Reps launch probe into alleged funding of PFIPC

The House of Representatives has constituted an ad hoc committee to interface with the Minister of Budget and Economic Planning, the Director-General of the Budget Office, and other relevant government officials to probe the purported the Presidential Foreign Investment Promotion Council, PFIPC.

DAILY POST reports that in recent days, allegations and counter-allegations over the creation and funding of PFIPC have dominated both conventional and social media.

The controversy was brought before the House by Plateau State lawmaker, Yusuf Gagdi, through a motion of urgent public importance, calling on Parliament to unravel the circumstances surrounding the agency.

Gagdi expressed worry over reports that more than N1.3 billion was allocated to the unrecognised agency in the 2026 budget.

The green chamber described the development as a serious threat to the credibility of the nation’s budget process, insisting that anyone found culpable must be held accountable.

The lawmakers will also receive briefings from relevant security and anti-corruption agencies, while ensuring it does not interfere with any ongoing litigation.

The controversy centres on Adeniyi Adeyemi, who claims he was lawfully appointed Director-General of the PFIPC despite the Presidency’s insistence that no such government agency exists.

According to Adeyemi, the President’s Chief of Staff, Femi Gbajabiamila, received N400 million through a proxy and later demanded an additional N200 million to facilitate his appointment.

The purported DG equally argued that the PFIPC exists, citing its inclusion in the 2026 Appropriation Act, and called on President Bola Tinubu to establish an independent panel to investigate the matter, saying he is prepared to defend his allegations in court.

The Presidency, however, rejected the claims, with the Special Adviser to the President on Information and Strategy, Bayo Onanuga, describing Adeyemi as an impostor.