Chamber Raises Alarm Over Alleged Fake Government Investment Bodies

The Abuja Chamber of Commerce and Industry (ACCI) has expressed concern over the alleged establishment and operation of the Presidential Foreign Intervention Promotion Council (PFIPC) and the “Presidential Economic Advisory Council” (PEAC), describing the development as one with far-reaching implications for Nigeria’s business environment, investor confidence, and international reputation.

Speaking on the issue, the President of the ACCI, Chief Emeka Obegolu, SAN, said that although the allegations concern the actions of individuals and should not be interpreted as reflecting the operations of legitimate government institutions, the incident highlights the urgent need to strengthen institutional safeguards and verification mechanisms to protect Nigeria’s investment ecosystem.
“As the leading voice of the organised private sector in the Federal Capital Territory and its environs, the ACCI is deeply concerned about any development capable of undermining investor confidence in Nigeria. Foreign investors rely heavily on the credibility, integrity, and authenticity of government institutions when making investment decisions. Any incident that creates uncertainty about official institutions or government processes has the potential to negatively influence investment inflows,” Chief Obegolu stated.
He noted that the alleged ability of individuals to establish what appeared to be a government-backed institution could compel local and foreign investors, development partners, and diplomatic missions to adopt stricter verification procedures before engaging with organisations claiming government affiliation. While such enhanced due diligence is necessary, he warned that it could increase transaction costs, slow investment decisions, and delay project implementation.
Chief Obegolu further observed that the reported engagement of foreign diplomats and international stakeholders with the alleged fictitious agency could pose reputational challenges for Nigeria at a time when the country is actively positioning itself as a preferred investment destination. He stressed that preserving the integrity of government institutions is essential to attracting sustainable foreign direct investment.
He also pointed out that the incident could create temporary confusion over the legitimate government agencies responsible for investment promotion and facilitation. He advised businesses to deal only with duly recognised government institutions and to properly verify institutional mandates, official correspondence, and authorisations before entering into partnerships, signing agreements, or committing financial resources.
While expressing confidence in the prompt intervention of the Presidency, security agencies, and other relevant government institutions, the ACCI President commended the swift steps taken to investigate the allegations.
“The private sector thrives where transparency, accountability, and institutional credibility are firmly established. This unfortunate incident should serve as an opportunity to reinforce governance systems, strengthen public confidence, and reassure the international investment community that Nigeria remains committed to protecting legitimate businesses and upholding global best practices,” he added.
The ACCI reaffirmed its commitment to collaborating with government institutions, development partners, diplomatic missions, and the wider business community to promote a transparent, secure, and investor-friendly business environment. The Chamber also urged businesses to conduct thorough due diligence and verify the legal status and official mandates of any organisation claiming government authority before entering into commercial or investment relationships.