WorldStage– The Abuja Chamber of Commerce and Industry (ACCI) has raised concern over the purported establishment and operation of Presidential Foreign Intervention Promotion Council (PFIPC) and Presidential Economic Advisory Council (PEAC).
The chamber said the development could undermine Nigeria’s business environment, weaken investor confidence and damage the country’s international reputation, while calling for institutional safeguards to protect investment reputation.
The President of ACCI, Chief Emeka Obegolu, said this in a statement by Olayemi John-Mensah, the chamber’s Media and Strategic Officer, on Saturday in Abuja.
Obegolu, however, said that the allegations related to the actions of individuals and should not be construed as reflecting the operations of legitimate government institutions.
He said that the incident underscored the urgent need to strengthen institutional safeguards and verification mechanisms to protect Nigeria’s investment ecosystem.
According to him, as the leading voice of the organised private sector in the FCT 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.
The ACCI president said the alleged ability of individuals to create what appeared to be a legitimate government-backed institution could undermine investor confidence.
He said the development might compel local and foreign investors, development partners and diplomatic missions to adopt stricter verification procedures before engaging organisations claiming government affiliation.
He said although enhanced due diligence was necessary, it could increase transaction costs, slow investment decisions and delay project implementation.
Obegolu said that the reported engagement of foreign diplomats and international stakeholders with the alleged fictitious agency could pose reputational risks to Nigeria.
He said the development came as Nigeria was intensifying efforts to promote itself as a preferred destination for foreign investment.
According to him, preserving the integrity of government institutions remains fundamental to attracting sustainable foreign direct investment.
The ACCI boss also said that the incident could create temporary confusion regarding the legitimate government institutions responsible for investment promotion and facilitation.
He advised business owners to engage only with duly recognised government agencies and verify institutional mandates before entering into any partnership or agreement.
He also advised them to confirm official correspondence and authorisations before committing financial resources to any government-related initiative.
While expressing confidence in the swift intervention of the presidency, security agencies, and relevant government institutions, Obegolu commended the prompt 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 and strengthen public confidence,” he said.
The ACCI boss reaffirmed the chamber’s commitment to working closely with government institutions, development partners, diplomatic missions and the wider business community.
He said that such commitment would promote a transparent, secure, and investor-friendly business environment.He encouraged business owners to exercise rigorous due diligence and verify the legal status and official mandates of any organisation claiming government authority before entering into commercial or investment relationships.
