…summon Finance, Justice ministers, accountant-general to appear Tuesday
The House of Representatives has commenced a formal investigation into the alleged establishment of the Presidential Foreign Investment Promotion Council (PFIPC) raising fresh concerns over its legal status, operations, and inclusion in the Federal Government’s budget framework
The probe was inaugurated on Monday by the Speaker of the House, Tajudeen Abbas, represented by the House Leader, Julius Ihonvbere, who said the inquiry was prompted by widespread public concern over the legitimacy of the council.
Abbas clarified that the investigation was not targeted at any individual but aimed at safeguarding institutional integrity and ensuring that all government bodies operate within the confines of the law.
“The subject of this investigation has generated considerable public interest. Questions have arisen regarding its legal status, mandate, operational framework, and its inclusion in the budget despite uncertainties surrounding its establishment,” he said.
He added that the House remained committed to transparency and accountability, stressing that legislative oversight was a critical mechanism through which citizens participate in governance.
The Speaker outlined the committee’s terms of reference to include examining the legal basis of the council, investigating the process of its creation, reviewing its funding and governance structure, and determining whether due process was followed in its inclusion in the national budget.
Chairman of the Ad-hoc Committee, Yusuf Gadgi, assured Nigerians that the panel would discharge its assignment with professionalism, objectivity, and integrity.
“Our mandate is to objectively examine the circumstances surrounding the alleged establishment and operation of the council, determine whether due constitutional processes were followed, and submit recommendations to the House,” Gadgi said.
He added that all stakeholders would be given a fair hearing, while proceedings would be guided by transparency and due process.
The Head of the Civil Service of the Federation, Mrs Didi Walson-Jack, in her submission disclosed that the council presented fake documents during its engagement with her office.
She explained that although the Civil Service does not establish government agencies, it is responsible for approving administrative structures when proper documentation is provided.
According to her, the council requested approval for its organisational structure in August 2025 but failed to provide the necessary documents at the time.
She said representatives of the council later appeared during the 2025 Annual Manpower Defence Exercise and requested an authorised establishment and recruitment waiver, which was processed alongside others and approved in July 2025, leading to the creation of 314 positions.
Walson-Jack, however, revealed that the document presented as the council’s enabling Act was later discovered to be invalid.
“We found out much later that the document did not have the features of a legitimate Act. At the time it was presented, it appeared genuine, but subsequent review showed otherwise,” she said.
She admitted that the office did not initially carry out thorough legal verification, noting that the absence of legal personnel during document assessment contributed to the oversight.
She added that measures had since been introduced to strengthen verification processes, including the involvement of legal experts.
The Head of Service further clarified that her office neither deployed staff to the council nor played any role in its establishment, funding, or operations.
Also appearing before the panel, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, represented by the Director of Banking Services, Hamisu Abdullahi, told lawmakers that two accounts were opened for the council but remained dormant since inception.
Abdullahi said the CBN received a mandate dated July 30, 2025, authorising the opening of two domiciliary accounts, one in United States dollars and the other in British pounds for the Presidential Economic Advisory Council and the Presidential Foreign Investment Promotion Council.
He explained that the apex bank followed standard procedures to verify the mandate and processed the account opening accordingly.
“Two accounts were opened based on the mandate, a dollar account and a pound sterling account. However, since their creation, those accounts have remained inactive with zero balance and have never been operated,” he said.
He added that the CBN did not receive any further correspondence from the council regarding account operations, signatories, or transaction approvals.
According to him, no foreign exchange allocations, remittances, or financial transactions were ever made through the accounts.
“The accounts have maintained zero balance from inception to date. There have been no inflows, no approvals, and no transactions whatsoever linked to the council,” Abdullahi stated.
He further noted that the council had no direct communication with the CBN after the accounts were opened, while no Know-Your-Customer or risk assessment processes were triggered due to the inactivity of the accounts.
The committee, however, directed the CBN to provide comprehensive details of all accounts linked to the council and any related entities across the banking system.
Lawmakers also requested financial records of individuals associated with the council, including its suspected officials, to aid the investigation.
Earlier, members of the committee had raised concerns over inconsistencies in documents submitted by the council, including variations in its name and irregular signatures on official correspondence.
Gadgi said the investigation would uncover those behind the submissions and determine how the council gained access to official processes without proper legal backing.
The investigative hearing will resume on Tuesday at 10 a.m., with the Minister of Finance and the Accountant-General of the Federation expected to appear, while the Inspector-General of Police has been directed to ensure the two OHCSF staff involved present themselves to clarify their roles in the scandal.