News
FRC, ICPC Seal Anti-corruption Alliance
The Fiscal Responsibility Commission (FRC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) have signed a memorandum of understanding (MoU) to enhance institutional synergy and accountability in public finance management.
The partnership is also to deepen transparency and strengthen the fight against corruption in Nigeria.
The Executive Chairman of the FRC, Mr. Victor Muruako, and the Executive Chairman of the ICPC, Dr. Musa Adamu Aliyu, expressed profound satisfaction over the partnership, describing the signing as timely and symbolic, coming on a day dedicated globally to integrity, transparency, and the fight against corruption.
Speaking at the ceremony, both chairmen reaffirmed their agency’s shared commitment to prudent management of Nigeria’s resources, fiscal discipline, and the coordinated strategies to confront corruption and financial mismanagement.
Under the MoU, both agencies will collaborate extensively in capacity building, joint investigations, information sharing, asset recovery, and enforcement operations.
The ICPC, through its Anti-Corruption Academy of Nigeria (ACAN), will provide specialised training to FRC staff in forensic investigations, financial crime detection, digital evidence recovery, and prosecution strategies. In turn, both agencies will exchange resource persons for workshops and public enlightenment programmes.
The agreement further empowers both institutions to conduct joint investigations and coordinated operations where violations cut across the mandates of both the Fiscal Responsibility Act, 2007 and the ICPC Act, 2000. It also establishes a framework for mutual assistance in tracing, freezing, confiscating, and recovering stolen public funds.
On information sharing, the MoU guarantees the confidential exchange of intelligence, financial records, and technical data, while upholding strict ethical standards and full compliance with all applicable laws.
According to the parties, the collaboration will significantly enhance Nigeria’s anti-corruption architecture by eliminating institutional silos and strengthening enforcement outcomes.
The Memorandum of Understanding, which can be terminated with a 30-day notice by either party, marks a renewed and expanded phase of cooperation between the two key integrity institutions.
The signing ceremony concluded with both chairmen reaffirming their resolve to work tirelessly to promote accountability, transparency, and sustainable national development in line with the Constitution of the Federal Republic of Nigeria and existing anti-corruption laws.
Meanwhile, the Chairman of the FRC, Victor Muruako, has commended the ICPC Chairman, Dr. Musa Adamu Aliyu, and his team for sustaining the Commission’s legacy as one of Nigeria’s frontline anti-corruption institutions. Muruako particularly highlighted the signing of the MoU between the two agencies, describing it as a major step toward strengthening inter-agency collaboration in tackling corruption at all levels of government.
According to him, both agencies have, in recent months, intensified joint efforts to enhance accountability and prevent corruption at the local government level. These efforts, he noted, focus on improved budget preparation, prudent management of public funds, and the modernisation of tax, financial and asset administration systems.
He emphasised that where acts of corruption are detected, the law must take its full course to deter future offenders.
Ogba Ogbaga, an Abuja-based lawyer, has said that he has been instructed to institute legal proceedings against MTN Nigeria, Airtel Nigeria, Globacom, 9mobile and MultiChoice Nigeria, operators of DStv, over what he described as unfair consumer practices relating to expiring data bundles and television subscriptions.
In a statement posted on Facebook, Ogbaga said his law firm, GIMBG Legals, received instructions from its client, KAA, also known as KaaTruths, to challenge the companies’ subscription policies in court.
According to him, the proposed suit will question whether telecom operators and DStv’s subscription models comply with provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018 and other applicable laws.
Ogbaga alleged that telecom providers operate internet data services that are unfair to consumers, claiming subscribers sometimes do not receive the services they paid for but still lose their subscriptions once the validity period expires.
He also criticised DStv’s subscription model, arguing that consumers lose paid viewing time due to factors such as power outages, adverse weather conditions and service interruptions, while subscriptions continue to count down regardless.
“Our clients have complained that MTN data services are unduly one-sided,” Ogbaga said, adding that the legal action would also extend to other telecommunications providers and DStv.
He said the court action would seek judicial determination on whether the companies’ subscription practices comply with consumer protection laws.
The lawyer also invited interested legal practitioners to collaborate on the case, saying his firm would provide updates as the matter progresses.
In a separate Facebook post on Wednesday, Ogbaga said previous policy discussions, town hall meetings and debates at the National Assembly had failed to address the concerns raised by consumers.
He argued that telecom operators regularly carry out maintenance and network upgrades that temporarily disrupt services without extending customers’ subscription periods, while DStv subscribers also lose viewing time because of electricity outages and weather-related disruptions.
The National Insurance Commission (NAICOM) has commenced the issuance of new licence certificates to insurance companies that successfully met the industry’s new minimum capital requirements, marking the formal beginning of a new regulatory era aimed at strengthening the financial capacity, governance and global competitiveness of Nigeria’s insurance sector.
At a ceremony held at the Commission’s headquarters in Abuja, the Commissioner for Insurance, Olusegun Ayo Omosehin, presented the new licence certificates to compliant operators, describing the exercise as a major milestone in the industry’s recapitalisation programme.
According to the Commission, a total of 43 insurance companies declared compliant with the new capital requirements are expected to receive the new licence certificates in phases.
Omosehin congratulated the successful companies, saying the issuance of the new licences signals the beginning of a stronger regulatory framework anchored on improved capitalisation, sound corporate governance, innovation and sustainable growth.
He urged operators to leverage their enhanced capital base to develop innovative insurance products, improve operational efficiency and deepen insurance penetration across the country.
The Commissioner said the Commission expects the recapitalised companies to deliver stronger financial performance while maintaining high standards of professionalism and customer service.
He also announced that NAICOM’s next major regulatory initiative would be the implementation of the Risk-Based Capital (RBC) framework, under which insurers’ capital levels would be aligned with the risks inherent in their respective business portfolios.
According to him, the new framework will further strengthen the industry’s resilience by ensuring that insurers maintain capital commensurate with the risks they underwrite, thereby enhancing policyholder protection and boosting market confidence.
Omosehin reaffirmed the Commission’s commitment to removing regulatory impediments where necessary while maintaining effective oversight to safeguard policyholders and strengthen confidence in the insurance market.
The issuance of the new licence certificates marks the commencement of a phased transition to higher capital standards aimed at improving the financial capacity, solvency and claims-paying ability of insurance companies operating in Nigeria.
Management of Nigeria CommunicationsWeek Media has withdrawn its publication titled “Adefolarin Ogunsanya and the Allegations of Shareholder Interference and Self-Dealing at Pan African Towers,” which was published on its platform.
The decision to retract the story follows an editorial review to ensure that the platform maintains the highest standards of accuracy, fairness and responsible journalism in reporting matters that are the subject of ongoing judicial proceedings.
Nigeria CommunicationsWeek acknowledges that the issues raised in the publication remain before the courts and have not been finally determined.
Accordingly, the organisation has decided to remove the article from its platforms pending the conclusion of the legal processes or the availability of additional verified information.
The publication regrets any inconvenience or misunderstanding the report may have caused to readers or any individuals or organisations mentioned in the story.
Nigeria CommunicationsWeek remains committed to the principles of balanced, factual and ethical journalism and will continue to uphold professional standards in its coverage of judicial and corporate governance matters.
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