ABSTRACT

Corruption is a complex and persistent cancerous global phenomenon, which bedevils Nigeria. In Nigeria, corruption in the form of misappropriation, embezzlement, money laundering, bribery, nepotism and political corruption by public officials have permeated the fabric of the society. Major political parties’ office seekers top the list of corrupt officials. Elected officials of high echelon and public officers use their position of authority to actively engage in corrupt activities in a bid to enrich themselves. Nigeria for years has been at the bottom of German based Transparency International (TI) ranking. It is estimated that corruption accounts for more than 20 percent of the (GDP) of Nigeria (TI Report 2005). Although successive regimes in Nigeria had established various anti-corruption bodies to curb corruption, all failed to yield positive results. Most of these anti-corruption bodies have rather reinforced corruption in the country by posing difficulties on the effort to curb the cankerworm. This study will focus on the activities and challenges of one of the anti-graft bodies Economic and Financial Crimes Commission (EFCC) established in 2003by the Obasanjo administration to investigate and prosecute cases of corruption and financial crimes. The study will also review political economy of corruption, types and forms of corruption,causes of corruption and scope of corruption in Nigeria and make recommendations for a corrupt free Nigeria.