The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Independent Corrupt Practices and other related offences Commission (ICPC) have signed a Memorandum of Understanding (MoU) aimed at monitoring illicit financial transactions and driving accountability in the oil and gas sector.
The agreement was signed at a brief ceremony in Abuja by the Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji and the Chairman of ICPC, Prof. Bolaji Owasanoye (SAN).
Professor Owasanoye, during the session, stated that the extractive industries are important to Nigeria’s development, adding that the MoU is meant to facilitate cooperation, capacity building in 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.
While reiterating his delight on the partnership, the ICPC Chairman stated that he is 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, Orji, said 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 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 is committed to the MoU and thanked all that helped in putting it together.