President Bola Tinubu’s Chief of Staff, Hon. Femi Gbajabiamila, has been drawn into a raging controversy over a disputed agency known as the Presidential Foreign Investment Promotion Council, PFIPC, after President Tinubu directed the Independent Corrupt Practices and Other Related Offences Commission, ICPC, to conduct a full investigation into the matter.
The directive, issued with a 30-day deadline for a report, came amid public allegations that the PFIPC, which the Presidency insists is fictitious, secured budgetary allocation, opened accounts with the Central Bank of Nigeria, and operated from the Federal Secretariat in Abuja.
The Allegations That Triggered The Probe
The controversy erupted after Prince Adeniyi Adeyemi Matthew, who claims to be the Director-General of the PFIPC, accused top government officials of involvement in the creation and funding of the council.
Adeyemi alleged that he paid N600 million to secure the position, including N400 million paid through proxies. He also claimed that Gbajabiamila demanded 48 per cent of the agency’s alleged N27.4 billion take-off grant, amounting to about N12.5 billion.
Further claims by Adeyemi included that the PFIPC received an allocation of over N1.3 billion in the 2026 Appropriation Act, obtained approvals for 300 staff, secured office space at the Federal Secretariat, and opened a domiciliary account, a pound sterling account, and a Treasury Single Account at the CBN.
Adeyemi also alleged intimidation, manipulation of budget processes, and multiple assassination attempts. He is currently facing criminal charges bordering on forgery and impersonation at a Federal High Court in Abuja.
Presidency: “A Fictitious Body With No Legal Basis”
The Presidency has flatly denied the existence of the PFIPC. In a July 1 statement by the Special Adviser on Information and Strategy, Bayo Onanuga, the government described Adeyemi as a “con artist” and said the council had no legal basis or presidential approval.
Gbajabiamila himself issued a disclaimer and asked the DSS and police to probe “fraudsters and imposters” forging appointment letters purportedly from his office. Forensic analysis by police reportedly confirmed that the signature on Adeyemi’s appointment letter was forged.
Despite the denial, questions have persisted over how a non-existent agency allegedly found its way into the national budget and financial systems. The Presidency said the Office of the Chief of Staff was the first to raise the alarm after the Nigerian Investment Promotion Council complained about a conflicting agency.
Tinubu’s Directive and The 30-Day ICPC Mandate
Responding to the pressure, President Tinubu directed the ICPC to conduct a comprehensive investigation into the provenance and use of false official documents, the opening and operation of related bank accounts, the movement of funds, and the role of any public officer or intermediary.
The President also asked the commission to identify weaknesses in government procedures that may have been exploited and recommend preventive measures. All ministries, departments and agencies were ordered to cooperate with the ICPC.
The Presidency said the goal was to protect “the integrity of the Presidency and the institutions of the Federal Government against impersonation, forgery, abuse of official identity and the exploitation of weaknesses in the public service”.
Calls For Suspension and Independent Probe
The directive did not calm critics. Opposition figures, civil society groups, and lawyers argued that an ICPC probe led by the Presidency cannot be impartial while the Chief of Staff remains in office.
Paul Ibe, Media Adviser to former Vice President Atiku Abubakar, described it as “flagrantly wrong” to order the probe without suspending “key suspects, including his Chief of Staff”. He warned that their continued stay in office “gives them the opportunity to interfere with the investigation process”.
The Nigeria Democratic Congress and former Minister Solomon Dalung made similar demands, calling for Gbajabiamila’s suspension pending investigation. A coalition of CSOs also urged the President to direct “a comprehensive, independent and transparent investigation” and for Gbajabiamila to step aside to allow an unhindered process.
Human rights lawyer Femi Falana, who represents Adeyemi, questioned how the body appeared in the budget even if the appointment letter was forged, and called for the ICPC to investigate both Adeyemi and Gbajabiamila.
Adeyemi himself has expressed doubt in the ICPC’s ability to be impartial, saying assigning the commission amounted to “asking the government to investigate itself”.
What Is At Stake
Beyond the personalities involved, the PFIPC scandal has raised fundamental questions about budget oversight, accountability in the public service, and institutional integrity.
Critics point to the paradox of an agency the Presidency calls “phantom” allegedly operating with staff, office space, and multiple CBN accounts. The NDC described it as “deeply troubling that an agency the Presidency claims does not exist could open multiple high-level financial accounts at the apex bank”.
CSOs have also demanded periodic public updates and the publication of the final ICPC report, warning that failure to act within seven days would lead to protests at the Presidential Villa.
For now, the ICPC has been tasked with unravelling how the PFIPC emerged, who facilitated it, and whether public funds were diverted. The Presidency insists that “all persons found culpable be treated strictly in accordance with applicable law”.
As the 30-day clock ticks, public attention will be fixed on whether the investigation can answer the central question: how did a fictitious council secure a place in Nigeria’s budget and banking system, and who, if anyone, enabled it?
