Nigeria probes alleged fake Presidential Foreign Investment Promotion Council

The House of Representatives in Abuja, led by Speaker Abbas Tajudeen, inaugurated an ad hoc committee to examine the legal basis and operations of the purported Presidential Foreign Investment Promotion Council (PFIPC). The committee’s terms of reference include determining the council’s statutory foundation, its appearance in the 2026 federal budget (N1.3 bn), and whether due process was followed for its inclusion.

The Central Bank of Nigeria testified that it opened two foreign‑currency domiciliary accounts – one in US dollars and one in British pounds – for the PFIPC after receiving a mandate from the Office of the Accountant‑General in July 2025. Both accounts have remained inactive with zero balances and were never activated because the council failed to provide authorised signatories.

The Head of the Civil Service, Didi Esther Walson‑Jack, confirmed that her office did not allocate office space to the PFIPC nor deploy staff, noting that a request for deployment was received but not approved due to missing documentation.

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) interrogated President Bola Tinubu’s chief of staff, Femi Gbajabiamila, who voluntarily appeared to give a statement and was not arrested. The investigation continues with summons issued to multiple ministries, agencies and senior officials to provide evidence on the council’s alleged existence and funding.