The Nigeria Extractives Industries Transparency Initiative (NEITI) and the Economic and Financial Crimes Commission (EFCC) are set to renew a joint partnership to stem corrupt activities and practices in Nigeria's extractive sector.
Under the partnership, the EFCC's extractive investigation fraud section will henceforth conduct joint operations on the findings and recommendations outlined in the NEITI reports.
A statement by the Head, Communications and Advocacy, NEITI, Mrs. Obiageli Onuorah, noted that the decision was the major outcome of a meeting between the Executive Secretary of NEITI, Dr. Ogbonnaya Orji and the Executive Chairman of the EFCC, Mr Abdulrasheed Bawa.
The modalities of the joint operation are to be clearly specified in a Memorandum of Understanding (MoU) to be signed by the chief executives of the two agencies next month, the statement added.
On the occasion, Orji explained that the visit was necessary to secure the support of the EFCC in the areas of investigation of infractions identified by the NEITI's reports for enforcement and prosecution.
He stated that though there is an already existing relationship between NEITI and the EFCC, there was the need to further deepen and strengthen the collaboration through the expansion and widening of areas of the cooperation so as to "push the boundaries of accountability in the management of Nigeria's extractive wealth".
"Both NEITI and the EFCC were created about the same time with similar mandates which is to make Nigeria's resources benefit the people. NEITI cannot carry out this mandate effectively alone. We need partnership and collaboration with agencies like the EFCC.
This will make the two agencies stronger," Orji stated.
"We have identified about $11.6 billion as potential revenues to be recovered into government coffers arising from poor computation of taxes, royalties and other process lapses," he reiterated.
Orji noted that the solid minerals sector contributes less than one per cent to the country's GDP with a lot of revenue leakages, wastes and illegal activities proliferated in the sector.
"We will share our audit templates with you and mainstream the EFCC special extractives investigation fraud section with NEITI's technical department for verifiable and accurate information on remedial issues thrown up in NEITI's audit reports that need to be further investigated," he said.
The NEITI executive secretary commended the EFCC on its bold and courageous achievements and urged the agency to join NEITI to fight for the heart and soul of Nigeria in extractive revenue management.
He assured the anti-graft agency of NEITI's support as the two agencies together to reverse the resource curse syndrome.
In his welcome remarks, Bawa stressed that the extractives investigation fraud section was established to work with and for NEITI, noting that the agency has the unit in all our zonal offices.
"We will look at the NEITI audit reports, investigate infractions and ensure that Nigerians get justice", he stated.
Bawa also asserted that the EFCC will jointly work with NEITI and the ministry of solid minerals development to address the administrative gaps in the solid minerals sector.
"We are ready to increase the manpower capacity of the extractive investigation fraud unit and deploy EFCC operatives to ensure that minerals leaving the country are adequately accounted for", he explained