The EFCC Establishment Act was first enacted in 2002 and amended in 2004. The Act commissions the EFCC to combat economic and financial crimes, thereby enabling the Commission to prevent, investigate, prosecute and penalize economic and financial crimes.
According to Wikipedia "Corruption runs through every level of the Nigerian government. From considerable contract fraud at the top, through petty bribery, money laundering schemes, embezzlement, and seizing salaries from fake workers, it is estimated that corruption within the state apparatus costs the country billions of dollars annually."
Furthermore, Wikipedia shows that "Corruption in Nigeria is a constant phenomenon. In 2012, Nigeria was estimated to have lost over $400 billion to corruption since its independence. Nigerian politicians find themselves in a strong position of power and wealth due to their connections with the oil and gas industries in Nigeria."
www.jomaes.org reported that "Reflective analysis shows that moral backwardness, greediness, get rich quick syndrome, absence of private detective agency, delay in prosecution, duplication of anti-corruption agency, poverty, foreign collaboration, and absence of credible media are some of the causes of corruption in Nigeria."
According to www.nfiu.gov.ng is a government website that also reported the high corruption by the Politicians "In May 2021 revealed that Nigeria lost an estimated $400 billion to IFFs between 1960 and 2018. This was attributed to corruption, trade mispricing, tax evasion, money laundering, and other illegal activities."
Chief Dr. Patrick Osagie Eholor otherwise known as Ultimate Equal, the Father of Nigerian Students-FoNS lamented about the corruption and the deeds it has caused in his words he said "The failed Buhari said If Nigeria does not kill corruption, Corruption will kill Nigeria" obviously now Corruption is killing Nigeria even when we have EFCC.
"Here is a country that borrowed 3.2 billion, 2 billion has been accessed and we are yet to access the other 1.2 billion to stabilise the currency, the currency is having a free fall, the dollar is gaining more. We are putting people as minister of Humanitarian while they are siphoning 37 billion, we have a minister of interior that is allegedly part of the crime who in the company of his wife were paid 400 million for consultation to pay the very poor ₦20,000.
"We have Gbajamila who have been pointed out as one of the most corrupt people, even institutions have been renamed after his name in Lagos. We have Sanwolu and Aisha going to Granada a very small island to go and spend and spray the dollar we borrowed from other countries. I don't know if this is how Tinubu built Lagos. We also have a ministry of Agriculture that could have been a source of our wealth if we are serious as people to go into farming if the money can be accessed by the real farmers so we can be exporting our products to every part of the world but nothing is happening in that sector, they come out always to give out fertilizers that still ends up in terrorist camp. We have a minister of interior that has been accused who is supposed to resign in shame, I want to say that the EFCC is still sleeping." Dr. Eholor concluded