Consolidation of Financial Institutions, EFCC, ICPC, NAFDAC & SON - SS3 Economics Lesson Note

Consolidation of financial institutions refers to the process of merging or acquiring smaller financial institutions to form larger, more stable and financially sound entities. This is usually done to improve the efficiency of the banking system, reduce the risk of bank failures, and increase access to credit.

EFCC and ICPC are anti-corruption agencies in Nigeria. The EFCC, or Economic and Financial Crimes Commission, was established to investigate and prosecute economic and financial crimes such as fraud, money laundering, and cybercrime. The ICPC, or Independent Corrupt Practices and Other Related Offences Commission, is responsible for investigating and prosecuting corruption and related offences in the public sector.

NAFDAC, or National Agency for Food and Drug Administration and Control, is a regulatory agency in Nigeria responsible for ensuring the safety and quality of food, drugs, and other products. They do this by carrying out inspections, testing products, and enforcing regulations to protect consumers from harmful products.

SON, or Standards Organisation of Nigeria, is also a regulatory agency in Nigeria responsible for setting and enforcing standards for products and services. They work to ensure that products meet minimum safety, health, and environmental standards, and that they are of good quality and fit for purpose.