The House of Representatives Ad Hoc Committee investigating the purported Presidential Foreign Intervention Promotion Council (PFIPC) has uncovered about 58 bank accounts allegedly linked to Prince Adeniyi Adeyemi, who presented himself as Director-General of the controversial organisation.
Chairman of the committee, Rep. Yusuf Gagdi, disclosed the development on Wednesday while presenting the panel’s preliminary findings in Abuja.
According to the committee, financial and investigative records showed that Adeyemi’s Bank Verification Number (BVN) and other identifying information were connected to approximately 58 personal, corporate, organisational and foundation accounts.
The lawmakers said more than 30 of the accounts appeared to have been operated in the names of about nine agencies, companies, foundations or related entities, while preliminary evidence suggested that Adeyemi could be connected, directly or indirectly, to more than 12 entities.
The committee said it was still reconciling registration records, account mandates, beneficial ownership information, signatories and transaction histories to establish the ownership, control and purpose of the accounts and organisations.
Gagdi said the investigation was examining whether some of the entities were allegedly used to create an appearance of official credibility, solicit funds, attract investments, obtain government recognition or secure access to public facilities.
The committee also disclosed that it was investigating an alleged N400 million transaction involving Adeyemi.
According to the preliminary findings, a company claimed that it paid the money in four instalments following representations that Adeyemi could facilitate a contract relating to the renovation, furnishing or improvement of a purported official residence.
The lawmakers said they were tracing the movement of the funds, identifying account holders and beneficial owners, and determining the roles of individuals or organisations that may have been involved.
Beyond the financial investigation, the committee said it found no valid Act of the National Assembly, Presidential Executive Order or other lawful instrument establishing the PFIPC.
It also raised concerns over documents allegedly presented as official presidential and legislative instruments, including a purported appointment letter naming Adeyemi as Director-General.
The committee said evidence obtained from the State House indicated that the purported appointment letter was neither issued nor signed by the Chief of Staff to the President, Femi Gbajabiamila.
The lawmakers consequently said they found no evidence establishing that Gbajabiamila authorised, established or participated in the activities of the purported organisation.
The committee recommended that relevant security and anti-corruption agencies conclude their investigations and, where sufficient admissible evidence is established, take appropriate legal action.
It also called for the tracing, preservation and possible recovery of proceeds or assets derived from any unlawful conduct established through due process.
However, the committee stressed that its findings were preliminary and did not constitute a final determination of criminal guilt.
It said all persons and entities involved would be entitled to fair hearing and due process.
The panel is expected to complete its investigation and submit its final report to the House of Representatives for consideration.
