CHAPTER ONE
INTRODUCTION
1.1 Background to the study
With the ever-evolving computer technology, financial crime has become a significant global challenge. From a crime fighting perspective, prevention of financial crime has also created enormous challenges to the enforcement agencies (Holt, 2013). The vast majority of financial crime offences have a transnational dimension. Successful prevention and combating of financial crime therefore require effective international cooperation through an adequate treaty and well-trained government and law enforcement personnel (Ladan, 2015).
Today there are more internet users located in developing countries than in developed ones (Christou, 2017). In order to create both an enabling environment for enterprises and to protect users of internet services in developing countries especially in Africa (Abdulfatai, 2017). It is necessary that treaties for the protection of internet users are put in place and the international community has a clear legal framework and sufficient law enforcement and technological capacities in place to effectively fight financial crimes in Africa (Kafoi, 2016). There is also the need for the provision of effective support to foreign law enforcement agencies requesting international cooperation in cross-national financial crime cases (Binns, 2017).
Due to the integration of digital technology and accessibility of the internet (Saulawa and Abubakar,2014), financial crime has become a popular crime in Nigeria due to inadequate policing, and lack of enforcement of relevant laws and policies in the country (Adesina, 2017; Nkanga, 2011). The negative socio-economic impact of financial crime in Nigeria, propelled the government to take drastic measures such as creating another agency, enacting cybercrime laws, and partnering with stakeholders in order to drastically reduce the activities of cybercriminals (Adesina, 2017; Adomi and Igun 2008).
Undeterred by the prospect of arrest or prosecution, cyber criminals around the world lurk on the internet as an aim present menace to the financial health of business, to the trust of their customers, and as an emerging threat to nation’s security. Extending the rule of law into cyberspace is a critical step to create a trustworthy environment for people and businesses (Barej, 2017). Because that extension remains a work in progress, organizations today must first and foremost defend their own systems and information from attack, be it from outsiders or from within. They may rely only secondarily on the deterrence that effective law enforcement can provide. To provide this self-protection, organizations should focus on implementing cyber security plans addressing people, process, and technology issues (Adaramola, 2015).
African countries are beginning to enact cybercrime laws. Organizations across Africa need to commit the resources to educate employees on security practices, develop thorough plans for the handling of sensitive data, records and transactions, and incorporate robust security technology such as firewalls, anti-virus software, intrusion detection tools, and authentication services-throughout the organizations' computer systems (Adesulu, 2017).
In Nigeria, there exist some local legislation which though were not directly made for the control of cybercrimes, but had some provisions which if properly enforced will lead to the control of some types of cybercrimes. These provisions can be found in some laws such as the Economic and Financial Crimes Commission (EFCC) Act, 2004, Advanced Fee Fraud Act, The Criminal Code Act, the Evidence Act, etcetera. The inadequacies in these laws and the proliferation of cybercrimes in Nigeria prompted the Nigeria National Assembly to pass a bill for the Prohibition and Prevention of Cybercrime and other Related Offences. This bill was signed into law by the immediate past President of the Federal Republic of Nigeria, Dr. Goodluck Ebele Jonathan on the 15th day of May, 2015. This law is the ―Cybercrime (Prohibition and Prevention etc.) Act, 2015 (the cybercrime Act). With the enactment of this law, the nation’s socio-economic environment ought to heave a sigh of relief (Adesina, 2017).
Regrettably however, this principal legislation made solely for the purpose of fighting cybercrime in Nigeria is marred with shortcomings which if not checked will vitiate the purpose of the enactment with respect to its implementation.
1.2 Statement of the problem
Unlike conventional crime, cybercrime is a global crime. Nations around the world are very concerned about cybercrime, a concern shared by international organizations, including the United Nations, the G-8, the African Union, ECOWAS, the European Union and the Council of Europe, to mention a few. Nigeria government is also doing everything possible to fight cyber and financial crime, especially considering the rise in the number of “Yahoo Boys” in the country. One important reason to be concerned about cybercrime is the problems faced by law enforcement officials and prosecutors in trying to apply existing laws on cyberspace/crime. Many legal challenges faced by law enforcement officials and prosecutors in pursuit of cyber criminals can be attributed to inadequate laws.
The difficulty lies in properly appraising the laws needed to allow for cybercriminals apprehension and prosecution. While seemingly a straight forward task, difficult issues are raised. One is whether the scope of cybercrimes should include only laws that prohibit activities targeting computers or should outlaw crimes against individuals affected through the computer as well, such as financial crimes, cyber-stalking and cyber-terrorism. Another is whether these laws should be cybercrime specific, targeting only crimes committed by exploiting computer technology.
1.3 Objectives of the study
The main objective of this research is to appraise cybercrime law and fight against financial crime in Nigeria.
The following are the specific objectives:
- To examine the extent and dimensions of financial crime in Nigeria.
- To analyze the existing cybercrime laws in Nigeria
- To determine the effectiveness of the extant cybercrime law in the fight against financial crime in Nigeria.
- To identify the way forward regarding how to curb financial crime in Nigeria.
1.4 Research Questions
- What is the extent and dimensions of financial crime in Nigeria?
- What are the existing cybercrime laws in Nigeria?
- Are extant cybercrime laws in the fight against financial crime in Nigeria effective?
- How can financial crime be curbed through cybercrime laws in Nigeria?
1.5 Significance of the study
This study is pertinent at this time because a number of Nigerian has suffered losses through the activities of cybercriminals. A lot of people has lost money through criminal online activities. This research will be a contribution to the body of literature in the area of appraisal of cybercrime law and fight against financial crime in Nigeria, thereby constituting the empirical literature for future research in the subject area.
Findings from this study will enlighten the government, law enforcement agents, researchers, stakeholders in information technology, civil society organizations, community leaders and the residents in Nigeria on the need to address the issues of cybercrime, its extant legislations and fight against financial crime in Nigeria.
1.6 Scope of the study
This study will cover the extant cybercrime laws in Nigeria and their effectiveness in the fight against financial crime in Nigeria. It will also cover ways by which the fight against financial crimes can be stepped up. It will cover issues spanning 2015-2021.
1.7 Methodology
This study will be qualitative in nature and will employ the use of secondary data in gathering information for the study; and will rely on published books, articles, peer reviewed journals, reports and addresses including sources from the internet. Data will be analyzed using document analysis method. Sources will be properly referenced to avoid plagiarism.
1.8 Operational Definition of terms
Cybercrime: is any criminal activity that involves a computer, networked device or a network.
Financial crime: are criminal activities carried out by individuals or criminal organizations to provide economic benefits through illegal methods.
Cybercrime law: they are laws related to computer crimes, internet crimes, information crimes, communications crimes, and technology crimes.
1.9 Chapterization
Chapter one
This is the introductory chapter. It contains the background to the study, statement of the problem, objectives of the study, research questions, significance and scope of the study.
Chapter two
This is the literature review of the study. It contains the conceptual and theoretical framework of this research. Concepts of cybercrime, financial crime, cybercrime law.
Chapter three
This chapter reviews all the cybercrime laws in Nigeria.
Chapter fours
This chapter reviews the role of cybercrime laws in the fight against financial crime in Nigeria.
Chapter Five
Summary, Conclusion and recommendations.
