morganable politics/Governance
Despite the scale of the discovery, Gagdi cautioned against premature conclusions, noting that the committee had not yet determined that all identified accounts or transactions were unlawful.
KaNo—
The House of Representatives Ad Hoc Committee investigating the controversial Presidential Foreign Intervention Promotion Council (PFIPC) has uncovered no fewer than 58 bank accounts allegedly linked to its Director-General, Prince Adeniyi Adeyemi, raising fresh concerns over possible financial impropriety and institutional fraud.
The committee also revealed that over 30 of the accounts were operated under the names of at least nine agencies, companies, foundations, or affiliated entities associated with Adeyemi, sparking questions about the legitimacy, ownership structure, and operational purpose of the organisations.
Chairman of the committee, Yusuf Gagdi, disclosed the findings on Wednesday while presenting the panel’s preliminary report to journalists at the National Assembly in Abuja.
According to Gagdi, initial intelligence gathered from financial and investigative bodies indicated that Adeyemi’s Bank Verification Number (BVN) and other identifying credentials were linked to a complex web of personal, corporate, and organisational bank accounts.
The entities identified 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 the Olubadan of Ibadan Foundation.
Gagdi Caution Against Premature Conclusion
Despite the scale of the discovery, Gagdi cautioned against premature conclusions, noting that the committee had not yet determined that all identified accounts or transactions were unlawful.
“We are still reconciling registration records, account mandates, beneficial ownership information, signatories, and transaction histories to establish the true nature and control of these organisations and accounts,” he said.
However, the committee flagged striking similarities in the naming conventions, operational objectives, management structures, signatories, and banking relationships of several of the entities.
One of the most serious allegations under investigation involves a N400 million transaction reportedly linked to Adeyemi.
According to the committee, a company alleged that Adeyemi induced it to make payments in four instalments after claiming he could facilitate a contract for the renovation and furnishing of an official residence purportedly allocated to him as PFIPC Director-General.
The committee said it is currently tracing the movement of the funds, identifying account holders and beneficial owners, and determining whether any public officials or private individuals were involved in or benefited from the transaction.
“If established through proper investigative and judicial processes, these allegations could amount to offences such as fraudulent misrepresentation, obtaining money by false pretence, impersonation, conspiracy, forgery, and offences related to the concealment or laundering of proceeds of crime,” Gagdi stated.
Beyond financial irregularities, the committee’s investigation has cast serious doubt on the very existence of the PFIPC as a legitimate government entity.
No Legal Instrument Backs Agency
Gagdi disclosed that the panel found no legal instrument backing the establishment of the council, including any Act of the National Assembly, presidential executive order, or gazetted regulation.
“This raises fundamental concerns about how an entity without lawful establishment could operate, claim official status, and even gain recognition within government structures,” he said.
The committee further uncovered what it described as substantial evidence of document fabrication, including a purported presidential appointment letter for Adeyemi, an alleged executive order, and a document presented as an Act of the National Assembly establishing the council.
According to the report, verification from the State House confirmed that the alleged appointment letter was neither issued nor signed by the Chief of Staff to the President, Femi Gbajabiamila. Additionally, discrepancies were identified in the letterhead and reference numbering, which did not conform to official State House documentation standards.
Based on these findings, the committee exonerated Gbajabiamila of any involvement in the creation or activities of the PFIPC.
Committee Exonerates Gbajabiamila
“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,” Gagdi said.
Instead, he commended Gbajabiamila for taking swift action upon receiving alerts about the organisation, noting that he promptly notified relevant security and investigative agencies, including the Nigeria Police Force, the Office of the National Security Adviser, the Department of State Services, and the Economic and Financial Crimes Commission.
The committee also cleared relevant National Assembly committees responsible for budget scrutiny of any wrongdoing, shifting attention instead to systemic lapses within government processes.
Gagdi said the investigation had exposed critical weaknesses in the verification of government institutions, the creation and allocation of administrative and budget codes, authentication of official correspondence, and the management of government facilities.
The committee heard that the PFIPC allegedly bolstered its claims to legitimacy by occupying office space within the Federal Secretariat Complex in Abuja and operating a website that portrayed it as a bona fide federal government agency.
Additionally, the organisation was accused of using the names, offices, and images of President Bola Ahmed Tinubu and other senior government officials without authorisation to lend credibility to its activities.
The panel also revealed that about 39 individuals were presented as staff of the organisation. Investigations are ongoing into their recruitment processes, appointment letters, identity documentation, and remuneration structures.
Of particular concern are allegations that some prospective employees were required to make payments as a condition for securing employment with the organisation.
Gagdi said the committee would continue its investigation to determine the extent of the alleged irregularities and identify all individuals or institutions involved.
As an interim measure, the committee recommended that all Ministries, Departments, and Agencies (MDAs) immediately cease any form of recognition, engagement, or support for the PFIPC or any affiliated entities whose legal status has not been independently verified.
The committee is expected to submit a comprehensive report upon concluding its investigation, with possible recommendations for prosecution and institutional reforms aimed at preventing similar occurrences in the future.
