The Presidential Foreign Intervention Promotion Council, PFIPC, controversy has deepened, with the House of Representatives Ad Hoc Committee investigating the purported agency revealing that it has traced 58 bank accounts and more than 12 organisations to its alleged Director-General, Prince Adeniyi Adeyemi.

Chairman of the committee, Rep. Yusuf Adamu Gagdi, disclosed this on Wednesday in Abuja while presenting the panel’s preliminary findings on the controversial agency.

Gagdi said information obtained from financial and investigative institutions showed that the Bank Verification Number, BVN, and other identifying details linked to Adeyemi, also known in some records as Adeyemi Matthew, were connected to a network of personal, corporate, organisational and foundation accounts.

According to the lawmaker, preliminary financial records indicate that about 58 bank accounts were linked to the relevant identifying information, with more than 30 of the accounts reportedly operated in the names of about nine agencies, companies, foundations or related entities.

The committee further found that Adeyemi may have been directly or indirectly connected to more than 12 such entities.

Gagdi said the panel was investigating whether the entities were created or used to manufacture artificial credibility, solicit funds, attract investments, obtain government recognition and facilities, or induce members of the public to part with money.

The committee said it would, before submitting its final report, reconcile the legal identities and ownership structures of all associated entities, verify the exact number and control of the identified bank accounts, and analyse financial transactions linked to them.

It will also determine the sums received, transferred or withdrawn from the accounts, identify signatories, operators and beneficial owners, and establish the roles of any public officers connected to the matter.

‘PFIPC WAS NEVER LAWFULLY ESTABLISHED’

The committee also delivered a damning preliminary verdict on the legal status of the controversial agency.

Gagdi said the investigation found no valid Act of the National Assembly, Presidential Executive Order or other lawful instrument establishing the Presidential Foreign Intervention Promotion Council.

“On the basis of the evidence presently before it, the Committee preliminarily determines that the Presidential Foreign Intervention Promotion Council was not lawfully established,” he said.

The panel also identified what it described as serious weaknesses in the government’s administrative machinery, particularly in verifying the legal existence of government institutions and the creation and administration of budget and administrative codes.

The House launched the investigation after adopting a motion on July 8 to probe how PFIPC was inserted into the 2026 Appropriation Act, despite the Presidency’s denial that such an agency was legally established.

The controversy deepened after investigations indicated that the purported agency not only received budgetary allocation in the 2026 fiscal year but also operated from the Federal Secretariat and allegedly maintained accounts with the Central Bank of Nigeria.

The committee stressed that its findings remain preliminary, with its final report expected to determine the full extent of the alleged financial activities, the identities of those behind the organisations and accounts, and the responsibility of any public officials involved.