The controversy surrounding the purported Presidential Foreign Investment Promotion Council (PFIPC) has escalated, with the Presidency, the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the House of Representatives pursuing separate investigations into the organisation’s legal status, operations and inclusion in the 2026 Appropriation Act.
While the Presidency has maintained that the PFIPC is an unauthorised organisation with no legal or executive backing, the House of Representatives has commenced a comprehensive legislative inquiry into its establishment, funding and activities.
At the same time, the ICPC is probing allegations of corruption linked to the council, with senior government officials already invited for questioning.
Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, on Monday inaugurated an ad hoc committee to investigate the alleged establishment and operations of the PFIPC.
The Speaker described the matter as one of significant public interest, noting that widespread media reports and public debate had raised serious concerns over the council’s legal status, operational framework, relationship with existing government agencies and, particularly, its inclusion in the 2026 federal budget despite questions surrounding its legitimacy.
Tajudeen stressed that the investigation was intended to establish the facts rather than score political points, stating that democratic governance thrives when “facts prevail over rumours, evidence over conjecture, and accountability over opacity.”
He directed the committee to determine whether the PFIPC was established through any legal instrument, examine its mandate, governance structure, sources of funding and activities, as well as investigate how it found its way into the 2026 budget.
The committee is also expected to ascertain whether the council duplicated the functions of existing government agencies, receive memoranda from stakeholders and recommend legislative or administrative measures to prevent similar occurrences.
According to the Speaker, the inquiry is “not about personalities but about institutions and the integrity of public administration.”
As part of its investigation, the House committee chaired by Rep. Yusuf Gagdi has invited several senior government officials to provide explanations on various aspects of the controversy.
Among those summoned are the Secretary to the Government of the Federation, Senator George Akume; the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN); the Minister of Finance and Coordinating Minister of the Economy; the Accountant-General of the Federation, Dr. Shamseldeen Ogunjimi; and the Director-General of the Budget Office, Tanimu Yakubu, among others.
The lawmakers are expected to seek clarification on how the PFIPC allegedly secured office accommodation within the Federal Secretariat, opened accounts with the Central Bank of Nigeria (CBN), and was captured in the 2026 federal budget.
At the committee’s public hearing, the Head of the Civil Service of the Federation, Mrs. Didi Walson-Jack, distanced her office from the council.
She told lawmakers that although the office occupied by the PFIPC was located within premises allocated to her office, no approval was granted for the council’s occupation of the facility, nor were any civil servants deployed to it.
Walson-Jack disclosed that the PFIPC had sought approval for its proposed organisational structure, but the request was declined because the required documentation was not submitted.
The Central Bank of Nigeria also confirmed that the PFIPC opened two accounts with the apex bank.
Director of Banking Services at the CBN, Hamisu Abdullahi, explained that the accounts were opened in July 2025 after clearance was received from the Office of the Accountant-General of the Federation, in line with existing procedures.
He, however, clarified that the accounts were never activated because no authorised signatories were presented, adding that they remained dormant and were never operated.
Following the testimonies, Committee Chairman Yusuf Gagdi assured Nigerians that the House would carry out a thorough investigation to uncover the facts.
The Presidency has continued to insist that the PFIPC was never established through any Act of Parliament, presidential directive or recognised executive instrument.
Following the emergence of the controversy, President Bola Ahmed Tinubu directed the ICPC to investigate the organisation and submit its findings within 30 days.
According to the Presidency, the probe is aimed at protecting the integrity of public institutions and preventing individuals from fraudulently using the name of the Presidency.
In furtherance of the investigation, the ICPC on Monday questioned the Chief of Staff to the President, Femi Gbajabiamila, after he was mentioned in allegations made by Adeniyi Adeyemi, who describes himself as the Director-General of the PFIPC.
ICPC spokesman John Odey confirmed that Gbajabiamila honoured the commission’s invitation, voluntarily made a statement and left thereafter.
“He was invited, honoured the invitation, volunteered a statement and departed. He was neither arrested nor detained,” Odey said.
Gbajabiamila’s counsel, Jiti Ogunye, also confirmed that his client fully cooperated with investigators in compliance with the President’s directive.
The ICPC investigation stems from allegations made by Adeyemi, who claimed that Gbajabiamila demanded 48 per cent of the council’s proposed ₦27.3 billion take-off grant.
He further alleged that he paid ₦400 million through an intermediary to facilitate his appointment as Director-General and that an additional ₦200 million was requested to secure presidential approvals.
Adeyemi also made claims linking the Chief of Staff to an alleged assassination attempt and the death of an individual he described as an intermediary.
Gbajabiamila has, however, strongly denied all the allegations.
In a sworn statement, he said he neither knew Adeyemi nor participated in any bribery, abuse of office or interference with security agencies, while also dismissing allegations connecting him with any assassination plot or the death of the alleged intermediary.
Adeyemi was earlier arrested by investigators over allegations of forgery and impersonation following the Presidency’s declaration that the PFIPC had no legal or constitutional basis.
Despite the ongoing investigations, several questions remain unanswered, including whether the PFIPC was ever legally established, how it obtained office accommodation within the Federal Secretariat, the circumstances under which it opened accounts with the Central Bank of Nigeria, how it was included in the 2026 federal budget, whether any public funds were disbursed to it, and whether any government officials aided or legitimised its operations.
The investigations by both the House of Representatives and the ICPC are expected to provide clarity on these issues and could lead to reforms aimed at strengthening transparency, accountability and due process in the establishment and funding of public institutions.
