CORRUPTION AND ECONOMIC CRIMES IN THE PUBLIC SECTOR OF NIGERIA

BACKGROUND OF THE STUDY: Economic crimes has been described as the manifestation of a criminal act done either solely or in an organized manner with or without associates or groups, with an intent to earn wealth through illegal means, carrying out of illicit activities which violate the laws of the land and other regulating statutory provisions governing the economic activities of the government and its administration. It can erode the confidence in the system of a country; threaten the integrity of government, its programmes and institutions, thereby undermining national security, law and order. On the whole, the overwhelming presence of economic crimes can make such a country unattractive to investors (Okolie 2006).

Irrespective of the sophistication of the methods adopted by criminals, the common characteristics of the crime include cheating, lying and stealing. Corruption is a menace in the public sector, although is a global malaise, the extent of its reach in the public sector was tragically stupendous. All indicators showed that the spread of this cancer had become frightening.

The menace of corruption leads to slow movement of files in offices, police extortion at tollgates and slow traffics on the highways, port congestion, queues at passport offices and gas stations, ghost workers syndrome, election irregularities, among others. Even the mad people on the street recognize the havoc caused by corruption – the funds allocated for their welfare disappear into the thin air.

Corruption is endemic in all governments, and that it is not peculiar to any continent, region and ethnic group. Corruption is found in democratic and dictatorial politics; feudal, capitalist and socialist economies.  Corruption practices did not begin today; the history is as old as the world. Ancient civilizations have traces of widespread illegality and corruption. (Lipset and Lenz 2000).

The price of corruption has been extremely high. The economic, political, social and moral bases of the country have been severely eroded and degraded. It has brought us near the brink and almost rendered us helpless and hopeless. It became imperative that something drastic had to be done to arrest the rot. This impelled the commitment of the president to tackle corruption head – on. (ICPC ACT 2000).

1.2   STATEMENT OF RESEARCH PROBLEM

Due to government insincerity in fighting corruption and economic crimes in the public sector, civil servants in the Central Bank of Nigeria take advantage of looting the treasury. The civil servants perpetrate these act because they are connected to the top government functionary and thereby they were spared from been punished.

Interference in the duties of the anti – graft agencies such as independent and corrupt practices commission and economic financial crimes commission in combating the scourge. The anti – graft agencies are been used to witch – hunt any civil servants that do not dance to their tune by the government in power. The independence of the anti – graft agencies to punish corrupt civil servants in the bank has been distorted.

Inefficiency and underutilization of public funds surface as a result of corruption and economic crimes. Due to corruption and economic crimes in the public sector, the bank have not be able to perform efficiently and proper utilization of the resources that have been assigned to their bank.

Collusion by officials in the public sector with foreigners to perpetrate corruption and found safe refuge and acceptance abroad. The officials in the public sector have engaged in this act now. This has caused the resources provided to the public sector to be mis – spent and misplaced.