The controversy surrounding the alleged Presidential Foreign Investment Promotion Council (PFIPC) intensified on Wednesday as the Senate once again rejected calls to investigate the agency’s controversial budget allocation, while former Vice President Atiku Abubakar and the Presidency exchanged opposing views over how the matter should be handled.
The development follows the arrest of Adeniyi Adeyemi, who presented himself as the Director-General of the alleged council. He was taken into custody after failing to appear before a Federal High Court in Abuja over charges including conspiracy, forgery and impersonation.
Adeyemi has been at the centre of a high-profile dispute after accusing the President’s Chief of Staff, Femi Gbajabiamila, of demanding a ₦400 million bribe and seeking nearly half of the council’s proposed ₦27.4 billion take-off fund. The allegations have not been proven.
In response to the controversy, President Bola Tinubu directed the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the circumstances surrounding the alleged agency and its budgetary allocation, with a report expected within 30 days.
However, Atiku Abubakar insisted that the investigation should not be handled solely by the executive, arguing that only an independent and bipartisan inquiry would inspire public confidence. He questioned how an organisation reportedly described as non-existent was allegedly able to obtain office space within the Federal Secretariat, recruit personnel, secure diplomatic recognition and receive public funding.
The former vice president also raised concerns over a reported ₦6.44 billion allocation in the 2026 budget for Nigeria’s World Cup qualifying campaign, despite the country’s elimination from the competition before the budget was presented. He described the allocation as another example of questionable spending within the national budget.
Atiku further warned that the arrest of Adeyemi should not distract attention from broader concerns about the agency’s activities and the alleged involvement of senior government officials. He maintained that the allegations should be subjected to a transparent and impartial investigation.
Calling for accountability, Atiku urged the National Assembly to establish an independent bipartisan panel to examine every aspect of the PFIPC controversy. He also appealed to the Nigerian Bar Association, civil society organisations and the diplomatic community to support demands for a transparent investigation.
Responding to the call, the Presidency maintained that the ICPC investigation ordered by President Tinubu was sufficient and questioned Atiku’s confidence in Nigeria’s institutions. Presidential spokesman Temitope Ajayi argued that the anti-corruption agency was legally empowered to investigate such matters and challenged the former vice president’s criticism of the process.
Meanwhile, the Senate declined, for the second time in one week, to open its own investigation into the controversial budget allocation. Senate President Godswill Akpabio explained that the matter was already before the courts and under investigation by the ICPC, making a separate legislative probe unnecessary at this stage.
The controversy centres on claims that the alleged agency received a ₦1.3 billion allocation in the 2026 Appropriation Act despite the Presidency stating that the organisation does not officially exist.
Fresh security details also revealed how Adeyemi was eventually arrested in Osun State after intelligence operatives tracked his movements for several days. Security sources disclosed that he had earlier been monitored in Ibadan before relocating to Osun, where operatives later confirmed his location and carried out the arrest near Ilesa after briefing the state police command.
