Nigeria Has 58 Bank Accounts for One “Government Agency” and Honestly, Even the Banks Need Answers

You know that feeling when you hear somebody has been running a government agency for years and then the government suddenly says, “Which agency?”

That is basically where Nigeria has found itself with the Presidential Foreign Intervention Promotion Council, PFIPC. Except this one came with 58 bank accounts, allegedly ₦400 million in transactions, and documents that investigators say were forged, fabricated, or altered.

At this point, Nigerian hustle has entered a level where even government agencies have become a business idea.

The House of Representatives committee investigating the PFIPC says it found about 58 bank accounts across 12 organisations allegedly linked directly or indirectly to Adeniyi Adeyemi, the man who presented himself as the council’s Director-General. An alleged ₦400 million transaction is also being investigated. Importantly, the committee says finding the accounts does not automatically mean every account or transaction was unlawful.

But here is where the story gets interesting.

The committee says the PFIPC was never legally established by the Federal Government. Yet, according to investigators, documents were allegedly produced to make it look very official, including a supposed presidential executive order and an appointment letter allegedly carrying the authority and signature of Chief of Staff Femi Gbajabiamila.

Except Gbajabiamila apparently did not sign it.

The committee says verification with the State House showed that the appointment never happened and that the letter was not authentic. It subsequently cleared Gbajabiamila of authorising, establishing or participating in the organisation, saying evidence instead showed that he took steps to trigger investigations when concerns were brought to his attention.

And this is the part that should make every Nigerian pause.

How do you allegedly create an organisation that government says does not exist, produce documents that supposedly make it look legitimate, operate from government premises and get institutions to interact with you as though everything is normal?

Meanwhile, somewhere in Abuja, somebody is probably still saying, “But I have my ID card.”

Because apparently in Nigeria, if you have a letterhead, an office, a title, and enough confidence, you can potentially convince half the system that you are Director-General of Something Important™.

Now the committee is still investigating the money trail and the various accounts.

Nigeria has always encouraged entrepreneurship.

We just didn't know “invent your own federal agency” was one of the available business models.