The House of Representatives ad-hoc committee investigating the controversial “illegal” Presidential Foreign Investment Promotion Council (PFIPC) has uncovered 58 bank accounts linked to the embattled purported Director-General of the agency, Adeyemi Adeniyi, and uncovered 12 other agencies allegedly operating as fake government agencies.
The committee, in its preliminary findings, also declared that the PFIPC was never lawfully established and described Adeniyi’s purported appointment letter as fake.
The lawmakers further exonerated the Chief of Staff to President Bola Tinubu, Femi Gbajabiamila, over the controversy and commended him for raising the alarm about the activities of the purported agency.
The committee said its findings raised serious concerns about individuals and organisations allegedly presenting themselves as legitimate government institutions and using such identities to conduct activities.
Among the 12 agencies identified by the committee 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 latest findings come amid months of controversy surrounding Adeniyi and the purported PFIPC, particularly allegations that he paid millions of naira to secure his appointment in the administration.
SaharaReporters reported in July 2026 that Adeniyi claimed he borrowed N400 million to allegedly purchase his position in President Tinubu’s administration.
Speaking during an interview on Channels Television, Adeniyi stood by his earlier allegation that Gbajabiamila received N400 million through a proxy to facilitate his appointment and later demanded an additional N200 million before confirming him in office.
When asked how he raised the N400 million he claimed to have paid, Adeniyi said the money was obtained through loans which he had yet to repay.
“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 denied Adeniyi’s allegations, describing the PFIPC as a fictitious agency and distancing the administration from him.
However, the controversy persisted following reports that the purported council received budgetary allocations from the Federal Government and operated from office space within the Federal Secretariat Complex in Abuja.
Adeniyi also rejected allegations that he falsely presented himself as a United Nations ambassador, describing the accusations as politically motivated.
“It is all sponsored. It is a campaign of calumny,” he said.
The controversy later expanded into a criminal matter, with the Nigeria Police Force preparing to arraign Adeniyi before the Federal High Court in Abuja over allegations bordering on forgery, impersonation and related offences.
According to a police charge marked FHC/ABJ/CR/562/2025, Adeniyi and two other defendants are facing eight counts, including allegations of forgery and impersonation.
Police investigators alleged that Adeniyi operated the purported PFIPC from the second floor of the Federal Secretariat Complex, Phase III, Abuja, before his arrest.
The scandal also prompted President Tinubu to direct the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the activities of the purported agency within 30 days.
The controversy further attracted criticism from opposition parties and political figures over claims that the purported council received a N1.302 billion allocation in the 2026 Appropriation Act despite the Presidency’s repeated assertion that the organisation had no legal existence.
The Senate had declined to commence a separate investigation, pending the outcome of the ICPC probe, while opposition parties continued to demand an independent and transparent investigation into the alleged payment, the council’s reported budgetary allocation and how it allegedly operated within a Federal Government facility.
The House committee’s preliminary findings have now introduced another layer to the controversy, with the lawmakers not only questioning the legal existence of the PFIPC but also raising concerns over the authenticity of documents and the activities of other organisations allegedly linked to Adeniyi.
The committee is expected to continue its investigation and make further recommendations when it concludes its probe.
