Phantom PFIPC: How Adeyemi Operated 58 Accounts, 12 Fake Organisations — Reps Panel
The House of Representatives Ad Hoc Committee investigating the operations of the Presidential Foreign Intervention Promotion Council (PFIPC) says it has traced 58 bank accounts and 12 organisations to the Director-General of the phantom agency, Prince Adeniyi Adeyemi.
Chairman of the Committee, Yusuf Gagdi, disclosed this while presenting a preliminary report at a press briefing in Abuja on Tuesday.
Gagdi said findings showed that the Bank Verification Number (BVN) associated with Adeyemi, also referred to in some records as Adeyemi Matthew, was linked to a network of personal, corporate, organisational and foundation accounts.
“Entities and Bank Accounts Information received from financial and investigative institutions indicates that the Bank Verification Number and other identifying details associated with Prince Adeniyi Adeyemi, also referred to in certain records as Adeyemi Matthew, were linked to a substantial network of personal, corporate, organisational and foundation accounts,” he said.
“Preliminary financial information indicates that approximately 58 bank accounts were linked through the relevant identifying information, with more than 30 accounts apparently operated in the names of approximately nine agencies, companies, foundations or related entities.”
He added: “Evidence presently before the Committee suggests that Prince Adeniyi Adeyemi may have been connected, directly or indirectly, with more than twelve such entities.
“The Committee is determining whether these entities were conceived or utilised to create artificial credibility, solicit funds, obtain investments, procure official recognition, secure government facilities or induce members of the public to part with money.”
Gagdi said before submitting its final report, the committee will reconcile legal identities and ownership structures of all associated entities, verify the precise number and control of identified accounts, analyse financial transactions, identify signatories and beneficial owners, and establish roles of public officers connected to the matter.
On the legal status of PFIPC, Gagdi said investigation showed there is no valid Act of the National Assembly, Presidential Executive Order or lawful instrument establishing the agency.
“On the basis of the evidence presently before it, the Committee preliminarily determines that the Presidential Foreign Intervention Promotion Council was not lawfully established,” he said.
He said the committee also identified serious weaknesses in government administrative machinery, including deficiencies in verification of lawful existence of government institutions, and creation and administration of budget and administrative codes.
The House on July 8 adopted a motion to probe how PFIPC got into the 2026 Appropriation Act after the Presidency disclaimed the agency. Investigations also indicated that apart from getting appropriation in the 2026 budget, the agency, which operated from the Federal Secretariat, opened accounts with the Central Bank of Nigeria (CBN).
