ACCI Calls for Stronger Institutional Safeguards to Protect Nigeria’s Investment Reputation
Oru Leonard
The Abuja Chamber of Commerce and Industry (ACCI) has expressed concern over the purported establishment and operation of a Presidential Foreign Intervention Promotion Council (PFIPC) and the ‘Presidential Economic Advisory Council’ (PEAC), describing the development as one with significant implications for Nigeria’s business environment, investor confidence, and international reputation.
This is contained in a press release issued by the Media & Strategy Officer, Olayemi John-Mensah on July 4, 2026)
Speaking on the matter, the President of the Abuja Chamber of Commerce and Industry (ACCI), Chief Emeka Obegolu, SAN, said that although the allegations relate to the actions of individuals and should not be construed as reflecting the operations of legitimate government institutions, the incident underscores the urgent need to strengthen institutional safeguards and verification mechanisms to protect Nigeria’s investment ecosystem.
“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,” ChiefObegolu stated.
The ACCI President noted that the alleged ability of individuals to create what appeared to be a legitimate government-backed institution may prompt both local and foreign investors, development partners, and diplomatic missions to adopt more rigorous verification procedures before engaging with organisations claiming government affiliation. While enhanced due diligence is necessary, he observed that it could increase transaction costs, slow investment decisions, and delay project implementation.
He further stated that the reported engagement of foreign diplomats and international stakeholders with the alleged fictitious agency has the potential to create reputational challenges for Nigeria at a time when the country is actively promoting itself as a preferred investment destination. According to him, preserving the integrity of government institutions remains fundamental to attracting sustainable foreign direct investment.
Chief Obegolu also observed that the incident could create temporary confusion regarding the legitimate government institutions responsible for investment promotion and facilitation. He stressed that businesses should engage only with duly recognised government agencies and ensure proper verification of institutional mandates, official correspondence, and authorisations before entering into partnerships, signing agreements, or committing financial resources.
While expressing confidence in the swift intervention of the Presidency, security agencies, and relevant government institutions, the ACCI President 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, strengthen public confidence, and reassure the international investment community that Nigeria remains committed to protecting legitimate businesses and upholding global best practices,” he added.
The ACCI reaffirmed its commitment to working closely with government institutions, development partners, diplomatic missions, and the wider business community to promote a transparent, secure, and investor-friendly business environment. The Chamber also encouraged businesses 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.
