Reps Uncover 58 Bank Accounts, Alleged N400m Deal in PFIPC Scandal

The House of Representatives has uncovered about 58 bank accounts allegedly linked to Prince Adeniyi Adeyemi, Director-General of the purported Presidential Foreign Intervention Promotion Council (PFIPC), alongside an alleged N400 million transaction that lawmakers said may have involved fraudulent representations.

The discovery comes months after Pinnacle Daily reported that Nigeria’s 2026 budget allocated N1.3 billion to the PFIPC despite the Presidency insisting that the council does not exist under President Bola Tinubu’s administration.

The Chairman of the House Ad Hoc Committee investigating the circumstances surrounding the council’s inclusion in the Federal Budget Framework, Yusuf Gagdi, disclosed the findings on Wednesday while presenting the panel’s preliminary report to parliamentary correspondents in Abuja.

According to Gagdi, preliminary information obtained from financial and investigative institutions showed that the Bank Verification Number and other identifying details associated with Adeyemi were linked to a network of personal, corporate, organisational and foundation accounts.

More than 30 of the identified accounts, the committee said, appeared to have been operated in the names of about nine agencies, companies, foundations or related entities connected to Adeyemi, raising questions about their ownership, control and purpose.

The entities identified by the committee include the Confederation of United Nations Youths; FCT Investment Promotion Agency and Public-Private Partnership; FCT Investment Promotion Council and Public-Private Partnership; Foreign Investment Promotion Agency; United Nations Youth Global Agency; United Nations Youth Global Foundation; World United Nations Youth Global Foundation; World Entrepreneurship University Limited; World Enterprise University Limited; FCT Investment Promotion Act; FCT Promotion Agency; and Olubadan of Ibadan Foundation.

Gagdi, however, cautioned that the committee had not concluded that every account, entity or transaction identified was unlawful.

He said the panel was still “reconciling registration records, account mandates, beneficial ownership information, signatories and transaction histories to establish the true nature and control of the organisations and accounts.”

The committee said its findings had nevertheless identified “similarities in the nomenclature, objectives, management structures, signatories and banking relationships of several of the entities.”

READ ALSO:

• PFIPC Probe: Reps Declare Adeyemi’s Appointment Letter As Fake
• PFIPC Scam: ICPC Uncovers Two More Fake Agencies, Recommends Prosecution of Officials Involved
• CBN Confirms Opening PFIPC Accounts, Contradicts Accountant-General at Reps Probe
• BudgIT Demands Probe into N1.3bn Allocation to ‘Non-Existent’ Presidency Agency
• Ex-FRC Chief Accuses CBN of ‘Deceptive Accounting’, Wants CBN’s 2025 Accounts Withdrawn

According to Gagdi, the similarities raised concerns over a possible pattern of creating or deploying organisations to manufacture artificial credibility, solicit funds, obtain official recognition or induce members of the public to part with money.

Of particular concern, he said, was an alleged N400 million transaction involving a company which claimed that Adeyemi induced it to make payments in four instalments after representing that he could secure a contract for the renovation, furnishing or improvement of a purported official residence allocated to him in his claimed capacity as PFIPC Director-General.

Gagdi said the committee was tracing the destination of the funds, identifying the account holders and beneficial owners, and determining whether any public officer or private individual participated in, facilitated or benefited from the transaction.

He said that, if established through competent investigative and judicial processes, the allegations could disclose offences including fraudulent misrepresentation, obtaining money by false pretence, impersonation, conspiracy, forgery and offences relating to the concealment or movement of proceeds of crime.

Beyond the financial trail, the committee said its investigation had uncovered evidence suggesting that the PFIPC itself was never lawfully established.

Gagdi said the panel found no Act of the National Assembly, gazetted enactment, Presidential Executive Order or other lawful instrument creating the purported council.

He said documentary materials used to project the existence and authority of the organisation contained substantial evidence of alleged fabrication, forgery, mutilation, impersonation and unauthorised representation of institutions and public officers of the Federal Republic of Nigeria.

The committee also found “evidence of alleged fabrication of official documents, including a purported presidential appointment letter for Adeyemi, a purported Executive Order and a document presented as an Act of the National Assembly establishing the organisation.”

Evidence obtained from the State House, according to Gagdi, “established that the purported appointment letter was neither issued nor signed by the Chief of Staff to the President, Mr Femi Gbajabiamila.”

The letterhead and reference number were also said to be inconsistent with official State House correspondence.

The committee consequently exonerated Gbajabiamila from all allegations of authorising, establishing or participating in the activities of the purported council.

Gagdi said, “The documentary evidence presently before the Committee does not establish that the Chief of Staff authorised, approved, established or participated in the activities of the purported organisation.”

Rather, he said, “the evidence showed that Gbajabiamila promptly communicated with relevant security and investigative agencies, including the Nigeria Police Force, Office of the National Security Adviser, Department of State Services and Economic and Financial Crimes Commission, after receiving alerts concerning the activities of the organisation.”

The committee also exonerated the National Assembly committees responsible for budget scrutiny from culpability, shifting attention to how an entity that had allegedly not been lawfully established secured apparent recognition and budgetary treatment within the Federal Government’s administrative machinery.

The development, Gagdi said, exposed serious weaknesses in the verification of government institutions, creation of administrative and budget codes, authentication of official correspondence, allocation of government accommodation and processing of official-looking vehicle number plates.

The purported council allegedly strengthened its claim to governmental legitimacy by occupying office accommodation within the Federal Secretariat Complex and operating a website portraying it as a Federal Government institution.

The committee also found that the organisation allegedly used the names, offices and photographs of President Bola Tinubu and other senior government officials without authorisation.

About 39 persons were also represented as employees of the purported organisation, with the committee investigating their recruitment, appointment letters, identity cards, remuneration and allegations that some prospective employees were required to make payments as a condition for employment.

The panel recommended that all Ministries, Departments and Agencies immediately refrain from recognising, transacting with or extending government privileges to the PFIPC or any related manifestation whose legal status had not been independently verified.

It further urged relevant government agencies to ensure that “no appropriation, administrative code, warrant, cash backing, financial release or governmental facility should be processed in favour of the purported organisation.”

The committee also directed relevant financial institutions and investigative agencies to preserve account records, transaction histories, mandates and beneficial ownership information relating to the persons and entities under investigation.

It called for “the prompt conclusion of criminal and financial investigations” and said that where sufficient admissible evidence was established, “appropriate agencies should institute criminal proceedings before courts of competent jurisdiction.”

The panel further recommended “the tracing, preservation, freezing and recovery of proceeds or assets derived from any established unlawful conduct, subject to applicable legal requirements and judicial authorisation where necessary.”

The committee said the alleged N400 million transaction should be subjected to a separate and comprehensive investigation, with lawful steps taken to trace, preserve, freeze and recover any proceeds of unlawful activity established by investigators.

Gagdi said the panel would continue examining the ownership and control of the identified accounts, the alleged transaction, the purported official residence, special number plates, occupation of government accommodation and the roles played by public officers and private individuals connected with the matter.

He added that affected persons would be given a fair hearing before definitive findings were reached and stressed that the findings presented were preliminary and did not amount to a final determination of criminal guilt, which remains the constitutional responsibility of courts of competent jurisdiction.

The committee’s final report will be submitted to the House upon its resumption from the two-month annual recess.

“The Presidency cannot be impersonated with impunity,” Gagdi said, stressing that the identity, authority and instruments of the Federal Republic of Nigeria could not be appropriated by private individuals or organisations for personal advantage.

The revelations deepen questions raised earlier over the PFIPC’s presence in the 2026 Federal Budget.

Pinnacle Daily had earlier reported that Nigeria’s 2026 budget allocated N1,302,978,784 to the PFIPC despite the Presidency insisting that the council does not exist under President Tinubu’s administration.

The allocation comprises N802,978,783 for personnel costs, N200,000,001 for overhead and N300 million for capital expenditure.