The House of Representatives Ad-Hoc Committee investigating the purported Presidential Foreign Intervention Promotion Council (PFIPC) has uncovered a network of about 58 bank accounts allegedly linked to the council's detained Director-General, Prince Adeniyi Adeyemi, along with an alleged N400 million transaction the committee says may involve fraudulent representations.
According to the committee, more than 30 of the identified accounts appear to have been operated under the names of about nine agencies, companies, foundations, and related entities allegedly connected to Adeyemi, raising questions over their ownership and true purpose.
Committee Chairman, Yusuf Gagdi, presented the panel's preliminary findings to parliamentary correspondents in Abuja on Wednesday, explaining that financial and investigative institutions had linked Adeyemi's Bank Verification Number (BVN) and other identifying details to a wide network of personal, corporate, and foundation accounts. Entities named include the Confederation of United Nations Youths, the FCT Investment Promotion Agency and Public-Private Partnership, the United Nations Youth Global Foundation, and the Olubadan of Ibadan Foundation, among others.
Gagdi clarified that the committee had not concluded every account or entity was unlawful, noting that investigators were still reconciling registration records, account mandates, and beneficial ownership information. However, he said the entities showed troubling similarities in naming, structure, and banking relationships, suggesting a possible pattern of manufacturing artificial credibility to solicit funds or public trust.
Of particular concern is an alleged N400 million transaction in which a company claims Adeyemi induced it to make payments in four instalments after representing that he could secure a contract to renovate an official residence supposedly allocated to him as PFIPC Director-General. The committee said it is tracing the funds and determining whether any public or private individuals facilitated or benefited from the transaction, warning that the allegations, if proven, could amount to fraudulent misrepresentation, impersonation, forgery, and money laundering.
Beyond the financial trail, the committee found no lawful instrument, whether an Act of the National Assembly, gazetted enactment, or Presidential Executive Order, ever established the PFIPC. It said documents used to project the organisation's legitimacy, including a purported presidential appointment letter and a fake Act of the National Assembly, showed evidence of fabrication and forgery.
The committee confirmed that the alleged appointment letter was neither issued nor signed by the Chief of Staff to the President, Femi Gbajabiamila, whose letterhead and reference format did not match official State House correspondence. Gbajabiamila was subsequently cleared of any involvement, with the panel commending him for promptly alerting security and investigative agencies, including the Police, DSS, ONSA, and EFCC, once concerns were raised. The National Assembly committees responsible for budget scrutiny were also cleared of culpability.
Gagdi said the probe exposed serious weaknesses in how government institutions are verified, including budget code allocation, authentication of official correspondence, government accommodation allocation, and vehicle plate issuance. The organisation allegedly bolstered its false legitimacy by occupying office space within the Federal Secretariat Complex, running a website presenting it as a federal agency, and using the names and images of President Bola Tinubu and other senior officials without authorisation. About 39 people were also represented as staff of the fake agency, with the committee now examining their recruitment process, amid allegations that some were required to pay for their supposed employment.
The committee has recommended that all government Ministries, Departments, and Agencies immediately cease any recognition of or dealings with the PFIPC, and that no funding, administrative code, or government facility be extended to it. It also directed financial institutions and investigative agencies to preserve relevant records and called for the prompt conclusion of criminal investigations, along with the tracing, freezing, and recovery of any proceeds linked to unlawful conduct.
The panel further proposed stronger authentication procedures for establishing new government institutions and recommended a centralised digital verification platform to confirm the lawful status of federal agencies going forward.
Gagdi stressed that the committee's findings remain preliminary and do not amount to a final determination of guilt, which rests with the courts. He said the panel's full report would be submitted to the House once it resumes from recess, after which lawmakers would decide on further action.
He described the investigation as an effort to protect the integrity of Nigeria's institutions, declaring: "The Presidency cannot be impersonated with impunity."
