BY EDMOND ODOK – The House of Representatives has disclosed that its ongoing investigations into the audacious, non-existent Presidential Foreign Investment Promotion Council (PFIPC) have revealed a massive financial web of 58 bank accounts and 39 workers linked to its self-styled Director-General, Prince Adeniyi Adeyemi.
Announcing what it described as a web of massive deceit during its public hearing on Wednesday, the lower House ad hoc Committee led by Chairman Yusuf Adamu Gagdi said stunning preliminary financial information showed that more than 30 of the accounts were apparently operated in the names of between nine and 12 agencies, companies, foundations or related entities related to the fictitious Council
As pressure mounts on authorities to unravel the full extent of the multi-million-naira scam, the Lawmakers said they have successfully cracked the illicit financial trail by tracking the suspect’s Bank Verification Number (BVN) and linking his unique biometric identifiers directly to the vast web of bank accounts, which also used alternate aliases including Adeyemi Matthew.
Noting that the operation extended far beyond a single fake title that pulled in a network of fronts, the legislative panel said its probe is deepening into how a completely forged agency infiltrated government channels, but cautioned there has been no conclusion that every identified account, entity or transaction was unlawful.
The Panel explained that it was still reconciling registration records, account mandates, beneficial ownership information, signatories and transaction histories, adding that the discovery formed part of its wider findings following the House resolution of July 8, 2026, which mandated it to investigate the circumstances surrounding the inclusion of the PFIPC in the Federal Budget Framework.
It further said investigations had uncovered evidence suggesting the purported Council was not established by any law or valid government instrument, despite its efforts to present itself as a federal institution, disclosing that about 39 persons were paraded or represented as employees of the organisation across junior, intermediate and senior cadres.
According to the lawmakers, investigations are ongoing to unravel how the workers were recruited, appointment letters and identity cards issued to them, salaries and allowances allegedly paid, as well as claims that some people were required to pay money as a condition for securing employment.
While confirming that its resolve to distinguish between people deceived by the organisation and those who knowingly participated or benefited from the arrangement, the Committee found that Adeyemi’s alleged network extended beyond the PFIPC, with more than 12 entities identified as being directly or indirectly associated with him.
Among the listed entities are the Confederation of United Nations Youths (CUNY), 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, and United Nations Youth Global Foundation.
Others include, World United Nations Youth Global Foundation, World Entrepreneurship University Limited, World Enterprise University Limited, FCT Investment Promotion Act, as well as FCT Promotion Agency and Olubadan of Ibadan Foundation.
The lawmakers noted that the similarities in their names, objectives, management structures, signatories and bank-account relationships had raised concerns that multiple organisations may have been created or deployed using government, international, investment, educational, charitable or United Nations-related identities.
Further hinting that investigators are determining if these entities were used to create false credibility, solicit funds, secure investments and government favors, or defraud the public, the Lawmakers also stated a company claimed Adeyemi induced it to pay ₦400 million in four installments, falsely promising a contract to renovate his purported official residence as Director-General.
Acknowledging that the PFIPC was never lawfully established by any Act of Parliament, executive order, or federal authority, and that documents framing it as a government institution showed substantial evidence of fabrication, forgery, mutilation, and impersonation, the Committee submitted that if verified through proper investigative and judicial channels, these findings could expose offenses including fraudulent misrepresentation, obtaining money by false pretense, mutilation, and conspiracy.
The Committee said investigation revealed that multiple critical documents were entirely fabricated and specifically confirmed that a letter appointing Adeyemi as Director-General, purportedly signed by Chief of Staff Femi Gbajabiamila, was fake, as it featured an unauthentic letterhead and official inconsistencies. Furthermore, both the approval for the “Presidential Economic Advisory Council” and “Presidential Executive Order No. 5” dated February 24, 2026, were found to be unauthorized and unissued by the Presidency or any competent federal authority.
Additionally, investigations uncovered that a document claiming to be an Act establishing the organization was never passed by Parliament, assented to by the President, or gazetted, with portions electronically altered or substituted to fake National Assembly enactment; with a forged letter dated November 7, 2024, from the State House seeking an administrative code for the PFIPC from the Office of the Accountant-General of the Federation (OAGF).
However, the State House informed the Committee that the purported directorate does not exist and no officer named Akambi Adewale serves in that capacity, contradicting the details allegedly borne on the letter.
