Investigation identifies five government officials accused of facilitating the operations of the fictitious agency.
The Nigeria Police Force has revealed how the alleged fake Director-General of the Presidential Economic Advisory Council (PEAC)/Presidential Foreign Investment Promotion Council (PFIPC), Prince Adeniyi Adeyemi Matthew, allegedly spent ₦400 million obtained from a businessman while operating the fictitious government agency.
According to a July 24, 2026 police investigation report obtained by journalists, Adeyemi received ₦380 million in four tranches from Divine Dopacy Nigeria Limited, owned by businessman Gbenga Oyekunle Collins, after allegedly promising to facilitate a ₦2.8 billion government contract for the renovation of an official residence.
The report said Adeyemi used the funds to purchase two personal vehicles and transfer large sums to personal accounts and those of family members. He also allegedly spent part of the money on personal expenses and donations.
The police said a further ₦20 million was paid into an account linked to Adeyemi’s confectionery and catering business.
The findings contradicted Adeyemi’s alleged claim that he converted the ₦400 million to dollars and handed it to Femi Gbajabiamila, the President’s Chief of Staff, through a late associate.
Police investigators also discovered that Adeyemi obtained a ₦100 million loan from a microfinance bank, while allegedly collecting unspecified sums from members of the public under the guise of securing diplomatic passports, visas and other official documents.
Forged Documents
The investigation established that several documents allegedly used by Adeyemi to legitimise the PFIPC were forged.
Forensic analysis reportedly confirmed that signatures on purported appointment letters attributed to Gbajabiamila did not match his known signatures. A former Director of Information and Public Relations in the Office of the Secretary to the Government of the Federation, Segun Imohiosen, also denied signing a document purportedly establishing the council.
The police alleged that Adeyemi forged an appointment letter and a purported legislative instrument establishing the PEAC/PFIPC before submitting them to various government institutions.
The forged documents allegedly enabled the fictitious agency to obtain an administrative code, office space at the Federal Secretariat, official vehicles, recruitment approval for 300 personnel, secondment of government workers, bank accounts with the Central Bank of Nigeria and inclusion in the 2026 Appropriation Act.
The police further alleged that some government officials failed to conduct the necessary due diligence before processing Adeyemi’s requests
Five Officials Identified
The investigation identified five government officials accused of playing significant roles in facilitating the operations of the fictitious agency.
They include two directors from the Office of the Accountant-General of the Federation and the Office of the 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 reportedly been recommended for possible prosecution, subject to the advice of the Director of Public Prosecutions.
The police said 22 suspects were questioned during the investigation, while seven witnesses also provided statements.
Investigation Continues
The investigation followed petitions by Gbajabiamila alleging that Adeyemi was impersonating a government official and operating a fictitious agency.
The police said it had forwarded an interim investigation report to the Attorney-General of the Federation and Minister of Justice, requesting that existing charges against Adeyemi be amended to reflect newly established facts.
The Force also asked the Director of Public Prosecutions to review the case and harmonise investigations being conducted by other government agencies.
The police further requested information from the National Assembly on how ₦1.3 billion was allocated to the disputed agency in the 2026 Appropriation Act.
Adeyemi is facing allegations including criminal conspiracy, forgery, impersonation, obtaining money under false pretences, theft of public funds and money laundering.