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Interview:
Corporate Nigeria (CN) talks to
Mrs. Farida Mzamber Waziri, Executive Chairman, Economic and Financial Crimes Commission (EFCC)
EFCC is the Main Issue of the Nigerian Economy
CN: CN: Can you explain the objectives; the main function and mandate of the EFCC?
Mrs. Farida Mzamber Waziri: The objectives, main function and mandate of the EFCC are all contained in its Establishment Act 2004. The Act describes the EFCC as the designated Financial Unit, FIU, in Nigeria which is charged with the responsibility of coordinating the various institutions involved in the fight against money laundering and enforcement of all laws dealing with economic and financial crimes in Nigeria.
What precise legal power does the EFCC have?
Mrs. Farida Mzamber Waziri: The EFCC’s legal power is contained in the EFCC’s Establishment Act, 2004 and the Advance Fee Fraud and other Related Offences Act, 2006 and other laws aimed at curbing all forms of economic crimes including corruption in Nigeria.
How successful has the EFCC been in fulfilling its mandate?
Mrs. Farida Mzamber Waziri: The EFCC has been hugely successful not only in creating anti-corruption awareness among Nigerians but also in punishing proven cases of economic and financial crimes. Till date, the Commission has achieved more than 500 convictions, charged more than 60 high profile cases to court and over 1500 other cases awaiting resolution in various courts in Nigeria. Besides, the Commission has made seizures and recoveries well in excess of USD6.5billion since its inception. All these are outside the sectoral cleansing which the EFCC is daily doing. Its banking sanitation exercise is on-going. It is never a one-off exercise. We are constantly watching developments in all sectors of the economy, especially those sectors generally believed to be the commanding heights of the economy. The EFCC has become a barometer of integrity for both public and private sector functionaries, a benchmark of national growth and development and a reference institution for the attainment of good governance in Nigeria. ...
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