The House of Representatives has uncovered a network of bank accounts and organisations allegedly linked to the Director-General of the controversial Presidential Foreign Intervention Promotion Council (PFIPC), Prince Adeniyi Adeyemi.

The House Ad Hoc Committee investigating the council said preliminary findings showed that 58 bank accounts were connected to Adeyemi through his Bank Verification Number (BVN) and other identifying details.

Committee chairman, Yusuf Gagdi, disclosed this in Abuja while presenting the panel’s preliminary findings on the investigation.

According to him, information obtained from financial and investigative institutions showed that the accounts were spread across personal, corporate, organisational and foundation entities.

Gagdi said more than 30 of the identified accounts appeared to have been operated in the names of about nine agencies, companies, foundations or related organisations.

He added that preliminary evidence indicated that Adeyemi might have been directly or indirectly connected to more than 12 entities.

The committee said it was still investigating the purpose of the organisations and whether they were allegedly created or used to project credibility, solicit funds, attract investments, obtain official recognition, secure government facilities or persuade members of the public to provide money.

However, the financial findings were not the only major issue raised by the lawmakers.

The committee said its investigation had also cast doubt on the legal foundation of the PFIPC, stating that it had not found any valid Act of the National Assembly, Presidential Executive Order or other lawful instrument establishing the agency.

Gagdi said the panel had therefore reached a preliminary determination that the council was not lawfully established.

He stressed, however, that the investigation was still ongoing and that the committee would complete further checks before submitting its final report.

The panel said it would verify the ownership and control of the 58 accounts, reconcile the legal identities and ownership structures of the associated entities and examine the transactions carried out through the accounts.

It will also determine the amounts received, transferred or withdrawn, identify account signatories and beneficial owners, and establish the roles of any public officials linked to the matter.

The lawmakers also raised concerns about weaknesses within the government’s administrative system, particularly the process for verifying the legal existence of government institutions and administering budget and administrative codes.

The investigation followed a July 8 resolution of the House to examine how the PFIPC was included in the 2026 Appropriation Act after the Presidency disclaimed the agency and questioned its legal status.

The controversy further escalated after reports indicated that the organisation had operated from the Federal Secretariat and had allegedly opened accounts with the Central Bank of Nigeria.

With the investigation still ongoing, the committee’s latest findings have shifted attention to both the financial trail allegedly connected to Adeyemi and the bigger question of how an agency whose legal existence is now being challenged was able to appear within the government’s budget and administrative structure.