House of Representatives Investigates PFIPC’s Legal Status and Funding

An adhoc committee has been inaugurated by the House of Representatives to investigate the legal basis for the establishment and operations of the Presidential Foreign Investment Promotion Council (PFIPC).

The panel will also look into the conditions under which the council was incorporated into the Federal Government’s budget framework, it was reported.

The Speaker of the House, Tajudeen Abbas, who spoke at the inauguration of the committee in Abuja on Monday, said the inquiry was to determine the facts on the creation, mandate and activities of the council.

He dismissed allegations that the probe was politically motivated or designed to stir up public debate over the council.

“This committee has not been constituted by the House of Representatives to validate speculation or to amplify controversy. This is not a political exercise either. Abbas said, “Our aim is simply to establish the facts.”

The Speaker said the decision to set up the committee was to address the growing public concern over the legal status, institutional mandate and operational structure of the PFIPC.

He added that questions had also been raised about the council’s relationship with existing government agencies that are responsible for attracting and promoting investment.

Abbas said the House has a constitutional responsibility to provide oversight in a way that encourages transparency, accountability and good governance.

Abbas ordered the committee to see if the council was legally constituted and if proper constitutional and statutory procedures were followed.

The panel is also expected to investigate the mandate, governance structure, sources of funding and operational activities of the PFIPC.

It will also examine the council’s links with existing statutory bodies and whether its remit overlaps with those of other agencies.

The Committee was also charged to examine the integration of the PFIPC into the Federal Government’s budgetary framework.

It is expected to find out if the proper budgetary processes were followed before the allocation of funds to the council.

Abbas asked the panel to recommend any legislative, administrative or institutional reforms required to improve fiscal responsibility, transparency and accountability.

Speaker Urges Cooperation From Stakeholders
The Speaker urged ministries, departments and agencies, constitutional bodies, civil society organisations, experts and other relevant stakeholders to assist the probe.

He asked them to supply the committee with all information and evidence needed to establish the facts.

Abbas also asked the members of the panel to do the exercise fairly, impartially and with strict adherence to the Constitution and the rule of law.

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The Chairman of the committee, Yusuf Gagdi, assured the House that the investigation would be conducted in a professional and objective manner.

The panel, he said, would study the context in which the council was formed and functioning, and if the existing legal and constitutional processes were followed.

“The committee will seek the opinion of all relevant stakeholders before submitting its findings and recommendations to the House,” Gagdi added.

He pledged that every person and institution involved in the investigation would be given a just hearing.

He said that natural justice, transparency and due process would govern proceedings.

The committee held its first sitting soon after the inauguration and will receive memoranda and testimonies from stakeholders as part of the investigation.