The House of Representatives Ad-hoc Committee investigating the activities of the alleged Presidential Foreign Investment Promotion Council (PFIPC) has declared that the organisation was never lawfully established, describing it as a fake government agency.
The committee, in its preliminary findings released on Wednesday, also ruled that the purported appointment letter of Adeyemi Adeniyi as Director-General of the PFIPC was fraudulent, while tracing 58 bank accounts and 39 workers to the alleged Director-General of the purported organisation.
The committee said the investigation had so far exonerated former Chief of Staff to the President, Femi Gbajabiamila, from any involvement in the activities of the alleged agency, with its chairman, Hon. Ibrahim Sani Madaki, commending Gbajabiamila for alerting the authorities to the existence and operations of the purported council.
Madaki said Gbajabiamila’s intervention helped expose what the committee described as a network of fake institutions masquerading as government agencies.
The House ad hoc committee, during its sitting on Wednesday, disclosed that preliminary financial information showed that more than 30 of the 58 accounts were apparently operated in the names of about nine agencies, companies, foundations or related entities.
The committee, chaired by Yusuf Gagdi, said the accounts were linked through Bank Verification Number and other identifying details associated with Prince Adeniyi Adeyemi, who was presented as Director-General of the purported organisation and was also referred to in some records as Adeyemi Matthew.
It, however, cautioned that it had not concluded that every identified account, entity or transaction was unlawful, saying it was still reconciling registration records, account mandates, beneficial ownership information, signatories and transaction histories.
The discovery formed part of wider findings presented by the committee following the House resolution of July 8, 2026, which mandated it to investigate the circumstances surrounding the inclusion of the PFIPC in the Federal Budget Framework.
The committee said its investigation had uncovered evidence suggesting that the purported organisation was not established by any law or valid government instrument, despite its efforts to present itself as a federal institution.
According to the lawmakers, about 39 persons were paraded or represented as employees of the organisation across junior, intermediate and senior cadres.
The committee said it was investigating how the workers were recruited, the appointment letters and identity cards issued to them, salaries and allowances allegedly paid, as well as claims that some people were required to pay money as a condition for securing employment.
It said it would distinguish between persons who may have been deceived into believing that the organisation was genuine and those who knowingly participated in or benefited from its activities.
According to the committee, investigators uncovered 12 additional organisations allegedly operating illegally under the guise of official government institutions.
The alleged network, it said, extended beyond the PFIPC, with more than 12 entities identified as being directly or indirectly associated with Adeyemi.
Among the entities identified were the FCT Investment Promotion Council, FCT Investment Promotion Agency and Public-Private Partnership, United Nations Youth Global Foundation and the Olubadan of Ibadan Foundation.
The full list presented by the committee also included the Confederation of United Nations Youths, FCT Investment Promotion Agency and Public-Private Partnership, FCT Investment Promotion Council and Public-Private Partnership, Foreign Investment Promotion Agency, United Nations Youth Global Agency, United Nations Youth Global Foundation, World United Nations Youth Global Foundation, World Entrepreneurship University Limited, World Enterprise University Limited, FCT Investment Promotion Act, FCT Promotion Agency and Olubadan of Ibadan Foundation.
The similarities in their names, objectives, management structures, signatories and bank-account relationships, the committee said, had raised concerns that multiple organisations may have been created or deployed using government, international, investment, educational, charitable or United Nations-related identities.
It said investigators were determining whether the entities were used to create artificial credibility, solicit funds, obtain investments, secure government recognition and facilities or induce members of the public to part with money.
The committee also found that documents used to project the organisation as a government institution contained substantial evidence of fabrication, forgery, mutilation and impersonation.
One of the documents examined was a purported presidential appointment letter for Adeyemi as Director-General, allegedly signed by the Chief of Staff to the President, Femi Gbajabiamila.
But the State House, according to the committee, confirmed that no such appointment was made or approved by the Presidency and that Gbajabiamila neither issued nor signed the letter.
The purported letterhead was also found not to be an authentic State House letterhead, while its reference number, format, language and administrative features were said to be inconsistent with official correspondence.
The committee similarly found that a purported approval for the take-off of an entity described as the Presidential Economic Advisory Council did not emanate from the Presidency, State House or any competent federal authority.
It also examined a document described as Presidential Executive Order No. 5 of February 24, 2026, but said evidence indicated that it was not an authentic Executive Order and was neither issued nor approved through lawful presidential processes.
Another document presented as an Act of the National Assembly establishing the organisation was also found not to have been enacted by Parliament, passed by both chambers, assented to by the President or gazetted.
The committee said portions of a document relating to another institution appeared to have been electronically altered, mutilated or substituted to create the impression that the National Assembly had enacted legislation establishing the purported organisation.
The investigation further uncovered a letter dated November 7, 2024, purportedly sent by the State House to the Office of the Accountant-General of the Federation seeking an administrative code for the PFIPC.
The letter allegedly bore the name of Akambi Adewale, described as a director in a purported State House directorate.
The State House, however, told the committee that the office and directorate did not exist in the form represented and that no officer known as Akambi Adewale served in the stated capacity.
The committee said the discovery raised serious concerns about the activities of individuals and organisations allegedly presenting themselves as legitimate government institutions while carrying out unauthorised operations.
It added that the investigation was ongoing and that further recommendations would be made upon the conclusion of its probe into the alleged PFIPC and the other organisations uncovered.
