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).
