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.

As AI fever has propelled global stocks to record highs, the data centres needed to power the technology are increasingly being financed with debt, adding to concerns about the risks.

A UBS report last month said AI data centre and project financing deals surged to $125 billion so far this year, from $15 billion in the same period in 2024, with more supply from the sector expected to be pivotal for credit markets in 2026.

“Public and private credit seems to have become a major source of funding for AI investments, and its rapid growth raised some concerns,” said Anton Dombrovskiy, fixed income portfolio specialist at T. Rowe Price.

“Although up until now an increase in supply has been met with relatively healthy demand, this is the area to watch especially taking into account large financing needs estimates,” Dombrovskiy added.

The Bank of England warned last week that the growing role of debt in the AI infrastructure boom could heighten potential financial stability risks if valuations correct.

Christopher Kramer, portfolio manager and senior trader on Investment Grade Credit team at Neuberger told Reuters that the market has seen a structural shift as the largest technology companies finance their AI infrastructure ambitions.

“They really haven’t been focal points in our market from a debt issuance standpoint, and that’s obviously shifting really dramatically … anytime you have that, it creates a lot of opportunity,” he said on November 28.

“We’re excited just from the standpoint that the market’s changing. You’re going to have a different dynamic, it creates an opportunity to take risks and create value for our investors,” Kramer added.

MoMo Payment Service Bank (MoMo PSB), a fintech subsidiary of MTN Nigeria, has announced a partnership with Ogata Electric Vehicles to provide subsidised bus rides of ₦10 per fare to students of the University of Lagos (UNILAG).

MoMo PSB

The initiative, unveiled on Thursday in Lagos, is aimed at easing transportation costs for young Nigerians, particularly students, as part of MoMo PSB’s broader commitment to financial inclusion and digital accessibility.

MoMo PSB, which provides millions of Nigerians with secure financial services including transfers, savings, card services, bill payments and wallet solutions, said the transport subsidy reflects its mission to improve everyday life by reducing the cost of essential services.

The company explained that the partnership with Ogata Electric Vehicles would not only make commuting more affordable for students but also promote sustainable mobility through the use of electric buses.

Officials of MoMo PSB noted that the initiative is designed to bring “good cheer” to the UNILAG community, ensuring students can access safe, reliable and cost-effective transport while focusing on their education.