How to Fight Economic And Financial Crimes To Make Nigeria Great.

 

Money laundering has long become a terror, threatening economic growth to dragging the wheel of governance and economic development. Beyond this general assessment, money laundering is a factor in the national budget, the fight against terrorism, and foreign relations between Nigeria and other nations. 

 

The corruption issue in Nigeria's Economic and Financial Crimes Commission (EFCC) has been instrumental in indicting and prosecuting senior politicians and business people with political connections, as well as in recovering and repatriating its effectiveness, meaning that it is often considered an arm of the incumbent government with no independent Mandate is considered. 

Especially the president, they are not immune to political pressure, and the law enforcement rates have fallen. These political links have become an obstacle to the credible and efficient functioning of the EFCC. Of the more than 400 convictions that the EFCC has obtained in the ten years of its existence, only about four political class members have been successfully prosecuted through dubious agreements with the prosecutor.

The organization has also recently started investigating fraud in the private sector and, in some high-profile cases, is acting almost like a debt collection agency. This allows us to examine how more giant corporations interact with the EFCC and allows us to question the role of the private sector in perpetuating political corruption. 

This project uses a combination of law and political economy analysis along with focus groups with lawyers to analyze the political processes that can affect the functioning of the EFCC and identify the most workable ways to isolate it for political consideration on the effects of Economic crime problems can be more damaging than analysts often describe, especially in a developing country like Nigeria. 

How To Fight Economic Crime In Nigeria 

This paper looks at the holistic effects of money laundering on the Nigerian economy. It adopts the doctrinal approach of the methodology in the investigation of primary and mostly secondary data sources that are available in the analysis of various effects, such as the production of national products, the socio-economic, financial, political effects—impact, Oil & Gas Sector.

The document also addresses many of the challenges past and present administrations face in combating money laundering. However, he suggests that the government should take proactive steps to address the threat by daring to prosecute the close political staff involved to teach others that no stone is left untried in countering the threat. 

This required an IMF loan of $ 58 billion to rebuild its economy. The money had strict conditions: interest rate hikes, fiscal austerity measures, and structural reforms. Indeed, the national currency collapsed suddenly, companies and banks collapsed under the weight of their debts, and millions of people lost their jobs in the wake of the crisis. Does it sound familiar to you? Here we are now. Paying Taxes According to PwC's Taiwo Oyedele in his article, “Guess How Many Nigerians Pay Taxes And How Our Government Spends The Money?

However, the National Bureau of Statistics estimates that the number of Nigerian workers is around seventy-seven million at the same time. Only 13 percent of the workforce is employed in the fiscal network—much more. Even corporations seem to be doing everything they can to avoid paying the government their fair share. This may change if the people who make up these companies decide to start paying. If you want something to change, you have to pay your taxes on time and pay the appropriate amounts so that our government has more revenue.

Nigeria is West Africa's economic heavyweight, but it faces challenges. About two-thirds of its population lives in poverty, and its economy suffers from low productivity and an uneven climate for trade and investment. Until recently, oil-rich Nigeria was not a good place to produce or grow crops because it didn't have to be - the country just imported what it needed. But times are changing for Africa's most populous nation. 

Thanks to a 70% devaluation of its currency, the naira, Nigeria is on the verge of opportunity. Investing in Nigerian manufacturing assets is now relatively affordable. These companies can better compete with imports domestically, while the export of goods from Nigeria is more profitable due to lower costs. Developing an investment pipeline Investors are cautious about entering new countries and taking risks. 

Increasingly, however, international donors are supporting efforts to reduce this risk by raising small amounts of capital and helping to summon the right partners, develop solid business plans, and structure investment agreements. , overcome political constraints and realistically design, and produce positive results. Based in Nairobi, Kenya, the East Africa Trade and Investment Platform of the United States Agency for International Development (USAID), for example, has created and delivers a pipeline of business opportunities. Ready to invest. 

In May 2018, the Hub had closed more than $ 118 million in investment transactions for 24 companies in sectors such as agri-food, information and communication technologies, financial services, logistics, textiles, and clothing, and health. Additional transactions of $ 68.5 million are pending, with an additional $ 124.4 million in the pipeline. 

With the help of the Hub's investment deal team, mainly from East Africa, these deals closed on average six to 10 months, faster than in the past due to the reduction. The risks and cost of the transaction. The team helps maintain the pipeline from start to finish: capital mapping, geographic and sector targeting, validating opportunities, performing due diligence, modeling financial data, raising funds, structuring operations, ensuring neutrality brokerage, and planning the post-investment phase.

How can Nigeria's watchdog prevent political capture and corruption? The Nigerian Economic and Financial Crime Commission (EFCC) is one of the loudest - and sometimes controversial - anti-corruption agencies in Africa. 

The second phase of this research examines the evolution of the EFCC from an organization focused on advanced fraud to one focused on high-profile political corruption (usually at the behest of the ruler). Party and recently to a debt collection agency for the big players in the private sector. What does this mean for the EFCC in terms of its role as a law enforcement agency in the fight against corruption?

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