The Office of the Accountant-General of the Federation (OAGF) has claimed that the controversial fake agency identified as the “Presidential Foreign Intervention Promotion Council” (PFIPC) has no operational account with the Central Bank of Nigeria (CBN), directly countering earlier assertions by the Presidency.
This latest development adds a dramatic twist to the unfolding fake agency scandal that has gripped the nation.
Speaking on the matter, Bawa Mokwa, the Director of Press and Public Relations at the OAGF, revealed that while an application process was initiated, it was never completed.
According to Mokwa, the account-opening process was allegedly initiated by Prince Adeyemi Adeniyi Matthew but not completed because the names of the proposed account signatories were not submitted.
Consequently, no official CBN account was opened or activated for the alleged fake agency.
Mokwa also stated that no public funds have been released to the body despite its allocation in the 2026 Appropriation Act.
“The CBN account was not successfully opened because there have to be signatories to such an account, which were not provided. As such, no money was paid into the said account,” he said.
Mokwa noted that although the PFIPC received a budgetary allocation in the 2026 federal budget, implementation of the budget only commenced in July.
“With the current development, it is clear that no money can be paid into the said account,” he added.
He further stated that the proposed CBN account lacked the required authorisation from the Accountant-General of the Federation.
Mokwa also disclosed that, apart from personnel deployed from the OAGF, no staff members were employed by the council under its Director-General. He added that the deployed officers would now serve as prosecution witnesses.
Pan-Atlantic Kompass reports that the Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council was allocated ₦1.303 billion in the 2026 federal budget, comprising ₦802.98 million for personnel costs, ₦200 million for overhead expenditure and ₦300 million for capital projects.
The OAGF’s clarification directly contradicts a statement released days prior by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.
The Presidency had asserted that police investigations showed Adeyemi successfully and fraudulently opened a CBN account by misleading federal officials with forged documents.
While the Presidency maintained that no government funds had been transferred into it, they insisted that an account had been established.
Origins of the PFIPC Scandal
The saga erupted after the Presidency disowned the PFIPC, labeling it a fictitious entity entirely concocted by Adeyemi.
The Accusation: The Presidency alleged Adeyemi forged a presidential appointment letter bearing the falsified signature of the Chief of Staff to the President, Femi Gbajabiamila, to masquerade as a high-ranking government appointee.
The Scope: Investigators revealed Adeyemi allegedly operated 34 different bank accounts under various fictitious names, used the fake council to solicit visa support from the Ministry of Foreign Affairs, and even managed to secure office space at the Federal Secretariat in Abuja.
The Budget Mystery: Public concern deepened when it was discovered that despite being flagged as fake, the entity appeared in the 2026 Appropriation Act with an allocated sum of ₦1,302,978,784.
Adeyemi, who faces an eight-count charge of forgery and impersonation at the Federal High Court in Abuja, has maintained his innocence. He has vowed to clear his name when his trial resumes on July 27, 2026, claiming that senior officials are trying to frustrate him.
