ECONOMIC AND FINANCIAL CRIMES COMMISSION (ESTABLISHMENT) ACT
Act · Security
An Act establishes the Economic and Financial Crimes Commission to investigate and prosecute financial crimes like money laundering and corruption. It targets individuals and institutions involved in such offences. This combats economic crimes and recovers stolen assets.
ECONOMIC AND FINANCIAL CRIMES COMMISSION (ESTABLISHMENT) ACT
What Is This Policy?
An Act establishing the Economic and Financial Crimes Commission (EFCC) as the principal body for investigating and prosecuting economic and financial crimes in Nigeria including money laundering, advance fee fraud, and corruption.
Who Does It Target?
Persons committing financial crimes, corruption, and economic offences Government officials accused of financial misconduct Financial institutions as gatekeepers against financial crime Whistle-blowers reporting economic crimes
What Does It Aim to Achieve?
Combat economic and financial crimes, recover proceeds of crime, enforce anti-money laundering laws, and coordinate Nigeria's response to financial crime in cooperation with international partners.
Key Features
Broad Mandate: EFCC has jurisdiction over all economic and financial crimes including money laundering, advance fee fraud, and corruption. Investigation Powers: EFCC may investigate, freeze assets, seize property, and arrest suspects without first obtaining a warrant in some circumstances. Asset Recovery: EFCC recovers proceeds of crime through forfeiture orders. International Cooperation: EFCC cooperates with international financial crime agencies through MLATs and bilateral agreements.
Current Status
Rollout Stage: Active — EFCC is operational nationwide with offices in all states Coverage: Nationwide, all sectors Beneficiaries: Nigerian public through reduction in financial crime and corruption Funding: Federal Government; assets recovered
How to Access
Report financial crimes to EFCC at https://www.efcc.gov.ng Whistle-blowers are protected and may receive rewards Financial institutions must file suspicious transaction reports Application method: File complaints at https://www.efcc.gov.ng or any EFCC office.
Important Terms
EFCC conviction results in imprisonment and forfeiture of assets Bail in EFCC cases may be set at high amounts reflecting the gravity of financial crimes Persons convicted of financial crimes are barred from public office
Impact & Metrics
EFCC has recovered hundreds of billions of naira in stolen assets since establishment and prosecuted thousands of economic crime cases.
Official Resources
Website: https://www.efcc.gov.ng Contact: Economic and Financial Crimes Commission (EFCC)
Legal Framework
Enacted under the legislative powers of the National Assembly vested by Section 4 and Section 15(5) of the 1999 Constitution (as amended). The EFCC (Establishment) Act 2004 is the principal statute. Operates alongside the ICPC Act 2000, the Money Laundering (Prevention and Prohibition) Act 2022, the Proceeds of Crime (Recovery and Management) Act 2022, and Nigeria's obligations under the UN Convention Against Corruption (UNCAC) and FATF Recommendations on anti-money laundering.