National Assembly Investigates PFIPC Scandal Amid Criticism

The National Assembly is initiating a formal investigation into the Presidential Foreign Investment Promotion Council (PFIPC) scandal, particularly concerning a controversial allocation of N1.32 billion in the 2026 budget. Speaker of the House of Representatives, Femi Gbajabiamila, is notably absent from the probe, which has led to criticisms regarding the investigation's credibility.

The ad hoc committee, chaired by Yusuf Gagdi, is expected to hold its first public hearing, empowered by sections 88 and 89 of the 1999 Constitution to investigate issues related to public institutions managing public funds. The investigation follows the arrest of Adeyemi Adeniyi, the self-proclaimed PFIPC Director General, who is accused of orchestrating the inclusion of the non-existent agency in the budget.

Adeniyi allegedly claimed to have paid millions to Gbajabiamila to facilitate the agency's establishment. The committee has invited several top government officials to testify but has excluded Gbajabiamila and Adeniyi, raising concerns about potential bias in the investigation.