PFIPC Secured Budget Code but Received No Funds: Reps

The House of Representatives Ad-hoc Committee, chaired by Hon. Yusuf Gagdi, is investigating the Presidential Foreign Investment Promotion Council (PFIPC) and has determined that while the agency secured a budget code, it did not receive any government funds. Gagdi stated that an examination of financial records revealed no appropriated funds had been released to PFIPC, which only appeared in the 2026 budget.

The committee is conducting a forensic examination of financial transactions associated with the agency, uncovering numerous transactions involving individuals and contractors rather than government funds. Gagdi noted that PFIPC allegedly operates with 12 agencies under one Bank Verification Number (BVN) and has 58 active bank accounts.

The investigation also indicated that representations made to facilitate account openings with the Central Bank of Nigeria (CBN) were false. Additionally, Gagdi alleged that documents used to establish the agency contained forged materials, implicating Prince Adeniyi Adeyemi in creating a questionable nomenclature.