5.3 Objective 3: Promoting Adoption of Codes of Good Business Ethics in Achieving Objectives of the Corporation 5.3.1 In demonstrating its commitment to good business ethics, the Federal Government of Nigeria, enacted the Corrupt Practices and other Related Offences Act in 2000. This Act gave legal backing to the Independent Corrupt Practices and Other Offences Commission (ICPC). 5.3.2 The Economic and Financial Crimes Commission (EFCC) has been a leading vanguard in attracting Foreign Direct Investment as a result of its strategic moves in combating economic and financial crimes. Its actions led to the recovery of over 11 billion Naira since its establishment. The Commission has also done much in the prevention of cash flight leading to reasonable reduction in financial crimes, especially, money laundering. 5.3.3 Other organizations involved in the promotion of codes of good business ethics in Nigeria include the Securities and Exchange Commission (SEC), Nigerian Stock Exchange (NSE), The Central Bank of Nigeria (CBN), National Insurance Commission (NICOM) Code of Conduct Bureau, Institute of Chartered Accountants of Nigeria (ICAN), Association of National Accountants of Nigeria (ANAN) etc. 5.3.4 Enforcement of corporate integrity across the three levels of government by these organizations has achieved reasonable level of success. The Central Bank of Nigeria (CBN) is leading the way in the enforcement of corporate governance business ethics in the banking subsector. It went beyond the drafting of corporate governance rules to its enforcement by taking bold measures to enforce the code in Banks as well as unilaterally correcting the breaches. 5.3.5 In 2009, the CBN removed the CEO’s of five Banks for unprofessional and unethical practices in the banking sector and replaced them with new management. In 2010, the CBN also revoked the operating licenses of 200 Micro Finance Banks (MFBs) following its audit of the sub- sector. The Securities and Exchange Commission (SEC) also sacked the leadership of the 63