The Abuja Chamber of Commerce and Industry (ACCI) has raised concerns over the purported establishment and operation of the Presidential Foreign Intervention Promotion Council (PFIPC) and the 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 the country’s investment reputation.

The president of ACCI, Emeka Obegolu, said this in a statement on Saturday by Olayemi John-Mensah, the chamber’s spokesperson, following the federal government’s denial of the agency’s existence and appointment of its director-general, Adeniyi Adeyemi.

Mr Obegolu, however, said the allegations related to the actions of individuals and should not be construed as reflecting the operations of legitimate government institutions.

He said the incident underscored the urgent need to strengthen institutional safeguards and verification mechanisms to protect Nigeria’s investment ecosystem.

The ACCI president said the alleged ability of individuals to create what appeared to be a legitimate government-backed institution could undermine investor confidence.

“Any incident that creates uncertainty about official institutions or government processes has the potential to negatively influence investment inflows,” he said.

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.

Mr 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.

The ACCI boss also said 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.

Mr Obegalu 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, Mr Obegolu commended the prompt steps taken to investigate the allegations.

“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 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.

(NAN)