The House of Representatives on Wednesday constituted an ad-hoc committee to investigate the legality of the Presidential Foreign Investment Promotion Council following allegations that the body was fraudulently presented as a federal agency and had a provision of over N1.3bn inserted into the 2026 Appropriation framework.
The committee, to be chaired by the Chairman of the House Committee on Navy, Yusuf Gagdi (APC, Plateau), was mandated to investigate how the purported agency found its way into the federal budget and determine whether any government processes were compromised.
The ‘fake’ agency is the subject of a legal redress with its Director General, Adeyemi Adeniyi, expected to stand trial in the weeks ahead.
He has accused the Chief of Staff to President Bola Tinubu, Femi Gbajabiamila, of facilitating the creation of the ‘fake’ agency in expectation of some financial gratifications. The Federal Government has dismissed this allegation, describing Adeniyi as a fraudster.
The resolution followed the adoption of a motion of urgent national importance sponsored by Gagdi and seconded by Kafilat Ogbara (APC, Lagos).
Moving the motion, Gagdi alleged that an entity operating under the name Presidential Foreign Investment Promotion Council had presented itself as a government institution despite having no valid legal foundation.
He said the organisation operated from the Federal Secretariat Complex, Phase 3, Abuja, between November 2004 and October 2005, engaging with government institutions, although the Federal Government has maintained that no such agency was ever lawfully established.
Gagdi said, “The House notes that between November 2004 and October 2005, an entity styling itself as Presidential Foreign Investment Promotion Council operated at the Federal Secretariat Complex, Phase 3, Abuja and interacted with various organs of government, although the federal government has since declared that no such agency was ever lawfully established.”
He noted that allegations surrounding the entity, including claims of forgery and impersonation, are already subject to investigation and criminal proceedings before the Federal High Court, Abuja.
The lawmaker stressed that the House investigation was not intended to interfere with the court process.
“This motion neither prejudges nor seeks to pre-empt the probe ordered by the President,” he said.
Gagdi told lawmakers that the purported council relied on documents allegedly claiming it was established under a provision cited as Chapter N2117 of the Laws of the Federation of Nigeria, but that records of the National Assembly showed no legislation creating such an institution.
He noted that the closest reference was Chapter N117, which relates to the Nigerian Investment Promotion Commission Act, suggesting that the alleged council may have been attempting to duplicate an existing statutory body.
“The nearest designation to this chapter is Chapter N117, being the Nigerian Investment Promotion Commission Act, the very statute whose mandate the entity purported to duplicate, such that the falsification of purported instruments is apparent on the face of public statutory records,” he stated.
