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Petroleum products are prime commercial sources of energy throughout the world in spite of the impressive efforts of the International Energy Agency (IEA) and European Economic Community (EEC) to find viable alternatives. Energy is the vehicle for economic development and the policy of the Nigerian government is that petroleum should be tapped, developed and optimally distributed for the overall development of society. Owing to several factors, the distribution and marketing of petroleum products have developed hydra‐headed problems constituting a major source of concern and embarrassment to the government, private organisations and individuals.

The purport of the Money Laundering Decree No. 3 1995 (hereinafter referred to the the Decree) is visible in three perspectives. The first part prohibits money laundering in all its ramifications. The second part stipulates punishments for the various categories of principal and accessory offenders whether individual or body corporate. The final part contains the miscellaneous provision dealing with substantive and ancillary powers vested in the Law Enforcement Agencies for the purpose of the implementation of the intendment of the Decree. In this article, an attempt will be made to analyse and scrutinise the general scope of the Decree, powers conferred therein and the resultant impact of the legitimate and illegitimate trade and the possible undue encroachment on the rights of the citizenry. Limitations will be identified and reforms suggested. Before delving into a detailed examination of the provisions of the Decree, a general introduction as to the meaning and contents would be helpful and necessary.

Nigeria has been invaded by ingenious and dare devil fraudsters comprising her own nationals and aliens. The proportion and frequency of the activities of these syndicates in perpetuating organised economic crimes are alarming not only to Nigerian society but to the international community. The frightening degree of sophistication in the mode of operation aided by modern communication gadgets, electronics, telecommunication equipment such as telex, fascimiles, computers etc have ensured the speedy commission of criminal activity. Huge sums of money and much property has been lost through dishonest means and wrongfully acquired by these parasites. This dangerous trend must be arrested if sanity, security, confidence and a viable economy are to be restored. It is clear that the statutory provisions governing economic crimes, particularly obtaining by false pretences, stealing and theft of funds, other crimes committed with the aid of forgery, offences relating to consumers' fraud in the form of false advertising, production or supply of substandard goods, tax evasion, fraudulent/fake/disguiscd bankruptcy, over‐invoicing, maritime fraud schemes, falsifying books of account, bank frauds, false statements made to auditors or inside a company's prospectus and the penalties stipulated therein are now inadequate for the containment of these economic and organised crimes. Therefore, legislation more punitive, more drastic, even ruthless is required to eradicate or save society from the scourges of crime and express the dislike, anger, disgust and vengeance of the public. The piece of legislation styled Advance Fee Fraud and Other Fraud Related Offences, Decree No. 13 (1995) ‘AFFAOFRO’, hereinafter called the ‘Decree’, is a remarkable one which wields a sledgehammer. It is a statute of very strict liability by virtue of several ranges of stiffer penalties stipulated for the various categories of offences. Below is an examination of the framework of the more noteworthy provisions and the resultant impact on the existing common law, statutory rules and recommended reforms.