Reps trace 58 bank accounts to detained PFIPC DG, probe N400m payment
THE House of Representatives committee investigating the controversial Presidential Foreign Investment Promotion Council (PFIPC) has uncovered 58 bank accounts allegedly connected to the detained Director-General of the organisation, Adeniyi Adeyemi.
The committee also identified an alleged N400 million transaction involving a company which claimed that Adeyemi collected the money after promising to secure a contract relating to the renovation and furnishing of an official residence purportedly allocated to him as Director-General of the council.
Chairman of the Ad Hoc Committee, Yusuf Gagdi, disclosed the findings on Wednesday while presenting the panel’s preliminary report to journalists in Abuja.
The investigation was launched following concerns over how the purported council found its way into the Federal Government’s budget framework despite questions surrounding its legal existence.
Gagdi said preliminary information obtained from financial and investigative agencies revealed that Adeyemi’s Bank Verification Number and other identifying information were linked to a network of personal, corporate, organisational and foundation accounts.
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More than 30 of the 58 accounts, he said, appeared to have been operated in the names of about nine organisations, companies, foundations or related entities allegedly associated with the PFIPC director-general.
Among the entities identified were 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 and United Nations Youth Global Foundation.
Others included the 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 committee, however, stressed that the identification of the accounts did not, by itself, establish criminality.
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Gagdi said the panel was still examining registration documents, account mandates, beneficial ownership records, signatories and transaction histories to determine who actually controlled the organisations and accounts.
He said the similarities in the names, objectives, management structures, signatories and banking relationships of several entities had nevertheless raised concerns.
According to him, the pattern could indicate the creation or deployment of organisations to create an appearance of legitimacy, obtain official recognition, solicit funds or persuade members of the public to make payments.
N400m transaction under investigation
The alleged N400m transaction has emerged as one of the major financial strands of the investigation. Gagdi said a company alleged that Adeyemi induced it to make payments in four instalments after representing that he could facilitate a contract for the renovation, furnishing or improvement of an official residence allegedly allocated to him in his claimed capacity as PFIPC director-general.
The committee is now tracing the funds to determine the accounts into which the money was paid, the ultimate beneficiaries and whether any public official or private individual was involved in or benefited from the transaction.
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Gagdi said investigators would determine whether the allegations, if substantiated, disclosed offences including fraudulent misrepresentation, obtaining money by false pretence, impersonation, conspiracy, forgery and unlawful movement or concealment of proceeds of crime.
He said the N400m matter should be subjected to a separate and comprehensive investigation.
Reps say PFIPC lacked legal foundation
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Beyond the financial investigation, the committee said it found no legal instrument establishing the purported council.
Gagdi said the panel found no Act of the National Assembly, gazetted legislation, presidential executive order or other lawful instrument creating the PFIPC.
He said documents allegedly used to establish the council’s authority contained indications of fabrication, forgery, mutilation, impersonation and unauthorised use of the identities of Nigerian institutions and public officials.
Among the documents under scrutiny are a purported presidential appointment letter for Adeyemi, an alleged executive order and a document presented as an Act of the National Assembly establishing the organisation.
Evidence obtained from the State House, Gagdi said, showed that the purported appointment letter was neither issued nor signed by the Chief of Staff to the President, Femi Gbajabiamila.
The committee also found inconsistencies in the letterhead and reference number when compared with official State House correspondence.
Reps clear Gbajabiamila, budget committees
The committee consequently cleared Gbajabiamila of allegations that he authorised, established or participated in the activities of the purported council.
Gagdi said the evidence before the panel showed that the chief of staff acted after receiving alerts about the organisation by communicating with relevant security and investigative agencies.
These agencies included the Nigeria Police Force, the Office of the National Security Adviser, the Department of State Services and the Economic and Financial Crimes Commission.
The committee also found no culpability on the part of the National Assembly committees responsible for budget scrutiny.
Instead, the lawmakers shifted their attention to how an organisation they said had not been lawfully established was able to obtain apparent recognition and receive budgetary treatment within the Federal Government system.
According to Gagdi, the development exposed weaknesses in the processes for verifying government institutions, creating administrative and budget codes, authenticating official correspondence, allocating government accommodation and issuing government vehicle number plates.
Fake agency operated from Federal Secretariat
The purported council allegedly reinforced its claim to being a government institution by occupying office accommodation within the Federal Secretariat Complex.
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It also operated a website presenting itself as a Federal Government agency and allegedly used the names, offices and photographs of President Bola Tinubu and other senior government officials without authorisation.
The committee also identified about 39 individuals who were allegedly presented as employees of the organisation.
Their recruitment, appointment letters, identity cards and remuneration are being investigated, alongside allegations that some prospective employees were required to pay money as a condition for securing jobs.
Reps order probe, asset recovery
The committee recommended that Ministries, Departments and Agencies immediately stop recognising or transacting with the purported council or granting it government privileges until its legal status is independently verified.
It also recommended that no appropriation, administrative code, warrant, cash backing, financial release or government facility should be processed for the organisation.
Financial institutions and investigative agencies were urged to preserve relevant account records, transaction histories, account mandates and beneficial ownership information connected to the investigation.
The committee further called for the conclusion of criminal and financial investigations and said appropriate prosecutions should commence where sufficient admissible evidence is established.
It also recommended the tracing, preservation, freezing and recovery of assets or proceeds linked to any unlawful conduct, subject to the law and necessary judicial authorisation.
The Nigeria Police Force, DSS, EFCC, Independent Corrupt Practices and Other Related Offences Commission and the Office of the National Security Adviser were commended for their roles in the investigation.
The committee also proposed stronger authentication procedures for the creation of government institutions and administrative and budget codes, as well as correspondence purportedly originating from the presidency and other senior government offices.
It recommended a secure centralised digital verification platform that would allow the public and government institutions to independently confirm the legal status and establishing instrument of every Federal Government agency.
Gagdi said the committee would continue investigating the ownership and control of the 58 accounts, the alleged N400 million transaction, the purported official residence, special number plates, government accommodation and the roles of public and private individuals linked to the matter.
He stressed that the report presented was preliminary and did not constitute a determination of criminal guilt.
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The final report, he said, would be submitted to the House after its two-month annual recess, allowing lawmakers to consider, amend, adopt or reject the committee’s findings and recommendations.
Gagdi said the investigation was aimed at protecting the integrity of government institutions and preventing individuals from assuming governmental authority for private benefit.
“The Presidency cannot be impersonated with impunity,” he said.
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About the Author
Yakubu Ibrahim
Analyst
Abuja, Nigeria
Yakubu Ibrahim is an analyst who writes stories bordering on corruption, politics, and business. He has won four journalism awards and worked in two media organisations.
