The House of Representatives ad-hoc committee investigating the controversial Presidential Foreign Investment Promotion Council (PFIPC) has uncovered 58 bank accounts allegedly linked to Adeyemi Adeniyi, the embattled individual who presented himself as the Director-General of the purported government agency.
The committee, in its preliminary findings, also declared that the PFIPC was never lawfully established and described Adeniyi’s purported appointment letter as fake.
The lawmakers further exonerated the Chief of Staff to President Bola Tinubu, Femi Gbajabiamila, from the allegations surrounding the purported agency and commended him for raising the alarm over its activities.
The findings have opened a fresh chapter in the controversy surrounding the PFIPC, with the committee raising serious concerns about individuals and organisations allegedly presenting themselves as legitimate government institutions and using such identities to conduct official activities.
The lawmakers said they had identified 12 other organisations allegedly operating as fake government agencies.
Among those listed are the FCT Investment Promotion Council, FCT Investment Promotion Agency and Public-Private Partnership, United Nations Youth Global Foundation and Olubadan of Ibadan Foundation.
The committee’s preliminary findings come amid months of controversy surrounding Adeniyi and the purported PFIPC, particularly allegations that he paid millions of naira to secure his appointment within the Tinubu administration.
In July 2026, Adeniyi reportedly claimed that he borrowed N400 million to allegedly purchase his position in the administration.
During an interview with Channels Television, Adeniyi maintained his earlier allegation that Gbajabiamila received N400 million through a proxy to facilitate his appointment and later demanded an additional N200 million before confirming him in office.
Asked how he raised the N400 million he claimed to have paid, Adeniyi said the money was obtained through loans which he had yet to repay.
“I borrowed this money. In fact, those that I borrowed this N400 million from have reported to the EFCC. I borrowed the money to pay for this appointment. I’m even yet to repay the money,” he said.
The Presidency has consistently denied Adeniyi’s allegations, describing the PFIPC as a fictitious agency and distancing the administration from him.
Despite the denials, the controversy continued after reports emerged that the purported council received budgetary allocations from the Federal Government and operated from office space within the Federal Secretariat Complex in Abuja.
The reported inclusion of the purported council in the 2026 Appropriation Act further intensified public concern, with opposition parties and political figures questioning how an organisation described by the Presidency as non-existent could allegedly receive N1.302 billion in government funding.
Adeniyi also rejected allegations that he falsely presented himself as a United Nations ambassador, describing the accusations as politically motivated.
“It is all sponsored. It is a campaign of calumny,” he said.
The controversy later escalated into a criminal matter, with the Nigeria Police Force preparing to arraign Adeniyi before the Federal High Court in Abuja over allegations bordering on forgery, impersonation and related offences.
According to a police charge marked FHC/ABJ/CR/562/2025, Adeniyi and two other defendants are facing eight counts, including allegations of forgery and impersonation.
Police investigators alleged that Adeniyi operated the purported PFIPC from the second floor of the Federal Secretariat Complex, Phase III, Abuja, before his arrest.
The scandal also prompted President Tinubu to direct the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the activities of the purported agency within 30 days.
The Senate had earlier declined to commence a separate investigation, pending the outcome of the ICPC probe.
Opposition parties, meanwhile, continued to demand an independent and transparent investigation into the alleged payment of money for appointments, the purported N1.302 billion budgetary allocation and how the organisation allegedly operated from a Federal Government facility.
The latest House of Representatives findings have now added another explosive dimension to the controversy, particularly with the discovery of 58 bank accounts allegedly linked to Adeniyi and the identification of 12 other organisations the lawmakers described as fake government agencies.
The committee’s preliminary position that the PFIPC was never lawfully established also raises questions about the authority under which the organisation allegedly operated, the authenticity of documents used in its activities and the circumstances under which it allegedly gained access to government facilities and budgetary processes.
The lawmakers are expected to continue their investigation before submitting a final report and recommendations on the alleged activities of Adeniyi, the purported PFIPC, the financial transactions linked to the controversy and the other organisations identified during the probe.