The Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Nigeria Extractive Industries Transparency Initiative (NEITI) have signed a memorandum of understanding targeted at monitoring illicit financial transactions and driving accountability in the oil and gas sector.
In a statement released on Tuesday 7th September 2021, the commission stated that the agreement was signed in a brief ceremony in Abuja by the Chairman of ICPC, Prof. Bolaji Owasanoye, SAN and the Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji.
Also in the statement, the commission stated that Professor Owasanoye, during the session, stated that the extractive industries were very important to Nigeria’s development; adding that the MoU was meant to facilitate cooperation, capacity building on the extractive industries and strengthen enforcement mechanisms in the sector.
The ICPC Chairman described the timing of the MoU as good especially with the signing into law of the Petroleum Industry Bill (PIB) by the President, pointing out that the passage of the PIB would impact positively on the extractive industry (oil and gas sector).
While reiterating his delight on the partnership, the ICPC Chairman stated that he was committed to implementing the terms of the MOU for the benefit of the country and called for information and intelligence sharing between the agencies, and periodic review and appraisal of the MoU.
The Executive Secretary of NEITI, in his contribution, stated that talks regarding the signing of the MoU were raised during the visit by his team to the ICPC in April 2021, and the MoU would intensify cooperation and explore areas to strengthen among the sister Anti-Corruption agencies.
According to Dr Orji, working with ICPC would help strengthen its resolve to reward good conduct through incentives, and hold accountable those who want to take advantage of its laws by specific consequences and sanctions.
While thanking the ICPC for giving them the platform to act, he stated that NEITI was very committed to the MoU and thanked all those that helped in putting it together.