Key Takeaways
- A House of Representatives Ad Hoc Committee is investigating the Presidential Foreign Investment Promotion Council (PFIPC).
- Top government officials, including the NSA, AGF, and heads of security agencies, are expected to appear before the committee.
- The PFIPC controversially received N1.3 billion in the 2026 budget despite questions surrounding its legal establishment.
- The Central Bank of Nigeria confirmed opening accounts for the council, but they remain dormant with zero balance.
- The Office of the Head of the Civil Service of the Federation stated it neither established the council nor deployed staff, citing legal document irregularities.
A high-stakes parliamentary investigation is currently underway in Nigeria, as the House of Representatives Ad Hoc Committee intensifies its probe into the enigmatic Presidential Foreign Investment Promotion Council (PFIPC). This council, dubbed 'phantom' due to its questionable legal status, has come under intense scrutiny following the discovery of a staggering N1.3 billion appropriation in the 2026 budget.
In a significant development, a formidable lineup of top government officials has been summoned to appear before the committee today. Those expected to provide crucial insights include the National Security Adviser (NSA), the Attorney-General of the Federation and Minister of Justice, the Accountant-General of the Federation, and the Minister of Foreign Affairs. Their testimonies are pivotal to unraveling the mystery surrounding the PFIPC's origins and operations.
The Yusuf Adamu Gagdi-led panel has also extended invitations to the Director-General of the Department of State Services (DSS), the Inspector-General of Police (IGP), the Chairmen of the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Auditor-General for the Federation, the Executive Secretary of the Nigerian Investment Promotion Commission (NIPC), and the Chairman of the Fiscal Responsibility Commission (FRC). This comprehensive list underscores the committee's determination to leave no stone unturned in its quest for truth and accountability.
Unraveling the N1.3 Billion Controversy
The core of the controversy revolves around the N1.3 billion allocated to the PFIPC in the upcoming 2026 budget. This substantial sum has raised serious questions about the council's legal basis, operational mandate, and the process by which it secured such significant funding without clear statutory backing. Speaker of the House of Representatives, Abbas Tajudeen, who inaugurated the ad hoc committee, emphatically charged its members to establish concrete facts rather than validate mere speculation, stressing that every public institution must derive its authority from the law.
Damning Testimonies from Key Institutions
During its inaugural sitting, the committee heard compelling testimonies from the Central Bank of Nigeria (CBN) and the Office of the Head of the Civil Service of the Federation (OHCSF). Representing the CBN Governor, Hamisu Abdullahi, a director at the apex bank, confirmed that two domiciliary accounts—one in dollars and another in pound sterling—were opened for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council. This action followed a mandate received from the Office of the Accountant-General of the Federation on July 30, 2025.
However, Abdullahi delivered a critical revelation: both accounts have remained entirely dormant since their creation, holding a zero balance and never having been operated due to the absence of authorized signatories. Further compounding the mystery, Mrs. Didi Esther Walson-Jack, the Head of the Civil Service of the Federation, informed the committee that her office neither established the controversial council nor deployed any civil servants to it. She disclosed that while the council had sought approval for its organizational structure and manpower, her office later discovered significant irregularities in the legal documents presented as its enabling instrument, casting further doubt on its legitimacy.
The Path Towards Accountability
The ad hoc committee's mandate is clear: to meticulously examine all issues surrounding the alleged establishment and activities of the PFIPC. This includes scrutinizing its legal backing, membership composition, funding arrangements, and the use of official government correspondence. Lawmakers have reiterated that the ongoing probe is fundamentally aimed at establishing irrefutable facts and ensuring unwavering accountability in the management of public institutions and government processes, thereby upholding the principles of transparency and good governance.
Why This Matters
This investigation is crucial for upholding fiscal responsibility and public trust in governance. It underscores the legislature's role in scrutinizing government spending and ensuring that all public institutions operate within the confines of the law, preventing potential avenues for corruption and mismanagement of national resources.