Failures in the Fight against Economic and Financial Crimes in Nigeria: Reasons and Panaceas
), Adewole Abraham Oluwaseun(2), Joshua Olukayode Olatoke(3), Zakariyyah Muhammed Lekan(4), Zakariyau Kabir Kehinde(5),
(1) University of Ilorin, Ilorin, Nigeria.
(2) University of Ilorin, Kwara State.
(3) University of Ilorin, Ilorin, Nigeria.
(4) Thomas Adewumi University, Oko-Irese, Kwara State, Nigeria.
(5) Thomas Adewumi University, Oko-Irese.
Corresponding Author
Abstract
Corruption, money laundering and cybercrimes otherwise known as ‘Yahoo Yahoo’ have become a cankerworm to the economic survival of Nigeria as a Nation. Using doctrinal research method, this paper examines the existing laws as well as the operational frameworks for the fight against economic and financial crimes in Nigeria with the target of interrogating the reasons for the failure in the fight against economic and financial crimes in Nigeria. The study finds that; amongst the reasons for the failure in the fight against economic and financial crimes in Nigeria are corruption, overburdened weak judicial system, fraudulent practices by defense attorneys and government interference. The paper identified the need for the amendment of the Nigerian Economic and Financial Crime Commission Act, Money Laundering Act, and Cybercrimes Act to strengthen their ability to curb the emerging threats from crypto currency-related and cross-border financial crimes in Nigeria.
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