WHAT YOU NEED TO KNOW ABOUT EFCC!

When was the EFCC established?
April 13, 2003

When was the EFCC Act Enacted?

The EFCC Establishment Act was first enacted in 2002 and amended in 2004.

Why was the EFCC Established?

The EFCC was established because of the determination of the Federal Government to combat fraudulent activities of some Nigerians and foreigners, mismanagement in the economic sector, corruption by public officials and lack of accountability and transparency that led to the listing of Nigeria as a haven for money laundering and other financial crimes. The EFCC was therefore established with the mandate to sanitize the system.

How is the Commission managed on a day-to-day basis?
The structure of the commission consists of:
· Board
· Management
· Directorates and Units
The Board provides policy direction for the operations of the Commission and it’s composed of the Executive Chairman, Secretary to the Commission/Head of secretariat and members representing various interests and institutions. The Management of the Commission has the Executive Chairman as the Chief Executive, assisted by the Secretary to the Commission/Head of secretariat. Others are Heads of Departments and Units. The Departments and Units are established to undertake the day-to-day running of the Commission.

What is the Composition of the EFCC Board?

The EFCC board consists of twenty two (22) members and the Secretary to the Commission, who is also the head of administration.

What laws does EFCC enforce?

By Section 7(2) of the Establishment Act 2004; EFCC is charged with the responsibility of enforcing the provisions of laws relating to economic and financial crimes, including:
· The Money Laundering (Amendment) Act 2004 and 2013 as amended
· The Advance Fee Fraud and Other Fraud Related Offences Act, 2006
· 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, 1985;
· Any other law relating to economic and financial crimes including the criminal code and the penal code
· Terrorism Act, 2011

How is the EFCC Financed?

The EFCC receives its funding from the Federal government of Nigeria and sometimes, technical support from donor agencies.

What are the Commission's main achievements since inception?

Since its inauguration on 13th April 2003, the Commission has recorded tremendous achievements.
· Several convictions on Money Laundering, Advance Fee Fraud, Bank Fraud and other Economic andFinancial Crimes
· Recovery of stolen money and illegally acquired properties worth hundreds of millions of US Dollars, these figures climb daily.
· Through rigorous awareness and sensitization, Nigerians are more informed about economic and financial crimes.
For more information on the achievements of the Commission, please visitwww.efccnigeria.org and www.ancorng.org

What Section of the EFCC Act empowers the Commission to prosecute people living above their known means of livelihood?

Section 7 (1) (b) of the EFCC Act 2004 empowers the agency to cause investigation to be conducted into the properties of any person if it appears to the Commission that the person's life style and extent of the properties are not justified by his source of income.

What does the EFCC logo represent?

The eagle represents strength, vigilance and tenacity; the coat of arm represents the sovereignty of the nation while the red colour represents vigour and zero tolerance for corrupt practice.