A House of Representatives ad-hoc committee investigating the controversial Presidential Foreign Investment Promotion Council (PFIPC) has uncovered 58 bank accounts allegedly linked to its purported Director-General, Adeyemi Adeniyi, while identifying 12 other organisations it described as fake government agencies.

In its preliminary findings, the committee said the PFIPC was never legally established and concluded that the appointment letter presented by Adeniyi as evidence of his appointment was fake.

The lawmakers also cleared President Bola Tinubu’s Chief of Staff, Femi Gbajabiamila, of wrongdoing in the controversy and commended him for drawing attention to the activities of the purported council.

According to the committee, its investigation exposed concerns over individuals and organisations allegedly posing as legitimate government institutions and using such identities to conduct official-looking activities.

Among the 12 organisations flagged are the FCT Investment Promotion Council, FCT Investment Promotion Agency and Public-Private Partnership, United Nations Youth Global Foundation and Olubadan of Ibadan Foundation.

The development adds to the growing controversy surrounding Adeniyi and the purported PFIPC, which has been the subject of allegations involving his appointment, government funding and claims of financial transactions with senior government officials.

In July 2026, SaharaReporters reported that Adeniyi claimed he borrowed N400 million to secure his appointment in the Tinubu administration.

During an interview with Channels Television, Adeniyi repeated his allegation that Gbajabiamila received N400 million through a proxy to facilitate his appointment and subsequently demanded another N200 million before confirming him in office.

Asked how he raised the N400 million, Adeniyi said he obtained the money through loans that he had not yet repaid.

“I borrowed this money. In fact, those that I borrowed this N400 million from have reported to the EFCC. I borrowed the money to pay for this appointment. I'm even yet to repay the money,” he said.

The Presidency has repeatedly rejected Adeniyi’s allegations, insisting that the PFIPC was a fictitious organisation and that the administration had no connection with him.

The dispute nevertheless intensified after reports emerged that the purported council had allegedly received government funding and operated from an office within the Federal Secretariat Complex in Abuja.

Adeniyi also denied allegations that he falsely claimed to be a United Nations ambassador, dismissing the accusations as part of what he called a politically motivated campaign against him.

“It is all sponsored. It is a campaign of calumny,” he said.

The matter subsequently took a criminal turn, with the Nigeria Police Force preparing to prosecute Adeniyi at the Federal High Court in Abuja over allegations including forgery and impersonation.

Under charge number FHC/ABJ/CR/562/2025, Adeniyi and two other defendants are facing eight counts related to alleged forgery, impersonation and other offences.

Police investigators alleged that Adeniyi operated the purported PFIPC from the second floor of the Federal Secretariat Complex, Phase III, Abuja, before his arrest.

Amid the controversy, President Tinubu directed the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the activities of the purported council within 30 days.

The issue also triggered political controversy after claims that the organisation received N1.302 billion in the 2026 Appropriation Act, despite repeated statements from the Presidency that the council had no legal existence.

The Senate subsequently declined to launch a separate investigation, choosing to await the outcome of the ICPC probe. Opposition parties and political actors, however, continued to call for a transparent investigation into the alleged payment for Adeniyi’s appointment, the reported budgetary allocation and how the purported council allegedly secured space within a federal government facility.

The House committee’s preliminary report has now widened the scope of the controversy, raising questions not only about the legal status of the PFIPC but also about the authenticity of documents allegedly used by Adeniyi and the identities of other organisations purportedly connected to him.

The lawmakers are expected to continue their investigation before issuing their final report and recommendations.