The House of Representatives ad hoc committee investigating the controversial Presidential Foreign Intervention Promotion Council (PFIPC) has uncovered about 58 bank accounts allegedly linked to the organisation’s disputed Director-General, Prince Adeniyi Adeyemi.
The committee also identified an alleged N400 million transaction which it said may have involved fraudulent representations.
The findings were contained in the panel’s preliminary report presented by its Chairman, Yusuf Gagdi, on Wednesday, September 2, 2026, during a briefing with parliamentary correspondents in Abuja.
According to the committee, more than 30 of the identified accounts appeared to have been operated in the names of about nine companies, foundations, agencies and related entities allegedly connected to Adeyemi.
The panel said preliminary financial information obtained from relevant institutions showed that Adeyemi’s Bank Verification Number and other identifying details were linked to a network of personal, corporate, organisational and foundation accounts.
However, the lawmakers stressed that the discovery of the accounts did not automatically mean that every account, entity or transaction was unlawful.
The committee said it was still reconciling registration records, beneficial ownership information, account mandates, signatories and transaction histories to establish the true ownership and control of the accounts and determine whether any laws were breached.
The investigation was launched following controversy over the inclusion of the purported PFIPC in the 2026 Appropriation Bill despite questions over its legal status and establishment.
The committee said its preliminary findings showed that there was no evidence of an Act of the National Assembly, executive order or other valid government instrument establishing the PFIPC.
It also said there was no record indicating that the Presidency officially appointed Adeyemi as Director-General of the organisation.
The findings come amid an ongoing investigation into the activities of the purported agency and Adeyemi, who is currently detained in connection with the controversy.
Adeyemi has previously made allegations against some government officials over the circumstances surrounding the PFIPC, while those accused have denied wrongdoing.
The House committee said its investigation was still ongoing and that further findings would depend on the reconciliation of financial records, corporate documents and other evidence obtained from relevant institutions.
