House of Representatives to inaugurate probe into unestablished Presidential Foreign Investment Promotion Council in 2026 budget

The committee, chaired by Yusuf Gagdi, will examine how approximately N1.32 billion was allocated to an agency that has not been legally established. This probe follows the arrest of Adeyemi Adeniyi, who allegedly presented himself as the Director-General of the PFIPC and is accused of orchestrating its budget inclusion. Adeniyi reportedly claimed to have paid N100 million through proxies to the President's Chief of Staff, Femi Gbajabiamila, to facilitate the agency's establishment, an allegation denied by both the Presidency and Gbajabiamila's office.

The investigation, conducted under Sections 88 and 89 of the 1999 Constitution, will involve key government officials, civil society organizations, and the public. Invited stakeholders include ministers of Budget and Economic Planning, Finance, Industry, Trade and Investment, Attorney-General, Foreign Affairs, the Governor of the Central Bank of Nigeria, and heads of anti-graft agencies. However, the committee's decision not to invite Gbajabiamila or Adeniyi has drawn criticism, with some expressing concerns about the credibility and potential bias of the investigation.