Reported by: Oahimire Omone Precious | Edited by: Oravbiere Osayomore Promise.
The House of Representatives Ad Hoc Committee investigating the alleged non-existent Presidential Foreign Investment Promotion Council (PFIPC) has delivered a damning preliminary report, clearing President Tinubu's Chief of Staff, Femi Gbajabiamila, of any wrongdoing while exposing an elaborate fraud scheme that included 12 other fake agencies and 58 bank accounts.
Chairman of the committee, Yusuf Gagdi, presented the findings at a press conference in Abuja on Wednesday, September 2, 2026. The investigation, which followed a House resolution of July 8, 2026, was triggered by the inclusion of the PFIPC in the 2026 Appropriation Act with an allocation of about N1.3 billion, despite the Presidency's position that no such agency had been legally established.
The committee found no valid Act of the National Assembly, gazetted enactment, Presidential Executive Order, or any other lawful instrument establishing the PFIPC. Gagdi stated that no competent government authority had produced an authentic record showing that the organisation was created, approved, or authorised by President Bola Tinubu, the Federal Executive Council, the National Assembly, or any other legally empowered institution.
A major finding concerned a document purporting to appoint Prince Adeniyi Adeyemi Matthew as Director-General of the organisation. The document was presented as an official communication from the Presidency and purportedly carried the authority and signature of Gbajabiamila. But Gagdi said evidence obtained from the State House established that no such appointment was made or approved by the Presidency. He said Gbajabiamila neither issued nor signed the letter, while the letterhead was not authentic State House letterhead and its reference number was inconsistent with the official system.
The committee also exonerated Gbajabiamila and commended him for raising the alarm over the activities of the purported agency. The committee's findings align with an earlier investigation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), which had cleared Gbajabiamila of any complicity in the fake agency scandal.
Beyond the PFIPC, the committee's investigation uncovered a vast network of fraudulent entities. The lawmakers identified 12 other organisations allegedly operating as fake government agencies, with 58 bank accounts linked to Adeyemi. Among the organisations identified are the FCT Investment Promotion Council, FCT Investment Promotion Agency and Public-Private Partnership, United Nations Youth Global Foundation, and Olubadan of Ibadan Foundation.
The committee also uncovered 29 allegedly forged official documents linked to the fake agency and its self-acclaimed Director-General. The committee said its findings raised concerns over the activities of individuals and organisations allegedly presenting themselves as legitimate government institutions. The PFIPC scandal has been one of the most embarrassing episodes for the Tinubu administration, exposing the vulnerability of Nigeria's bureaucratic and financial systems to sophisticated fraud.
Testimonies before the committee painted a picture of how the fraud was perpetrated. The Head of the Civil Service of the Federation, Mrs. Didi Esther Walson-Jack, told the lawmakers that the purported council had occupied an office space in Phase III of the Federal Secretariat, Abuja, originally allocated to the Office of the Secretary to the Government of the Federation. She also disclosed that officials associated with the PFIPC had participated in the manpower budget process and obtained approval for the establishment of 314 positions, including 300 additional positions.
The Director-General of the Budget Office of the Federation, Mr. Tanimu Yakubu, explained how the PFIPC found its way into the 2026 budget. He stated that the Budget Office acted on official instruments attributed to other government institutions, including an administrative code from the Office of the Accountant-General of the Federation and establishment-related documents attributed to the Office of the Head of the Civil Service. Yakubu further disclosed that although the National Assembly appropriated about N1.302 billion for the PFIPC, no funds were released or spent because the statutory conditions for expenditure were not completed.
The Accountant-General of the Federation, Mr. Shamseldeen Ogunjimi, subsequently told the panel that a forged State House letter was allegedly used to obtain official recognition for the purported council. The Central Bank of Nigeria confirmed that two domiciliary accounts had been opened for the PFIPC on the instruction of the Office of the Accountant-General of the Federation, but said the accounts remained dormant, with no transactions or funds passing through them.
The committee's preliminary report has set the stage for further investigations and possible prosecutions. It is expected to make further recommendations as it concludes its investigation into the purported PFIPC and the other organisations uncovered. As Gagdi noted, the committee was dealing with documents that included what was said to be a forged Act of the National Assembly in an attempt to establish a fake agency. The report serves as a stark reminder of the ease with which fraudulent entities can infiltrate Nigeria's government machinery and the urgent need for stronger safeguards to protect public institutions from exploitation.
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