Reps Uncover 58 Bank Accounts, Probe Alleged ₦400m Deal Linked to Purported Government Agency

Dateline: ABUJA, NIGERIA | September 3, 2026

The House of Representatives has uncovered about 58 bank accounts allegedly linked to Adeniyi Adeyemi, the detained director-general of the purported Presidential Foreign Intervention Promotion Council (PFIPC), as lawmakers investigate an alleged ₦400 million transaction connected to the controversial organisation.

The discoveries were contained in the preliminary findings of an ad hoc committee of the House of Representatives investigating the purported council and how it allegedly gained recognition within parts of the Federal Government’s administrative and budgetary system.

Committee Chairman, Yusuf Gagdi, presented the preliminary report in Abuja.

According to the committee, more than 30 of the identified accounts appeared to have been operated in the names of about nine agencies, companies, foundations or related entities allegedly connected to Adeyemi.

However, the committee stressed that the discovery of the accounts did not automatically establish that every account or transaction was unlawful.

It said investigators were still reconciling registration records, account mandates, beneficial ownership information, signatories and transaction histories to determine the true ownership and control of the accounts.

₦400m Transaction Under Investigation

The committee also disclosed an alleged ₦400 million transaction involving a company that reportedly told investigators it had made payments to Adeyemi in four instalments.

According to the preliminary report, the company alleged that Adeyemi represented that he could secure a contract involving the renovation, furnishing or improvement of a residence purportedly allocated to him in his claimed capacity as PFIPC director-general.

The House committee said it was tracing the destination of the funds, identifying account holders and beneficial owners, and investigating the ownership and status of the property involved.

The panel said the allegations could potentially disclose offences if established through proper investigative and judicial processes, but emphasised that the matter remains under investigation.

House Says PFIPC Was Never Legally Established

Beyond the financial allegations, the committee said its investigation found no valid Act of the National Assembly, gazetted enactment, presidential executive order or other lawful instrument establishing the PFIPC.

The panel also found that the organisation operated under different names, including the Presidential Economic Advisory Council.

Lawmakers said the purported agency allegedly used official-looking documents and other government symbols to project itself as a legitimate Federal Government institution.

The committee further said it uncovered evidence suggesting that documents used to support the organisation’s existence, including a purported presidential appointment letter, an alleged executive order and a document presented as an Act of Parliament, were not authentic.

Gbajabiamila Cleared

The House panel also cleared the Chief of Staff to President Bola Tinubu, Femi Gbajabiamila, of allegations that he authorised, established or participated in the activities of the purported organisation.

According to the committee, evidence obtained from the State House indicated that the appointment letter allegedly used to appoint Adeyemi as PFIPC director-general was neither issued nor signed by Gbajabiamila.

The committee said the document’s letterhead, reference number and other administrative features were inconsistent with authentic State House correspondence.

It therefore concluded, at the preliminary stage, that the document had been falsely attributed to the Presidency.

How the Alleged Agency Operated

The investigation was launched after concerns emerged over how the purported PFIPC appeared in the Federal Government’s budget framework despite questions over its legal existence.

The House committee said the organisation allegedly occupied office space within the Federal Secretariat Complex in Abuja and presented itself as a Federal Government institution.

The panel is also examining how the organisation allegedly obtained official-looking vehicle number plates and interacted with government institutions.

The committee said the investigation had exposed weaknesses in government systems for verifying the creation of agencies, authenticating official correspondence, allocating government accommodation and processing official documentation.

Committee Says Probe Is Not Yet Conclusive

The House committee stressed that its findings are preliminary and do not amount to a final determination of criminal guilt.

It said affected individuals and organisations would be allowed to respond before definitive conclusions are reached.

The panel is expected to continue examining the 58 accounts, the alleged ₦400 million transaction, the purported official residence, government accommodation, vehicle registrations and the roles of individuals and institutions connected to the matter.

The committee said evidence capable of supporting criminal charges would be forwarded to the appropriate investigative and prosecutorial authorities.

The final report will eventually be presented to the House of Representatives for consideration, debate and possible adoption, amendment or rejection.