Nigerian House Committee Summons Officials Over Controversial Investment Council

A Nigerian House of Representatives committee is probing the Presidential Foreign Investment Promotion Council (PFIPC) over its alleged irregular acquisition of office space within the federal secretariat and its inclusion in the 2026 national budget without proper procedures. The ad hoc committee has summoned key government figures, including the Secretary to the Government of the Federation, George Akume, and the Ministers of Finance and Justice, to provide explanations.

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PFIPC approached her office to approve its organisational structure but it was not granted for lack of proper documentation.

The committee's investigation stems from submissions by the Office of the Head of the Civil Service and the Central Bank of Nigeria. The Head of Civil Service stated that the office space occupied by PFIPC was allocated to her office and that PFIPC's request for organizational approval was denied due to insufficient documentation. She clarified that no staff were deployed to, nor office space approved for, the council by her office.

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on July 30, 2025, the Office of the Accountant General of the Federation wrote to CBN, giving the bank clearance to open the accounts.

The Central Bank of Nigeria confirmed that PFIPC holds two accounts, opened following clearance from the Office of the Accountant-General of the Federation in July 2025. However, the bank noted that no signatories were ever assigned, and the accounts remained inoperative. The committee's chairman vowed to uncover the full details of the matter, emphasizing the need to get to the root of the alleged irregularities.

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though the accounts were opened, no one came forward to be captured as signatories and that the account was never operated.