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 agency, Prince Adeniyi Adeyemi.
The Chairman of the committee, Yusuf Gagdi, disclosed this on Wednesday, September 2, 2026, while presenting the panel’s preliminary findings at a press briefing in Abuja.
Gagdi said information obtained from financial and investigative institutions showed that the Bank Verification Number (BVN) and other identifying details associated with Adeyemi, also known in some records as Adeyemi Matthew, were connected to personal, corporate, organisational and foundation accounts.
According to him, “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 added that “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.”
The committee chairman further stated that “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 the committee would conduct further checks before submitting its final report to establish the ownership and activities of the accounts and organisations linked to Adeyemi.
He said the panel would “reconcile the legal identities and ownership structures of all associated entities; verify the precise number, ownership and control of all identified bank accounts.
“Analyse relevant financial transactions and determine the aggregate sums received, transferred or withdrawn; identify account signatories, operators and beneficial owners; establish the roles of all public officers connected with the matter.”
The committee is also examining the legal status of the PFIPC, which has been described in the investigation as a “phantom agency”.
Speaking on the establishment of the agency, Gagdi said the panel’s investigation had found no valid Act of the National Assembly, Presidential Executive Order or other lawful instrument establishing the PFIPC.
He noted that “On the basis of the evidence presently before it, the Committee preliminarily determines that the Presidential Foreign Intervention Promotion Council was not lawfully established.”
The lawmaker also said the investigation uncovered significant weaknesses within the government’s administrative system.
According to him, the deficiencies include failures in verifying the lawful existence of government institutions and weaknesses in the creation and administration of budget and administrative codes.
The House of Representatives had, on July 8, adopted a motion to investigate how the PFIPC was included in the 2026 Appropriation Act after the Presidency disowned the agency and stated that it was not legally established.
The investigation subsequently raised questions about the agency’s operations and funding, including reports that the PFIPC had secured an allocation in the 2026 budget.
Further indications also emerged that the organisation, despite questions over its legal status, had operated from the Federal Secretariat and opened accounts with the Central Bank of Nigeria (CBN).
The committee’s preliminary report is expected to form part of the evidence to be considered before the House reaches its final conclusions on the PFIPC and the individuals and entities linked to its operations.
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