29/08/2026
President Tinubu recently suspended three permanent secretaries over a fake agency operating within the Office of the Secretary to the Government of the Federation (OSGF), a month after another fictitious body, the Presidential Foreign Investment Promotion Council (PFIPC), was uncovered after more than two years of operation and N1.3 billion in budget allocation.
Key insights:
— PFIPC held meetings with real MDAs, including the Ministry of Foreign Affairs and the EFCC, and engaged foreign diplomats for over two years before its status was questioned.
— PFIPC secured approval to recruit over 300 staff and opened a Central Bank of Nigeria (CBN) dollar and pound accounts.
— PFIPC was allocated N1.3 billion in the 2026 federal budget, with N802.98 million allocated for personnel alone.
The case shows how a budget allocation can grant financial legitimacy without the underlying legal legitimacy ever being confirmed, and that gap is what allowed PFIPC to operate for years.