The Abuja Chamber of Commerce and Industry (ACCI) has expressed concern over the alleged establishment and operation of entities purportedly operating as the Presidential Foreign Intervention Promotion Council (PFIPC) and the Presidential Economic Advisory Council (PEAC), warning that such developments could undermine investor confidence and damage Nigeria’s reputation as an investment destination.
In a statement issued on Saturday, the President of the ACCI, Chief Emeka Obegolu, said while the allegations relate to the actions of individuals and should not be interpreted as reflecting the activities of legitimate government institutions, the incident highlights the urgent need for stronger institutional safeguards and verification mechanisms to protect the country’s investment ecosystem.
Obegolu said Nigeria’s attractiveness to investors depends significantly on the credibility and integrity of its public institutions, stressing that any uncertainty surrounding official government agencies could discourage both domestic and foreign investment.
“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,” he said.
According to the ACCI President, the alleged ability of individuals to establish what appeared to be legitimate government-backed institutions could compel investors, development partners and diplomatic missions to adopt stricter verification procedures before engaging with organisations claiming government affiliation.
Obegolu warned that additional verification requirements could increase transaction costs, prolong investment decision-making processes and delay the implementation of critical projects.
He further noted that reports suggesting engagement between the alleged fictitious organisations and foreign diplomats or international stakeholders could pose reputational risks for Nigeria at a time when the country is actively positioning itself as a preferred destination for foreign direct investment.
Obegolu emphasised that safeguarding the integrity of government institutions remains critical to sustaining investor confidence and attracting long-term capital into the Nigerian economy.
He also cautioned that the development could create temporary confusion over the legitimate government agencies responsible for investment promotion and facilitation, advising businesses to deal only with officially recognised institutions.
He urged investors and companies to verify institutional mandates, official correspondence and authorisations before entering into partnerships, signing agreements or committing financial resources.
The ACCI President expressed confidence in the ongoing response by the Presidency, security agencies and other relevant government institutions, commending what he described as their prompt intervention 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 said.
Reaffirming its commitment to fostering a transparent and secure business environment, the ACCI pledged continued collaboration with government institutions, development partners, diplomatic missions and the wider business community to strengthen investor confidence and promote sustainable economic growth.
