PFIPC Scandal: Reps Uncover 58 Bank Accounts, ₦400m Deal Linked To Detained DG - Politics

 

The House of Representatives Ad Hoc Committee investigating the purported Presidential Foreign Intervention Promotion Council has uncovered about 58 bank accounts allegedly linked to its Director-General, Prince Adeniyi Adeyemi, as well as an alleged N400m transaction which the committee said may have involved fraudulent representations. The committee also found that more than 30 of the identified accounts appeared to have been operated in the names of about nine agencies, companies, foundations or related entities connected to Adeyemi, raising questions about the ownership, control and purpose of the organisations. The Chairman of the committee, Yusuf Gagdi, disclosed the findings on Wednesday while presenting the panel’s preliminary report to parliamentary correspondents in Abuja on the circumstances surrounding the council’s inclusion in the Federal Budget Framework. According to Gagdi, preliminary information obtained from financial and investigative institutions showed that the Bank Verification Number and other identifying details associated with Adeyemi were linked to a network of personal, corporate, organisational and foundation accounts. The entities identified by the committee include 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. Gagdi, however, cautioned that the committee had not concluded that every account, entity or transaction identified was unlawful. He said the panel was still “reconciling registration records, account mandates, beneficial ownership information, signatories and transaction histories to establish the true nature and control of the organisations and accounts.” The committee’s findings nevertheless identified what it described as “similarities in the nomenclature, objectives, management structures, signatories and banking relationships of several of the entities.” According to Gagdi, the similarities raised concerns over a possible pattern of creating or deploying organisations to manufacture artificial credibility, solicit funds, obtain official recognition or induce members of the public to part with money. Of particular concern is an alleged N400m transaction involving a company which claimed that Adeyemi induced it to make payments in four instalments after representing that he could secure a contract for the renovation, furnishing or improvement of a purported official residence allocated to him in his claimed capacity as PFIPC Director-General. Gagdi said the committee was tracing the destination of the funds, identifying the account holders and beneficial owners, and determining whether any public officer or private individual participated in, facilitated or benefited from the transaction. He said that, if established through competent investigative and judicial processes, the allegations could disclose offences including fraudulent misrepresentation, obtaining money by false pretence, impersonation, conspiracy, forgery and offences relating to the concealment or movement of proceeds of crime. Beyond the financial trail, the committee said it had uncovered evidence suggesting that the PFIPC itself was never lawfully established. Gagdi said the investigation found no Act of the National Assembly, gazetted enactment, Presidential Executive Order or other lawful instrument creating the purported council. https://punchng.com/pfipc-scandal-reps-uncover-58-bank-accounts-n400m-deal-linked-to-detained-dg/ Share

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