Economic and Financial Crimes Commission

About EFCC
The preponderance of economic and financial crimes like Advance Fee Fraud (419), Money Laundering, etc
has had severe negative consequences on Nigeria, including decreased Foreign Direct Investments in the
country and tainting of Nigeria's national image. The menace of these crimes and the recognition of the
magnitude and gravity of the situation led to the establishment of the Economic and Financial Crimes
Commission (EFCC). The legal instrument backing the Commission is the attached EFCC (Establishment) Act
2002 and the Commission has high-Ievel support from the Presidency, the Legislature and key security and law
enforcement agencies in Nigeria.
What we investigate
Advance
Fee
Fraud
Friday, 21 April 2006
This section mainly investigates cases of advance fee fraud(commonly called 419) i.e. obtaining by false
pretence through different fraudulent schemes e.g. contract scam, credit card scam, inheritance scam, job
scam, lottery scam, wash wash scam(money washing scam), marriage scam. Immigration scam,
counterfeiting, religious scam it also investigates cases of cyber crime.
Watch out for the Business letter scam! For years now, businesses, learning institutions, and government
departments have been receiving e-mails from senders posing as Nigerian/West-African government or
business officials offering to share large sums of money.
Do not become a victim. If you have received an unsolicited letter containing any of the characteristics listed
below, you should carefully research available information before conducting a transaction.
Most letters are variations of the following:
You receive an "urgent" business proposal "in strictest confidence" from a Nigerian/West-African civil
servant /businessman.
Oil prospecting license - A proposal is normally made to unsuspecting members of the public for
allocation for crude oil lifting.
The sender, often a member of the "contract review panel", obtained your name and profile through
the Chamber of Commerce or the International Trade Commission.
The sender recently intercepted or has been named beneficiary of the proceeds from real estate, oil
products, over-invoiced contracts, cargo shipments, or other commodities, and needs a foreign partner to assist
with laundering the money.
Since their government/business position prohibits them from opening foreign bank accounts,
senders ask you to deposit the sum, usually somewhere between $25-50 million, into your personal account.
For your assistance, you will receive between 15-30% of the total, which sits in the Central Bank of
Nigeria (CBN) awaiting transfer.
To complete the transaction, they ask you to provide your bank name and address, your telephone
and fax numbers, the name of your beneficiary, and, of course, your bank account numbers.
The sender promises to forward your share within 10-14 working days!
Banking
Fraud
This section mainly investigates cases involving banks and other financial institutions. It frauds in Bank e.g.
issuance of Dud cheque, fraudulent encashment of negotiable instruments ,foreign exchange malpractices and
other financial malpractices in Banks and other financial institutions.
Economic
Governance
This section mainly deals with cases that have flair with good Governance, transparency and accountability. It
investigates cases ranging from abuse of Office, official corruption, bribery of government officials, diversion of
public funds through fraudulent award of
contracts, corruption in land allocation, Tax fraud, capital market fraud, Money laundering, Oil Bunkering etc.
The
Establishment
Act
The Act mandates the EFCC to combat financial and economic crimes. The Commission is empowered to
prevent, investigate, prosecute and penalise economic and financial crimes and is charged with the
responsibility of enforcing the provisions of other laws and regulations relating to economic and financial
crimes, including:
Economic and Financial Crimes commision Establishment act (2004)

The Money Laundering Act 1995
The Money Laundering (Prohibition) act 2004
The Advance Fee Fraud and Other Fraud Related Offences Act 1995
The Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act 1994
The Banks and other Financial Institutions Act 1991; and
Miscellaneous Offences Act
To view these documents (in PDF format) Click Here
In addition, the EFCC will be the key agency of government responsible for fighting terrorism
The Chairman
Mal Nuhu Ribadu a Nigerian was born in November, 1960. He graduated from the Nigerian Law School and
was called to the bar in 1984, before joining the Nigeria Police, where he rose to become head of the Legal and
Prosecution department, Police Headquarters, Abuja. His 18-year service in the Nigeria Police culminated in
his appointment as the pioneer Chairman of the Economic and Financial Crimes Commission (EFCC) by
President Olusegun Obasanjo, in 2003.
Ribadu has been recipient of several awards, as a police officer, prosecutor and Chairman, EFCC. He received
triple Inspector General of Police Awards in 1997, 1998 and 2000 and the Special Commendation of the
Accountant General of the Federation for successfully prosecuting some corrupt public servants, in 1999.
Notable Nigerian newspapers including Thisday, The Sun, Leadership, Nigerian Tribune and NewAge,
declared him Man of the Year in 2004 and 2005, in recognition of his outstanding achievements as a committed
crusader against corruption and other related crimes.
Offices
Contact Details for this website
Name
Position
Email
Phone
info@efccnigeria.orgThis
email address is being
EFCC Head Office
Information at EFCC
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+234 (9)
Nigeria
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Port Harcourt
Lagos Office
084-230-529
+234 (01)
2624189,
http://www.efccnigeria.org/index.php?option=com_contact&catid=4&Itemid=3
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What are the main types of economic and financial crimes investigated by EFCC?

What are some examples of fraudulent schemes mentioned in the document?

About EFCC

Most letters are variations of the following:

Friday, 21 April 2006

Economic and Financial Crimes commision Establishment act (2004)

To view these documents (in PDF format) Click Here

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