EVALUATING THE IMPACT OF ECONOMIC AND FINANCIAL CRIMES COMMISSION (EFCC) ANTI-MONEY LAUNDERING (AML)/COMBATING THE FINANCING OF TERRORISM (CFT) ENFORCEMENT ON FINANCIAL CRIME REDUCTION IN NIGERIA: AN
Alkali Mubarak , Andrew E. Zamani, PhD and Usman A. Yusuf, PhD
Volume 13 Issue 1
Abstract
This study evaluated the impact of the Economic and Financial Crimes Commissions (EFCC) Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) enforcement on Nigerias mutual evaluation outcomes and examined challenges affecting effective implementation. A descriptive survey research design was adopted, with the population comprising 1,523 staff of the EFCC Headquarters (HQ). Using the Krejcie and Morgan sample size determination table, a sample size of 307 was derived; however, 279 valid responses were retrieved and analyzed. Data were collected through structured questionnaires and Key Informant Interviews (KII). Descriptive statistics (frequency and percentage) and inferential analysis (multiple and simple regression) were employed for quantitative data analysis, while interview responses were analyzed thematically to complement the survey findings. Results revealed that EFCC’s AML/CFT enforcement activities, investigations, prosecutions, and collaboration with relevant stakeholders were perceived to have positively improved Nigeria’s mutual evaluation performance and AML/CFT effectiveness rating. However, the findings also showed that inadequate funding and logistics, political interference and corruption, and weak inter-agency cooperation and information sharing significantly hinder EFCC’s effectiveness in combating money laundering and terrorism financing. The paper concludes that although EFCC plays a critical role in strengthening Nigeria’s AML/CFT regime, addressing institutional and operational constraints is essential for sustaining enforcement outcomes and improving national and international AML/CFT effectiveness. The paper recommends enhanced funding and logistics support, improved institutional independence, and stronger inter-agency collaboration to strengthen Nigeria’s fight against financial crime. Keywords: Economic, EFCC, Anti-Money Laundering, Countering Financing of Terrorism
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