The Nigeria Police Force has disclosed how Prince Adeniyi Adeyemi Matthew, the alleged Director-General of the fictitious Presidential Foreign Investment Promotion Council, PFIPC, received and spent N400 million obtained under false pretences.
A police investigation report dated July 24, 2026, said Adeyemi used the money to purchase vehicles, make transfers to personal accounts and family members, and fund personal expenses and donations, contrary to his claim that he converted the money to dollars and handed it to Chief of Staff to the President, Femi Gbajabiamila.
The investigation also found no evidence that Adeyemi gave Gbajabiamila any money, while forensic analysis confirmed that appointment letters and other documents allegedly used to establish his position were forged.
According to the report, Adeyemi allegedly obtained N400 million from businessman Gbenga Oyekunle Collins after promising to facilitate a N2.8 billion contract to renovate an official residence purportedly allocated to his fictitious agency by the Economic and Financial Crimes Commission.
An analysis of Adeyemi’s World Entre University Nigeria Ltd account with Guaranty Trust Bank showed that N380 million was received in four tranches from Divine Dopacy Nigeria Ltd, a company owned by Collins.
A further N20 million was traced to Adeyemi’s Sunshine Confectionery and Catering Services account with Access Bank, bringing the total amount received from the businessman to N400 million.
The police said Adeyemi used part of the proceeds to purchase two personal vehicles and transferred substantial amounts to his personal accounts and those of family members.
The investigation also revealed that Adeyemi obtained a N100 million loan from a microfinance bank and allegedly collected unspecified sums from members of the public by promising to secure diplomatic passports, note verbales and visas for them.
The police said forensic examination confirmed that the signatures on documents purportedly signed by Gbajabiamila did not match his known signatures.
The former Director of Information and Public Relations in the Office of the Secretary to the Government of the Federation, Segun Imohiosen, also told investigators that he did not sign a purported mandate and terms of reference for the Presidential Foreign Investment Promotion Council dated January 6, 2025.
According to the report, investigation established that Adeyemi forged an appointment letter purportedly signed by Gbajabiamila and a purported Act establishing the Presidential Economic Advisory Council and PFIPC.
He allegedly used the documents to obtain official recognition and approvals from several government offices, including the Offices of the Secretary to the Government of the Federation, Head of the Civil Service of the Federation, Accountant-General of the Federation and Budget Office of the Federation.
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The police said the forged documents enabled the fictitious agency to obtain an administrative code, office space at the Federal Secretariat, official vehicles, approval to recruit 300 staff, secondment of government officers, two Central Bank of Nigeria accounts in US dollars and pounds sterling, provisional self-accounting status and N1.3 billion allocation in the 2026 budget.
The report said some government officials failed to conduct adequate due diligence before processing the requests.
It also found that a purported request for an administrative code, allegedly signed by Akanbi Adewale, Director of Administration and Support Services at the State House, did not originate from the State House. Investigators reportedly found that neither the signatory nor the department existed in the State House organogram.
The police further said the original response from the Office of the Accountant-General of the Federation to the State House was mysteriously received by Adeyemi, despite him not being a State House employee.
The police also identified five government officials who allegedly played significant roles in facilitating the activities of the fictitious agency.
They include two directors from the Offices of the Accountant-General of the Federation and Head of the Civil Service of the Federation, a Special Assistant in the Budget Office, an Assistant Director in the Ministry of Budget and Economic Planning, and a staff member seconded from the Office of the Secretary to the Government of the Federation.
The officials have been recommended for possible prosecution, subject to the advice of the Director of Public Prosecutions.
The police said 22 suspects had so far provided cautionary statements during the investigation, while statements were also obtained from the complainant and seven witnesses.
The investigation followed petitions submitted by Gbajabiamila over alleged criminal conspiracy, forgery, impersonation, obtaining money under false pretences, theft of public funds and money laundering.
The police initially arrested Adeyemi on October 27, 2025, after he allegedly presented himself as the head of the fictitious agency. He was subsequently charged to court in November 2025 over alleged criminal conspiracy and forgery.
The police said an interim investigation report had been forwarded to the Attorney-General of the Federation and Minister of Justice, requesting that the earlier charge be amended to reflect newly established facts.
The Force also asked that the duplicate case file be forwarded to the Director of Public Prosecutions for legal advice and harmonization with investigations by other agencies.
The police have further requested information from the National Assembly on the circumstances surrounding the defence and subsequent passage of the N1.3 billion allocation for the fictitious agency in the 2026 budget.
News Express
