It follows a complaint by President Akufo-Addo to the Criminal Investigations Department of the Ghana Police Service that the FA boss was using the President’s name fraudulently.
The president watched excerpts of an investigative piece by ace investigative journalist Anas Aremeyaw Anas, dubbed "Number 12" in which Mr Nyantakyi was seen negotiating for an amount of money using the name of the president.
He has since been invited by the police.
Discussing the scandal, Mr. Agyapong told Net 2 Dialogue program Anas should be stopped from going ahead with the intended premiering of the documentary.
"I totally disagree with his approach. Somebody should take him to court right now to stop him from what he is doing, he fired"
He continued, "You want to premier this? We have to stop him or else, he will end up one-day recording you whilst you are asleep with your wife and premiere it in public," he told host Abedi Anim.
Mr. Agyapong also described the President of the Ghana Football Association as a talkative.
Anas Exposé: Trap me with a pretty lady with ‘assets’ and ‘I may fall’ – Baako
"First of all, Nyantakyi talks too much. You promise to give President [Akufo-Addo] $ 5million; $ 3 million to the Vice president, $ 2 million for yourself, $ 1 million for minister, all totalling $ 11 million.
"Let me tell you, you could tell that he has not seen money like this before at the GFA."
If he has seen the money before or worked hard for money, he would have known that no company will give him $ 11 million just to go and see the President and the Vice President and the minister".
Minister of Inner-City and Zongo Development, Alhaji Boniface Abubakar Sadique who was also on the show commended Anas for his bravery but said the premiering of this nature in advance countries would require a court warrant.
"I believe Anas might have gotten legal backing to do this project," he said.
He wants Anas to give people captured in his documentary the opportunity to watch the documentary before it is premiered.
There is nothing unethical about what I do; you can go to court – Anas replies critics
My next expose was most challenging so tighten your seat belt – Anas