REPS PANEL UNCOVERS 58 BANK ACCOUNTS, INVESTIGATES ALLEGED ₦400M DEAL LINKED TO FAKE AGENCY

The House of Representatives committee investigating the purported Presidential Foreign Intervention Promotion Council (PFIPC) has uncovered about 58 bank accounts allegedly connected to the organisation’s detained Director-General, Prince Adeniyi Adeyemi, as investigators intensify efforts to determine how the group operated and whether funds were obtained through fraudulent representations.

The committee, chaired by Yusuf Gagdi, disclosed the findings while presenting its preliminary report in Abuja. According to the panel, financial and investigative records showed that Adeyemi’s Bank Verification Number and other identifying information were linked to a network of personal, corporate, organisational and foundation accounts. More than 30 of the accounts were reportedly operated in the names of about nine agencies, companies, foundations and other entities allegedly associated with him.

Among the organisations identified by the committee were the Confederation of United Nations Youths, FCT Investment Promotion Agency and Public-Private Partnership, FCT Investment Promotion Council and Public-Private Partnership, Foreign Investment Promotion Agency, United Nations Youth Global Agency, United Nations Youth Global Foundation and World United Nations Youth Global Foundation. Others reportedly included World Entrepreneurship University Limited, World Enterprise University Limited, FCT Investment Promotion Act, FCT Promotion Agency and Olubadan of Ibadan Foundation.

However, Gagdi stressed that the identification of the accounts and organisations did not automatically mean that every one of them was involved in illegal activity. He said the committee was still examining registration documents, account mandates, signatories, beneficial ownership information and transaction histories to establish who controlled the accounts and the purposes for which they were operated.

The lawmakers said they were particularly concerned by similarities they observed in the names, objectives, management structures, signatories and banking relationships of several of the entities. According to the committee, these similarities raised questions about whether some organisations may have been created or deployed to give an appearance of government backing, attract funding, obtain official recognition or persuade members of the public to provide money.

A separate area of concern is an alleged ₦400 million transaction involving a company that reportedly claimed it was induced by Adeyemi to make payments in four instalments. The company allegedly believed Adeyemi could facilitate a contract for the renovation, furnishing or improvement of a residence purportedly allocated to him in his claimed capacity as PFIPC Director-General.

The committee said it is currently tracing where the money went, identifying the account holders and beneficial owners involved, and determining whether any public official or private individual participated in or benefited from the transaction. Gagdi noted that if the allegations are established through proper investigation and judicial proceedings, they could potentially amount to offences including fraudulent misrepresentation, obtaining money by false pretence, impersonation, conspiracy and forgery.

The investigation has also raised questions over the very existence of the purported PFIPC. The committee said it found no valid Act of the National Assembly, gazetted enactment, Presidential Executive Order or other lawful instrument establishing the organisation as a Federal Government institution.

According to the panel, documents allegedly used to support the council's authority included a purported presidential appointment letter for Adeyemi, a purported Executive Order and a document presented as an Act of the National Assembly. The committee said evidence obtained from the State House indicated that the appointment letter was neither issued nor signed by Chief of Staff to the President, Femi Gbajabiamila.

The panel consequently found no evidence that Gbajabiamila authorised, established or participated in the activities of the purported organisation. Instead, it said the Chief of Staff had contacted security and investigative agencies after concerns about the organisation were brought to his attention, including the Nigeria Police Force, Department of State Services, Economic and Financial Crimes Commission and Office of the National Security Adviser.

The committee also said the purported agency had allegedly projected itself as a legitimate government institution by using government-related names, photographs and official-looking materials. It reportedly occupied space within the Federal Secretariat Complex and represented about 39 individuals as employees, while investigators are examining claims surrounding their recruitment, appointments, identification documents and remuneration.

The lawmakers have recommended that government agencies stop recognising or conducting official transactions with the purported council until its legal status is independently verified. They also called for financial institutions and investigative agencies to preserve relevant account records, transaction histories and beneficial ownership information connected to the investigation.

The committee further recommended that any assets or funds proven to have been obtained through unlawful activity should be traced, preserved, frozen and recovered in accordance with the law. It also proposed stronger verification mechanisms for the creation of government institutions, allocation of administrative and budget codes, and official correspondence purportedly originating from the Presidency or other senior government offices.

Gagdi emphasised that the report presented was preliminary and should not be interpreted as a final determination of criminal guilt. He said affected individuals and organisations would be given the opportunity to respond, while the committee continues to obtain outstanding evidence and complete its investigation.

The final report is expected to be submitted to the House of Representatives after lawmakers return from their two-month annual recess. The House will then decide whether to adopt, amend or reject the committee's findings and recommendations.