Role of Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices & Other Related Offences Commission (ICPC) at Ensuring Accountability and Corporate Governance in Nigeria

Lukman Raimi, I. B. Suara, A.O. Fadipe

Abstract


Accounting profession is unique globally because it cherishes ethical principles like transparent honesty, trust, integrity, openness, prudence and responsible accountability. Absence of, and flagrant violation of these professional ethics in the Nigerian business environment encouraged corruption and fraudulent practices of monumental proportion. Attempts to curb these ills led to the establishment of economic and financial crimes commission (EFCC) and independent corruption practices & related offences commission (ICPC) by the Federal Government of Nigeria. This paper explores the role of both anti-graft agencies at ensuring accountability and corporate governance in Nigeria in the face of endemic financial indiscipline in both public and private sector organisations. The methodology adopted in this paper is the narrative-textual case study (NTCS), a research method that sources the required quantitative and qualitative secondary data on the phenomenon of study from internet, World Wide Web, online databases, e-libraries et cetera. On the strength of the qualitative data sourced, it was discovered that both agencies have been hindered by administrative and judicial bureaucracy from performing creditably well. It was also discovered that the role of both agencies have been functionally duplicated, as they go after the same culprits. The paper therefore boldly recommends that the extant anti-graft laws be harmonised and strengthened to enhance the effectiveness of fight against lack of accountability and breach of corporate governance ethics by those holding political and non-political positions in Nigeria.

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