₦1.3bn Budget and 58 Bank Accounts: The Phantom Agency Exposed

The House of Representatives Ad Hoc Committee has uncovered 58 bank accounts linked to the Director-General of the purported Presidential Foreign Intervention Promotion Council (PFIPC), as well as an alleged ₦400 million transaction involving fraudulent representations.

The phantom entity reportedly secured a ₦1.3 billion allocation in the 2026 federal budget, despite having no lawful basis for its existence.

The Phantom That Refused to Die

In one of the most astonishing corruption scandals to hit Nigeria in recent years, the House of Representatives Ad Hoc Committee investigating the alleged inclusion of the Presidential Foreign Intervention Promotion Council (PFIPC) in the Federal Budget Framework has uncovered an elaborate fraud scheme involving forged presidential and legislative documents, 58 bank accounts, and a ₦1.3 billion budget allocation.

The committee, chaired by Yusuf Adamu Gagdi, found no valid Act of the National Assembly, gazetted enactment, Presidential Executive Order or other lawful instrument establishing PFIPC.

No competent government authority had produced an authentic record showing that the organisation was created, approved or authorised by President Bola Tinubu, the Federal Executive Council, the National Assembly, the Office of the Secretary to the Government of the Federation or any other legally empowered institution.

58 Bank Accounts and a ₦400 Million Transaction

The committee traced 58 bank accounts allegedly linked to the self-acclaimed Director-General of the PFIPC, Prince Adeniyi Adeyemi.

It also discovered an alleged ₦400 million transaction currently under investigation.

The committee also found that the organisation operated under inconsistent names, including the Presidential Foreign Intervention Promotion Council and Presidential Economic Advisory Council.

Forged Documents and Fabricated Appointments

A major finding of the investigation concerned a document purporting to appoint Adeyemi as Director-General of the organisation.

The document was presented as an official communication from the Presidency and purportedly carried the authority and signature of the Chief of Staff to the President, Femi Gbajabiamila.

But Gagdi said evidence obtained from the State House established that no such appointment was made or approved by the Presidency.

Gbajabiamila neither issued nor signed the letter, while the letterhead was not authentic State House letterhead and its reference number was inconsistent with the official system.

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The committee also uncovered a document presented as Presidential Executive Order No. 5 of February 24, 2026, which was allegedly used to provide legal backing for the organisation.

The Budget Allocation Mystery

The scandal took on another dimension when it emerged that the phantom entity had secured a ₦1.3 billion allocation in the 2026 federal budget. The allocation was captured under budget code 0111062001 in the 2026 Appropriation Act.

The Budget Office had earlier explained that the Council submitted a personnel estimate of ₦3.850 billion for the 2026 Fiscal Year, which was reduced to ₦802.978 million.

Gbajabiamila Cleared

The committee exonerated Gbajabiamila from allegations that he authorised, established or participated in the activities of the purported agency.

The lawmakers noted that evidence obtained from the State House established that no such appointment was made or approved by the Presidency and that the Chief of Staff neither issued nor signed the letter.

A Presidential Directive

In response to the scandal, President Bola Tinubu has ordered a comprehensive forensic audit of the Integrated Personnel and Payroll Information System (IPPIS), federal agencies, and related government systems.

Finance Minister Taiwo Oyedele disclosed that unauthorised individuals had obtained both government administrative codes and Treasury Single Account (TSA) codes for non-existent agencies.

A Fundamental Question

The scandal has raised a fundamental question: if an agency that does not legally exist can find its way into the budget, what else is hiding in the system?

The PFIPC scandal exposed serious weaknesses in the verification processes of several public institutions. The fake agency, which had no legal basis, was able to secure office space, government recognition and Central Bank of Nigeria accounts for nearly two years.