The ad hoc committee of the House of Representatives examining the accused Presidential Foreign Intervention Promotion Council (PFIPC) has found 58 bank accounts and 12 agencies and entities reportedly tied to the organisation’s controversial Director-General, Adeniyi Adeyemi.
The findings are contained in the committee’s preliminary report which was released yesterday by its Chairman, Yusuf Gagdi, Channels TV reports.
The House formed the committee in the wake of the uproar over the inclusion of the PFIPC in the 2026 Appropriation Bill despite issues concerning its existence and legal validity.
“Preliminary financial information suggests that there are approximately 58 bank accounts connected through the relevant identifying information, with more than 30 of the accounts apparently operating under the names of approximately nine agencies, companies, foundations or related entities,” the committee said.
Some entities seemed to have many accounts, and other accounts were maintained under personal or variation names.
But the committee said it had not found that every account, company or transaction listed was illicit.
It said it was cross-referencing registration documents, account mandates, beneficial ownership information, signatures and transaction histories to establish the genuine nature and control of the identified businesses and accounts.
The report said the preliminary findings were based on testimonies given orally, documented evidence, financial records and submissions from many government agencies that appeared before the committee throughout its examination.
The panel said in its examination it uncovered no Act of the National Assembly or presidential decree establishing the PFIPC.
It further stated information acquired from the State House showed that the presidency did not appoint Adeyemi as Director-General of the fictitious organization.
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The committee delivered preliminary findings of the probe at a news briefing in Abuja earlier yesterday.
The House had created the committee following criticism over the inclusion of the PFIPC in the 2026 Appropriation Bill despite issues about its existence and legal validity.
The committee, in its preliminary report, stated it found no proof of Gbajabiamila authorising, establishing or participating in the activities of the alleged organization.
But the panel said the information before it suggested the Chief of Staff made steps to alert security and investigative agencies and to start administrative verification after concerns about the organization were raised with him.
“The documentary evidence currently before the Committee does not prove that the Chief of Staff authorised, approved, established or participated in the activities of the purported organisation,” the committee stated.
“The evidence rather suggests successive steps taken to obtain investigation, institutional verification and appropriate administrative action.”
The move comes on the heels of suspicions concerning the veracity of documents used to establish the PFIPC as a government-backed entity as well as the circumstances in which it found its way into the federal government’s budget framework.
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