The House of Representatives Ad Hoc Committee investigating the Presidential Foreign Intervention Promotion Council has traced 58 bank accounts and 12 organisations to Prince Adeniyi Adeyemi, the Director-General of the alleged phantom agency.
Chairman of the Committee, Hon. Yusuf Gagdi, disclosed this on Tuesday in Abuja while presenting a preliminary report to journalists. He said findings showed that the Bank Verification Number linked to Adeyemi, also referred to in some records as Adeyemi Matthew, was connected to a wide network of personal, corporate, organisational and foundation accounts.
“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,” Gagdi said. He added that evidence before the Committee suggests Adeyemi may have been connected, directly or indirectly, with more than twelve such entities.
The lawmaker said the Committee is probing whether the entities were “conceived or utilised to create artificial credibility, solicit funds, obtain investments, procure official recognition, secure government facilities or induce members of the public to part with money.” Before submitting its final report, the panel will reconcile legal identities and ownership structures, verify the precise number and control of the accounts, analyse transactions, identify signatories and beneficial owners, and establish the roles of public officers connected to the matter.
On the legal status of PFIPC, Gagdi said investigations showed there was no valid Act of the National Assembly, Presidential Executive Order or lawful instrument establishing the agency. “On the basis of the evidence presently before it, the Committee preliminarily determines that the Presidential Foreign Intervention Promotion Council was not lawfully established,” he stated. The Committee also flagged serious weaknesses in government administrative machinery, including deficiencies in verifying the lawful existence of institutions and in the creation and administration of budget and administrative codes.
The House adopted a motion on July 8 to probe how PFIPC got into the 2026 Appropriation Act after the Presidency disclaimed the agency. Investigations further indicated that aside from securing appropriation in the 2026 budget, the agency operated from the Federal Secretariat and opened accounts with the Central Bank of Nigeria.
