The House of Representatives ad hoc committee investigating the controversial Presidential Foreign Investment Promotion Council (PFIPC) has uncovered 12 organisations and 58 bank accounts allegedly linked to Adeniyi Adeyemi, who presented himself as the council’s Director-General.
The committee disclosed this in its preliminary report released on Wednesday, September 2, 2026.
The investigation was launched following controversy over the inclusion of the purported council in the 2026 Appropriation Act.
According to the committee, its findings were based on oral testimonies, documentary evidence, financial records and submissions from various government institutions.
The lawmakers said their investigation established that the PFIPC was not created by any valid Act of the National Assembly or presidential order.
The committee also said evidence obtained from the State House indicated that President Bola Tinubu’s administration did not appoint Adeyemi as Director-General of the purported council.
It further cleared Femi Gbajabiamila, former Chief of Staff to the President, of allegations that he signed Adeyemi’s appointment letter.
Rather, the panel said its investigation uncovered several other organisations allegedly operating under the guise of government institutions.
Among those identified were the Federal Capital Territory Investment Promotion Council, FCT Investment Promotion Agency and Public-Private Partnership, United Nations Youth Global Foundation and Olubadan of Ibadan Foundation.
The committee also raised concerns over the role of the Budget Office of the Federation, accusing it of “institutional lapses” in its handling of issues relating to the purported PFIPC.
The development follows an interim investigation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), which identified government officials allegedly involved in processes that enabled the purported organisation to secure administrative recognition, access government facilities and operate within official government systems.
The ICPC had also alleged that some documents used by Adeyemi to establish the PFIPC were forged.
Adeyemi is currently facing an eight-count charge before the Federal High Court in Abuja, including allegations bordering on forgery and impersonation.
He has denied the allegations and maintained that he would establish his innocence in court.
The House committee said its report was preliminary and that further recommendations would follow as the investigation progresses.
