The House of Representatives has inaugurated a 12-member ad hoc committee to investigate the establishment of the Presidential Foreign Investment Promotion Council (PFIPC) and examine how the agency was included in the 2026 national budget.
The committee is also expected to investigate the alleged allocation of ₦1.3 billion to the disputed agency in the 2026 Appropriation Act, with lawmakers seeking to determine the legality of the funding.
Speaking during the inauguration, Speaker of the House Abbas Tajudeen, represented by Majority Leader Julius Ihonvbere, said the investigation is intended to uncover the facts surrounding the allocation and is not driven by political interests.
He emphasized that the National Assembly has both the constitutional authority and responsibility to conduct a transparent, fair, and accountable inquiry into the matter.
Chairman of the committee, Yusuf Gagdi, assured Nigerians that the panel would carry out a comprehensive and impartial investigation. However, he expressed concern over the absence of some government officials whose participation is considered vital to the probe.
The investigation follows allegations made by Adeniyi Adeyemi, who claims to be the Director-General of the disputed PFIPC. He accused the Chief of Staff to the President, Femi Gbajabiamila, of demanding a 48 percent kickback from the agency’s ₦27.3 billion take-off grant, alleging that ₦400 million was paid through an intermediary and that an additional ₦200 million was requested to secure presidential approvals.
Gbajabiamila has denied all the allegations, insisting that he has never met or communicated with Adeyemi and has no personal, official, or professional relationship with him. He also rejected claims that he demanded or received money, abused his office, interfered with investigations, or had any involvement in other allegations connected to the case.
Following the controversy, President Bola Tinubu directed the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the matter.
In addition, Gbajabiamila has instituted a ₦15 billion defamation suit against Adeyemi at the High Court of the Federal Capital Territory, Abuja. The suit seeks ₦10 billion in general damages, ₦5 billion in aggravated damages, ₦200 million in legal costs, and a court order compelling Adeyemi to publish a public retraction and apology in national newspapers and across social media platforms.
His legal team described the allegations as false, malicious, and defamatory.
Adeyemi was subsequently arrested by police in Osun State after a court issued a bench warrant for his arrest over his failure to appear for arraignment.
