Economic and Financial Crimes Commission

The Economic and Financial Crimes Commission (EFCC) was established in 2003 as Nigeria's primary anti-corruption agency, tasked with investigating and prosecuting financial crimes including money laundering, advance fee fraud, and corruption by public officials. Created under President Olusegun Obasanjo's administration, the commission was given broad powers to arrest, investigate, and prosecute individuals and organizations involved in economic and financial crimes. The EFCC operates with specialized units covering different types of financial crimes and maintains offices across Nigeria's six geopolitical zones.

The commission's creation followed mounting international pressure on Nigeria to address its reputation as a hub for financial crimes, particularly advance fee fraud schemes that had damaged the country's global image. Nigeria faced potential sanctions and isolation from the international financial system, while corruption was draining billions from public coffers meant for development projects. The establishment of EFCC was part of broader anti-corruption reforms that included the Independent Corrupt Practices Commission (ICPC) and represented Nigeria's commitment to cleaning up its financial sector and improving governance standards.