Tinubu's chief of staff quizzed over fake Nigerian investment council
Nigerian anti-graft investigators have questioned the president's chief of staff over a fraudulent investment council that operated for two years, exposing institutional vulnerabilities that threaten foreign investor confidence.
Femi Gbajabiamila, Chief of Staff to Nigerian President Bola Tinubu, appeared before the Independent Corrupt Practices and Other Related Offences Commission (ICPC) on Monday to answer questions about a bogus state investment body.
Gbajabiamila attended voluntarily and was not arrested, according to a statement signed by Okor Odey, the ICPC’s Head of Media and Public Communications. “The Chief of Staff’s visit was at the invitation of investigators and in line with the Commission’s ongoing efforts to gather all relevant facts in the matter. He was not arrested; he willingly honoured the invitation,” Odey said.
The investigation centres on the Presidential Foreign Investment Promotion Council (PFIPC), which allegedly operated for about two years from the Federal Secretariat in Abuja. Under the leadership of one Adeniyi Adeyemi Matthew, who presented himself as Director-General, the entity purported to be an official government agency. The presidency has disowned the council, stating it lacked legal backing or presidential authorisation.
Governance risks
For portfolio managers and corporate executives, the revelation that a fraudulent investment council operated undisturbed at the seat of government introduces severe counterparty risk. Foreign investors entering emerging markets rely on official investment promotion agencies to navigate regulatory frameworks and verify opportunities. That a fake council was housed inside the highly secure Federal Secretariat lent it unwarranted credibility, creating a prime vehicle for potential fraud.
The presence of this entity for two years suggests significant vulnerabilities in Nigeria's institutional infrastructure. Bad actors could have used the PFIPC to intercept foreign capital or misrepresent government policy to unsuspecting overseas investors.
President Tinubu has directed the ICPC to determine how the organisation gained access to government facilities and whether state officials facilitated its activities. The decision to question his own chief of staff highlights the political priority of resolving the scandal. Nigeria is actively trying to attract foreign direct investment to support its economy, making institutional credibility critical. The ICPC noted that its probe is ongoing.
