The self-styled Director-General (DG) of the alleged “non-existent” Presidential Foreign Investment Promotion Council (PFIPC), Prince Adeniyi Adeyemi, was on Wednesday arraigned before the Federal High Court in Abuja.
Adeyemi, who has been in detention since July 14, when he was arrested on the strength of a bench warrant issued by the court, was docked on an eight-count charge relating to forgery, fraud, and impersonation.
However, he pleaded not guilty to the charges read to him before trial by Justice Mohammed Umar.
The court ordered his remand at Kuje Prison until October 12, when the full-blown hearing will commence.
Meanwhile, the office of the Attorney General of the Federation and Minister of Justice has taken over the case from the police, with the Director of Public Prosecutions of the Federation (DPPF), Mr. Rotimi Oyedepo, SAN, leading the prosecution.
The prosecution applied for an accelerated hearing of the case.
Counsel to the defendant, Mr. Genesis Francis, failed to persuade the court to hear his client’s bail application.
After the arraignment, he begged the court to consider the issue of bail, stressing that the defendant, who he said is suffering from a contagious ailment, has a medical appointment fixed for Friday.
The prosecution opposed the application, insisting that the government has adequate facilities to take care of the defendant’s health needs.
Justice Umar held that the bail application would be heard on the adjourned date.
Among those billed to testify in the matter are the Chief of Staff to the President, Mr. Femi Gbajabiamila; Paul Emmanuel; Jeremiah Imoukhede; and Ituah Sylvester.
Other witnesses are civil servants working in the Office of the Accountant General of the Federation (OAGF), Akimbo Shola and Adamu Balongu, as well as a Deputy Superintendent of Police.
Before his arrest, Adeyemi had granted an interview to Channels Television from his hideout, alleging that his withdrawal from public view was due to threats to his life.
He dismissed the insinuation that he was hiding from law enforcement agencies to evade investigation into his alleged involvement in the PFIPC fraud.
He also maintained his allegation that he paid N400 million, through a proxy, to President Tinubu’s Chief of Staff, Gbajabiamila, to secure his appointment as DG of the disputed council.
According to Adeyemi, those from whom he borrowed the N400 million he used to secure the appointment have since dragged him before the Economic and Financial Crimes Commission (EFCC).
An interim police investigation report exposed how the defendant allegedly forged appointment letters and official documents to create the impression that the PFIPC was a legitimate federal government agency.
Police disclosed that the investigation was initiated after the Office of the Chief of Staff to the President petitioned the Inspector-General of Police (IGP) on October 17, 2025, over the activities of individuals allegedly forging official appointment letters purportedly issued from the office.
The petition added that preliminary findings showed the forged documents contained falsified signatures, reference numbers, official seals, and the Nigerian Coat of Arms, and that they were allegedly used to appoint individuals into the non-existent PFIPC.
Adeyemi, identified as the principal suspect, allegedly presented himself as the DG of the council and operated from an office within the Federal Secretariat Complex, Phase III, Abuja.
One of those allegedly linked to the fraud, Dolapo Babatunde Tanimola, was said to have died in a fire at a hotel in Abuja.
Meanwhile, Adeyemi, who has since denied that the PFIPC was non-existent, demanded an independent, multi-stakeholder investigative panel to probe the controversy surrounding the alleged N1.3 billion budget insertion for the council in the 2026 Appropriation Bill.
In an open letter to President Tinubu, Adeyemi said he was prepared to provide documentary evidence and fully cooperate with investigators once an independent panel was constituted.
He recommended that the panel include representatives of civil society organisations, the Nigerian Bar Association (NBA), independent media organisations, international financial institutions, human rights groups, and diplomatic missions, as well as the ICPC and the EFCC.
Adeyemi said his decision to stay off the radar was further reinforced by the controversial circumstances surrounding the death of Tanimola, whom he described as a key intermediary in the matter.
Charges Against Prince Adeniyi Adeyemi
Some of the counts in the charge against him read:
“That you, Prince Adeniyi Adeyemi Mathew, ‘M’, 38 years of age, of 2nd Floor, Federal Secretariat Complex, Abuja, Femi (surname unknown), and Anu (surname unknown), now at large, on or about the 8th day of March 2024, within the jurisdiction of this Honourable Court, forged presidential letter-headed papers, and thereby committed an offence punishable under Section 1(2)(c) of the Miscellaneous Offences Act, Cap M17, Laws of the Federation of Nigeria.”
“That you, Prince Adeniyi Adeyemi Mathew, ‘M’, 38 years of age, of 2nd Floor, Federal Secretariat Complex, Abuja, Femi (surname unknown), and Anu (surname unknown), now at large, on or about the 8th day of March 2024, within the jurisdiction of this Honourable Court, forged a request for collaboration with the Ministry in the area of land requisition and offices across the 36 states of the Federation, purportedly issued from the State House, Abuja, Nigeria, and thereby committed an offence punishable under Section 1(2)(c) of the Miscellaneous Offences Act, Cap M17, Laws of the Federation of Nigeria.”
