The Nigeria Extractive Industries Transparency Initiative on Thursday signed a Memorandum of Understanding with the Independent Corrupt Practices and Other Related Offences Commission on monitoring illicit transactions in the oil and gas sector.

The agreement which is aimed at driving accountability in the sector was signed at a brief ceremony in Abuja.

The Executive Secretary, NEITI, Dr Orji Orji, said the partnership was to enable swift investigations into sharp practices in the sector with the aim of uncovering funds that were not declared by companies.

According to him, the agreement would strengthen the enforcement mechanism of the two agencies through the timely sharing of information and data.

“We see ICPC as a very strong partnership that we need to support and work with in exchanging information.

“The intervention is to free resources in the extractive industry to support government efforts to build roads, good transport system for the country and create enabling environment for job opportunities,” he said.

He added that since the extractive industry sustained the economy, there was need to ensure that resources from the sector were managed prudently.

ICPC Chairman, Prof Bolaji Owasanoye, said the agency would extract cases that needed investigation and further follow up.

He added that with the Petroleum Industry Act, the collaboration would have a positive impact on its implementation, legislation and the improvement of transactions and the governance in the oil and gas sector.