GASPRO International Journal of Eminent Scholars

The purpose of this study was to assess EFCC SCUML and mitigation of financial crime in Nigeria: the implication to business in Nigeria. Expost-facto research design was adopted for the study conducted in Imo State. The target population for the study comprised all six geographical zones in Nigeria. A stratified sampling technique was used to select 2 states from each of the zones, and from the states selected, 25 business owners were chosen for the study, which gave a total of 300 respondents for the study. The instrument used for data collection was a questionnaire titled "EFCC SCUML and Financial Crime Questionnaire (ESFQ). Face and content validation of the instrument was carried out by an expert in testing, measurement, and evaluation in order to ensure that the instrument has the accuracy, appropriateness, and completeness for the study under consideration. The reliability coefficient obtained was 0.83, and this was high enough to justify the use of the instrument. The researcher subjected the data generated for this study to appropriate statistical techniques such as descriptive statistics meant to answer the research questions and simple regression analysis meant to test the hypothesis. The test for significance was done at 0.05 alpha levels. Based on the study, it was concluded that any offenses that entail stealing money or other property from another person or group of people in order to make money or further their careers are referred to as financial crimes. For the past 30 years, governments all across the world have grown more concerned about financial crime. All government parastatals in Nigeria have engaged in financial malfeasance, which has led to corruption. The EFCC SCUML is tasked with enforcing the provisions of various laws and regulations pertaining to economic and financial crimes, as well as with the authority to prevent, investigate, prosecute, and sanction economic and financial crimes. One of the recommendations made was that the EFCC and other organizations saddled with the task of eradicating corruption in Nigeria should not only focus on politicians but also on government office-holders, oil marketers, executive directors, banks, entrepreneurs, etc. for a safer and better Nigeria.