country and that corruption and self-interest among Igbo leaders has seriously had significant negative affect on the development and services delivery in Igbo land especially in rural areas. The implication of this study is that economy of Igbos cannot grow fast without zero tolerance in corruption and self-interest. The study recommended that the policies that will enhance economic development and reduce the level of corruption and self-interest are expected to be encouraged so that the level of economic growth can be improved in Igbo land. The study also suggests that there should be free and fair election in Igbo land and stops the issue of selection so that the issue of corruption and self-interest will reduce drastically. And that the activities or programmes of the anti-corruption agencies in Nigeria such as the Economic and Financial Crime Commission (EFCC) and the Independent Corrupt Practices and related Offences Commission (ICPC) should be strengthened.

Keywords: Correlation, Corruption, EFCC, ICPC, Leadership, SPSS, Self-Interest