A House of Representatives ad hoc committee investigating the purported Presidential Foreign Intervention Promotion Council (PFIPC) has uncovered 58 bank accounts and 12 corporate entities linked to the organisation’s disputed Director-General, Mr Adeniyi Adeyemi.
The preliminary findings were contained in a report signed by the committee’s Chairman, Rep. Yusuf Gagdi, following a legislative inquiry into the inclusion of the council in the 2026 Appropriation Bill despite concerns over its legal status.
According to the report, initial financial tracking showed that more than 30 of the identified accounts were operated in the names of nine separate companies, foundations and related entities.
It said additional accounts were held under individual and variant names linked to the investigation.
The committee, however, cautioned that the identification of the accounts and transactions did not by itself establish that they were illegal.
It said investigators were reconciling beneficial ownership records, registration documents and transaction histories to establish the circumstances surrounding the accounts and determine possible legal liability.
The panel also said its investigation found no evidence of an Act of the National Assembly or executive order establishing the PFIPC.
It further reported that there was no record indicating that the Presidency had issued an official appointment to Adeyemi as Director-General of the council.
According to the report, documentary submissions from the State House indicated that the Chief of Staff to the President, Mr Femi Gbajabiamila, did not sign or authorise the appointment letter presented by Adeyemi.
The documents, it said, instead showed that administrative steps were taken to prompt an investigation into the activities of the purported council.
The committee said it would continue its investigation to reconcile the financial and corporate records and establish the legal status of the entities and individuals involved.
