Political scientist Dr. Kunle Fagbemi has described the controversy surrounding the Presidential Foreign Investment Promotion Council (PFIPC) as a major governance and institutional failure.
Speaking during an interview on Arise News, Fagbemi referenced the presidency’s explanation that “a fraudster found a way to deceive the entire presidency, including the CBN,” and allegedly bypassed established procedures to secure an office and a budget line.
He said the controversy raises serious questions about accountability across government institutions, arguing that the issue extends beyond one individual and requires a thorough investigation into how the council allegedly operated within official structures.
Fagbemi also questioned the oversight role of the National Assembly, noting that lawmakers scrutinize budget proposals and should have identified any questionable budget allocations. He called for relevant budgeting and public administration officials to appear before an independent judicial panel of inquiry.
He further criticized the presidency’s communication on the matter, saying official statements should be based on facts established through proper investigations. According to him, a judicial panel would help identify institutional lapses, strengthen oversight mechanisms, and recommend measures to improve transparency, accountability, and public confidence.
