The House of Representatives ad hoc committee investigating the purported Presidential Foreign Intervention Promotion Council (PFIPC) has uncovered 58 bank accounts and 12 agencies and entities allegedly linked to the organisation’s disputed Director-General, Adeniyi Adeyemi.
The findings are contained in the committee’s preliminary report released on Wednesday by its Chairman, Yusuf Gagdi.
The committee was constituted by the House following controversy over the inclusion of the PFIPC in the 2026 Appropriation Bill despite questions surrounding its existence and legal status.
“Preliminary financial information indicates that approximately 58 bank accounts were linked through the relevant identifying information, with more than 30 accounts apparently operated in the names of approximately nine agencies, companies, foundations or related entities,” the committee said.
“Some entities appeared to have multiple accounts, while additional accounts were operated in personal or variant names.”
The committee, however, said it had not concluded that every identified account, entity or transaction was unlawful.
It added that it was reconciling registration records, account mandates, beneficial ownership information, signatories and transaction histories to determine the true nature and control of the identified entities and accounts.
According to the report, the preliminary findings were based on oral testimonies, documentary evidence, financial records and submissions from several government institutions that appeared before the committee during its investigation.
The panel said its investigation found no valid Act of the National Assembly or presidential order establishing the PFIPC.
It also said evidence obtained from the State House indicated that the presidency did not appoint Adeyemi as Director-General of the purported organisation.
The committee further said it found no evidence that Femi Gbajabiamila, Chief of Staff to President Bola Tinubu, signed the appointment letter purportedly issued to Adeyemi.
“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,” the committee said.
“On the contrary, the evidence demonstrates repeated steps to secure investigation, institutional verification and appropriate administrative action.”
The development follows allegations surrounding the authenticity of documents used to present the PFIPC as a government-backed institution and the circumstances under which it found its way into the Federal Government’s budget framework.
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