PFIPC Scandal: Reps Uncover 58 Bank Accounts, N400m Deal Linked To Detained DG
Reported By Facthabournews
The House of Representatives committee investigating the controversial Presidential Foreign Investment Promotion Council, PFIPC, has uncovered 58 bank accounts allegedly linked to the council’s disputed Director-General, Adeniyi Adeyemi, as the lawmakers intensify their investigation into the activities and legality of the purported government agency.
The committee also examined an alleged N400 million transaction involving Adeyemi and a businessman who told lawmakers that he paid the money after being promised a government contract.
The latest discoveries form part of the preliminary findings of the House Ad Hoc Committee chaired by Yusuf Gagdi, which is investigating the circumstances surrounding the creation and operation of the PFIPC, including its appearance in the 2026 federal budget.
According to the committee, financial information presented during the investigation indicated that identifying details associated with Adeyemi were linked to approximately 58 bank accounts. More than 30 of the accounts were reportedly operated in the names of different agencies, companies, foundations or related entities.
The lawmakers, however, stressed that the identification of the accounts does not automatically establish that every account or entity was involved in unlawful activity. The committee said it was still reconciling account mandates, ownership records, beneficial ownership information and transaction histories as part of the ongoing investigation.
The alleged N400 million transaction had earlier emerged during testimony before the committee. Gbenga Collins, Managing Director of Divine Dopacy Nigeria Limited, told lawmakers that he paid N400 million to Adeyemi after being offered a contract connected to the renovation and furnishing of an alleged official residence.
Collins said he believed Adeyemi was a legitimate government official because he operated from an office at the Federal Secretariat in Abuja, used vehicles carrying Federal Government registration plates and moved around with security personnel.
According to his testimony, Adeyemi presented documents which appeared to be a contract award letter, scope of work and an agreement for Divine Dopacy Nigeria Limited to undertake refurbishment work. Collins said he was subsequently asked to provide N400 million as evidence of his company’s financial capacity and to facilitate mobilisation for the project.
He told the committee that the money was paid in instalments between May and July 2025 into accounts associated with World Entrepreneurs Limited and Sunshine Confectionery and Catering Services. Collins said the promised mobilisation did not materialise and he eventually suspected that he had been defrauded.
The businessman also told lawmakers that he later petitioned the Economic and Financial Crimes Commission, EFCC, after his lawyer informed him that he might have been scammed.
The committee is now tracing the alleged N400 million payment, including the destinations of the funds, the owners of the recipient accounts and the identities of the beneficial owners connected to the transaction.
Adeyemi has remained in police custody amid investigations into the PFIPC controversy. His absence from some of the committee’s proceedings has previously been attributed to his detention and ongoing investigations by law-enforcement and anti-corruption agencies.
The PFIPC controversy has also generated allegations concerning the authenticity of documents purportedly establishing the organisation and giving it official government recognition.
In its latest preliminary findings, the House committee said it uncovered what it described as a purported Presidential Executive Order that was allegedly used to give the organisation legal authority. The committee said available evidence indicated that the document was not an authentic Executive Order issued or approved through the lawful processes of the Presidency.
The lawmakers also said they found evidence suggesting that a document presented as an Act of the National Assembly establishing the purported agency had been altered or fabricated. According to the committee, the document was not passed by both chambers of the National Assembly, assented to by the President or gazetted as an Act of the Federation.
Another document examined by the lawmakers was a letter purportedly issued by the State House to the Accountant-General of the Federation requesting an administrative code for the PFIPC. The committee said investigations indicated that the office and official designation attributed to the supposed signatory did not exist in the form presented.
The findings have raised questions about how the purported agency obtained access to government facilities, official-looking documentation and other resources.
The committee said the organisation also occupied office accommodation within the Federal Secretariat Complex despite the absence of evidence of a lawful allocation from the Office of the Head of the Civil Service of the Federation.
Lawmakers further disclosed that approximately 39 individuals had allegedly been recruited or presented as employees of the purported organisation. The committee said it was investigating their recruitment, appointment letters, identification documents, salaries and allowances, as well as allegations that some people may have paid money in connection with employment.
The committee said it would distinguish between individuals who may have been deceived into believing the organisation was legitimate and those who knowingly participated in or benefited from its activities.
The investigation has also brought renewed attention to allegations previously made against former Chief of Staff to President Bola Tinubu, Femi Gbajabiamila.
Adeyemi had made allegations linking Gbajabiamila to the establishment and financing of the PFIPC, but Gbajabiamila denied the claims and maintained that he had no relationship with Adeyemi or the purported organisation.
The committee’s latest preliminary findings, however, appear to clear Gbajabiamila of involvement in the establishment or operation of the PFIPC.
According to the lawmakers, evidence obtained from the State House showed that a purported appointment letter allegedly bearing Gbajabiamila’s authority and signature was not issued or signed by him. The committee said the letterhead and reference number were inconsistent with official State House correspondence.
Rather than finding evidence that Gbajabiamila authorised the purported agency, the committee said documents before it indicated that he took steps to alert security and investigative agencies after concerns about the organisation were brought to his attention.
The agencies reportedly contacted included the Nigeria Police Force, Department of State Services, Office of the National Security Adviser and EFCC.
The House committee said its investigation remains ongoing and that the preliminary findings should not be treated as final determinations of criminal responsibility.
The alleged 58 bank accounts and N400 million transaction are expected to remain central to the financial aspect of the investigation as lawmakers continue to examine the flow of funds and the individuals and organisations connected to the disputed PFIPC.
The investigation has highlighted broader concerns about the use of government identity, official documents and public institutions by individuals or organisations seeking to create the appearance of legitimacy.
As the probe continues, the committee is expected to review additional financial records, government correspondence and testimony from individuals and agencies connected to the controversy before submitting its final report and recommendations to the House of Representatives.
Until the conclusion of investigations and any subsequent court proceedings, allegations against individuals connected to the PFIPC matter remain allegations, and those accused are entitled to due process under Nigerian law.
