House committee to investigate the legality of the Presidential Foreign Investment Promotion Council and its inclusion in the 2026 budget.
The House of Representatives has inaugurated a 12-member ad hoc committee to investigate the establishment of the Presidential Foreign Investment Promotion Council (PFIPC) and the alleged allocation of ₦1.3 billion to the agency in the 2026 Appropriation Act.
The committee is expected to determine the circumstances surrounding the inclusion of the council in the federal budget and ascertain whether the agency was lawfully created.
Speaking during the inauguration, Speaker of the House, Abbas Tajudeen, said the investigation was not politically motivated but intended to uncover the facts surrounding the controversial allocation.
Represented by the House Majority Leader, Julius Ihonvbere, the Speaker stated that the National Assembly has both the constitutional authority and responsibility to conduct the probe in a transparent and impartial manner.
“The National Assembly has both the authority and the obligation to seek answers in an open, fair and transparent manner,” he said.
Chairman of the committee, Yusuf Gagdi, assured Nigerians that the panel would carry out a thorough investigation and submit its findings without fear or favour.
He, however, expressed concern over the absence of some key government officials whose presence the committee considers essential to the inquiry.
The controversy surrounding the PFIPC escalated after its self-acclaimed Director-General, Adeniyi Adeyemi, alleged that the Chief of Staff to the President, Femi Gbajabiamila, demanded a 48 per cent kickback from the agency’s purported ₦27.3 billion take-off grant.
Adeyemi alleged that ₦400 million was paid through a proxy, while an additional ₦200 million was demanded to facilitate presidential approvals.
Gbajabiamila has denied the allegations, stating under oath that he has no personal or professional relationship with Adeyemi and never demanded or received money from him.
The Chief of Staff also denied allegations linking him to the death of Babatunde Tanimola, who was reportedly named as an intermediary, as well as claims of interference in ongoing investigations.
Following the allegations, President Bola Tinubu directed the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the matter.
Gbajabiamila has since filed a ₦15 billion defamation suit against Adeyemi before a High Court of the Federal Capital Territory, seeking damages and a public apology.
Meanwhile, Adeyemi was recently arrested in Osun State after a court issued a bench warrant following his failure to appear for arraignment.
The committee is expected to invite relevant stakeholders as it continues its investigation into the legality and funding of the PFIPC.