House probe uncovers 58 accounts, 12 suspected fake agencies in PFIPC scandal

The House of Representatives ad-hoc committee investigating the controversial Presidential Foreign Investment Promotion Council (PFIPC) has uncovered 58 bank accounts allegedly linked to its purported Director-General, Adeyemi Adeniyi, while identifying 12 other organisations it suspects of operating as fake government agencies.

The revelations form part of the committee’s preliminary findings into the activities of the purported investment council and the circumstances surrounding Adeniyi’s appointment.

The lawmakers reportedly concluded that the PFIPC was never lawfully established and further questioned the authenticity of the appointment letter allegedly used by Adeniyi to present himself as the council’s Director-General.

The committee also cleared President Bola Ahmed Tinubu’s Chief of Staff, Femi Gbajabiamila, of wrongdoing in connection with the controversy, commending him for raising concerns about the activities of the purported agency.

The findings have widened the scope of the investigation, with lawmakers expressing concern over individuals and organisations allegedly presenting themselves as legitimate government institutions and using official identities to conduct business.

Among the 12 organisations identified 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 investigation comes against the backdrop of allegations by Adeniyi that he paid N400 million to secure his purported appointment into the Tinubu administration.

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During a July 2026 interview on Channels Television, Adeniyi maintained his allegation that Gbajabiamila received N400 million through a proxy to facilitate his appointment and subsequently demanded another N200 million before confirming him in office.

Asked how he raised the N400 million, Adeniyi said he borrowed the money and had yet to repay it.

“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 rejected the allegations, maintaining that the PFIPC was fictitious and that Adeniyi had no official standing within the administration.

However, questions persisted after reports that the purported council received a N1.302 billion allocation in the 2026 Appropriation Act and operated from an office within the Federal Secretariat Complex in Abuja.

Police Charges, ICPC Investigation

The controversy has also assumed a criminal dimension. Police authorities have prepared charges against Adeniyi and two others before the Federal High Court in Abuja over allegations including forgery and impersonation.

The charge, marked FHC/ABJ/CR/562/2025, contains eight counts. Investigators alleged that Adeniyi operated the purported PFIPC from the second floor of the Federal Secretariat Complex, Phase III, Abuja, before his arrest.

President Tinubu subsequently directed the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the activities of the organisation and submit its findings within 30 days.

The Senate had earlier deferred a separate probe pending the outcome of the ICPC investigation, while opposition parties and other political actors continued to demand an independent investigation into the alleged N400 million payment, the purported council’s budgetary allocation and its reported use of Federal Government premises.

With the House committee now alleging that the PFIPC itself lacked lawful foundation and identifying 12 other suspected fake government entities, the investigation has entered a potentially broader phase.

The committee is expected to continue its hearings before submitting its final report and recommendations to the House.