Preliminary Financial Findings

The House of Representatives has uncovered 58 bank accounts and 12 corporate entities allegedly linked to Adeniyi Adeyemi, the disputed Director-General of the purported Presidential Foreign Intervention Promotion Council (PFIPC). This discovery comes amid an ongoing investigation into the council’s legal status and financial activities.

The findings were contained in a preliminary report by the House ad hoc committee investigating the purported council and its inclusion in the 2026 Appropriation Bill. Signed by committee chairman Yusuf Gagdi, the report raised serious questions regarding the establishment of the PFIPC and Adeyemi’s claim to head the organisation.

Preliminary financial tracking identified that more than 30 of the accounts were operated in the names of nine different companies, foundations, and related entities. Other accounts were held under various individual names and name variations. However, the committee cautioned that the discovery of these accounts does not, in itself, establish illegal transactions at this stage.

Questions Over Legal Foundation

Investigators are currently reconciling beneficial ownership information, corporate registration records, and transaction histories to determine the nature of the relationships and identify if any legal liability exists. The investigation was initially triggered by concerns over the appearance of the PFIPC in the 2026 Appropriation Bill, despite questions regarding whether it was validly created by the Federal Government.

The committee’s preliminary findings failed to establish a legal foundation for the council. Specifically, lawmakers found no evidence of an Act of the National Assembly establishing the PFIPC, nor any executive order from the Presidency creating the body. The absence of such documentation raises fundamental questions about the authority under which the council operated and its subsequent inclusion in the national budget.

Contradictions in Appointment Records

The committee further noted that there is no official record showing that the Presidency appointed Adeyemi as Director-General of the purported council. Documentary evidence obtained from the State House appears to contradict the authenticity of an appointment letter allegedly issued to him.

According to the records, the Chief of Staff to the President, Femi Gbajabiamila, neither signed nor authorised the appointment letter presented by Adeyemi. Instead, the records indicate that administrative steps were taken by the Presidency to trigger an investigation into the activities of the council, rather than to validate its operations.

Budgetary Inclusion and Ongoing Inquiry

The development has deepened the controversy surrounding the PFIPC, as lawmakers focus on how an organisation without an established legal existence was included in the 2026 Appropriation Bill. The committee is continuing its process of tracing beneficial ownership and reconciling transactions involving the identified accounts and corporate entities.

Lawmakers emphasized that these preliminary findings should not be interpreted as a final determination of criminality against the individuals or entities identified. The inquiry will continue to examine financial records and corporate documents to determine how the organisation came to be reflected in the national budget and whether Adeyemi held any valid authority to act on its behalf.