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Corruption in Nigeria is a constant phenomenon. In 2012, Nigeria was estimated to have lost over $400 billion to corruption since its independence. [2] [3] Nigerian politicians find themselves in a strong position of power and wealth due to their connections with the oil and gas industries in Nigeria.
The EFCC was established in 2003, partially in response to pressure from the Financial Action Task Force on Money Laundering (FATF), [2] which named Nigeria as one of 23 countries non-cooperative in the international community's efforts to fight money laundering. [1] The agency has its head office in Abuja, Nigeria. The EFCC was also set up to ...
The Independent Corrupt Practices Commission (ICPC; in full the Independent Corrupt Practices & Other Related Offences Commission) is a Nigerian agency that was inaugurated on 29/9/2000 following the recommendation of President Olusegun Obasanjo.
ABUJA (Reuters) -A Nigerian court on Wednesday ordered the release of Binance executive Tigran Gambaryan after the government dropped money laundering charges against him to allow him to get ...
The activities that constitute illegal corruption differ depending on the country or jurisdiction. For instance, some political funding practices that are legal in one place may be illegal in another. In some cases, government officials have broad or ill-defined powers, which make it difficult to distinguish between legal and illegal actions.
Illegal mining operations in Ghana have contributed to the reduction of poverty. Illegal mining is an employment option for men and women with no education and it is an easy way to make quick money. [24] The government is offering alternative sources of income in the agricultural field. [24]
Money laundering is the process of illegally concealing the origin of money obtained from illicit activities (often known as dirty money) such as drug trafficking, underground sex work, terrorism, corruption, embezzlement, and treason, and converting the funds into a seemingly legitimate source, usually through a front organization.
The Supreme Court of Nigeria is the highest court in Nigeria. It is based in the capital, Abuja. The Supreme Court is mainly a court of appellate jurisdiction and is the final appeal court in the country. [5] It also has original jurisdiction in State vs. State and State vs. Federal Government cases. The Supreme Court is headed by a Chief ...