Impact of the Control Measures of the Economic and Financial Crimes Commission on Public Sector Accountability in Nigeria
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Abstract
This paper reports research results on the impact of Economic and Financial Crimes Commission control measures on public sector accountability in Nigeria. It adopted the ex-post facto research design and covered the period 2008 to 2014. The number of convictions and money recoveries are used to represent the variables EFCC control measures and public sector accountability respectively. Regression model was used to analyze the secondary data and test the research hypotheses. The research evidence shows that the number of convictions used as EFCC control measure does not determine the amount recovered in a year. It was concluded that EFCC fund recovery is not a function of the number of convictions and hence the recommendation that EFCC should broaden the varieties of its control measures as a way of checking corruption and improving public sector accountability in Nigeria.
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References
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Agara, T. & Olarinmoye, O. (2009) Ethics and accountability in Nigeria’s public service: A historical overview. Journal of Public Administration and Policy Research, 1(1), 011-018.
Aroh, E.C. (2009) Corrupt practices and National Development, Business search, 1st Annual conference journal of school of Business and management technology Vol. 1, Pp 273-279.
Babatunde, S.A. (2013) Stakeholders perception on the effectiveness of internal control system on financial accountability in the Nigerian public sector. International Journal of Business and Management Invention, 2(1) pp 16-33.
Baldrich, J. (2005) Fiscal transparency and economic performance, Jbaldrich@udesa.edu, August.
Boncondin, E.T. (2007), Citizen Engagement in Budgeting and public Accountability. A paper presented at the 6th session of the United Nations Committee of Export on Public Administration, April 10-14, 2007 UN Headquarters, New York.
Don, M.B. (2002) Management and organization theory, Port Harcourt: Sherbrooke Associates, 3rd Edition.
Edoho, F. (2007) |State Corporate Alliance: Ramifications for corporate social responsibility and sustainable livelihood, African Journal of business and economic research Vol. 3, No. 1, pg 96-113.
Egbue, N.G. (2008) Institutional Reforms and the fight against corruption in Nigeria; A case study of economics and financial crimes commission EFCC, being a presentation to the faculty of Social Science of Nnamdi Azikiwe University, Awka.
Ekpo, A.H. (2004) The Nigeria Economy under a New Democratic Experience: the Charles Soludo effect, A paper presented at the convocation, University of Nigeria, Nsukka.
Emechele, O.J. (2009) A Critical Review of the Role of Economics and Financial Crimes Commission (EFCC) in public sector accountability. unpublished thesis, Madonna University, Okija.
Ezeani, N.S. (2012) An evaluation of the effectiveness of the economics and financial crimes commission in checkmating public sector accountants operations in Nigeria, Arabian Journal of Business and Management Review(Nigeria chapter) vol. 1. No. 1.
Ezekwesili, O. (2005). Due Process Mechanism and Digital Opportunities, paper presented to the University Community at Princess Alexandra Auditorium, University of Nigeria, Nsukka.
Fox, J. (1996). The effects of corruption on development, the courier ACP–EU, No. 158, July –August.
Idaewor, D. (2010). Role and Responsibility of Banks in the implementation of money laundering, economic and financial crimes in Nigeria. Unpublished thesis, Madonna University, Okija.
Inokaba P.K. & Ibegu, W.T. (2011). EFCC and Political Corruption: Implication for the consideration of Democracy in Nigeria.
Momoh, D.Y. (2010). The impact of economic and financial crimes commission (EFCC) in Nigeria unpublished seminar paper, Madonna University, Okija.
Nnado, I.C. and Ugwu, C.C. (2015) Effectiveness of the EFCC in Enhancing Accountability in the Nigeria public sector. Developing Country Studies, Vol. 5 No. 8.
Nwali, N.B. (2009) Making Effective Use of Accountants in the Fight against Corruption by EFCC. A seminar paper Presented at the Accountancy Department, Ebonyi State University, Abakiliki.
Obasanjo, O. (2003) Nigeria; from pond of corruption to Island of integrity. Lecture.
Okoli, M. (2010) Impact of EFCC in the fight against corruption in Nigeria, Unpublished seminar paper, Madonna University, Okija
Premachand, A. (2001) Fiscal transparency and accountability, idea and reality, paper prepared for the workshop in financial management and accountability, Rome
Raimi, L., Suara, I.B. and Fadipo, A.O. (2013) Role of EFCC and ICPC at ensuring Accountability and corporate governance in Nigeria. Journal of Business Administration and Education Vol. 3 No. 2 105-122.
Ribadu, N. (2004) Paper presented at the Adamawa Economic Conference and Financial Exhibition, December 9-10.
Rodrick, D. (1998) Where did all the growth go? External shocks, social conflict, and growth collapses, Harvard University
Thompson, A.A.& Strickland J.A. (1998), Strategic Management: Concept and Cases: New York, MacGraw Hill, 10th Edition.
Transparency International (2004) Nigeria: A third most corrupt country world-wide.
Wittig, W.A. (1999) Building Value through Public Procurement: a focus on Africa, 9th International Anti-corruption Conference, Durban South Africa.
Yar’Adua, U.M. (2009), Inaugural Address, Abuja, May 2.