Alleged fake agency DG says he borrowed ₦400m to secure appointment

Alleged fake agency DG says he borrowed ₦400m to secure appointment

The controversy surrounding the disowned Presidential Foreign Investment Promotion Council (PFIPC) took a fresh twist on Monday as Prince Adeniyi Adeyemi Matthew, who claims to be the agency’s Director-General, alleged that he borrowed ₦400 million to secure his appointment and that his creditors have now petitioned the Economic and Financial Crimes Commission (EFCC) to recover the money.

Adeyemi made the claim during an interview on Channels Television’s Politics Today, insisting that the funds used to obtain the appointment were sourced through loans rather than from his personal finances.

According to him, those who provided the money have become impatient over the prolonged controversy surrounding the agency and have formally reported the matter to the EFCC in a bid to recover their funds.

“I borrowed this money. In fact, those that I borrowed this money from have reported to the EFCC. I borrowed this money to pay for this appointment. They have written to the EFCC, asking me to refund their money. So, I’m not even here to pay the money back. I borrowed this money,” he said.

The latest disclosure comes weeks after Adeyemi accused Chief of Staff to the President, Femi Gbajabiamila, of allegedly receiving ₦400 million through an intermediary to facilitate his appointment as Director-General of the PFIPC.

He had also alleged that an additional ₦200 million was later demanded from him and claimed that influential individuals sought a substantial share of the agency’s proposed take-off funds.

Gbajabiamila has strongly denied the allegations through his lawyers, describing them as false, malicious and defamatory.

His legal team has demanded an immediate retraction and public apology from Adeyemi, warning that failure to comply could result in a ₦10 billion defamation lawsuit.

During the interview, Adeyemi maintained that he was being unfairly portrayed as the architect of an elaborate fraud despite operating openly for several years.

“Imagine the government claiming I manoeuvred the whole system. It’s unfortunate,” he said.

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He also dismissed reports suggesting that he was seeking political asylum abroad or planning to flee Nigeria to evade investigation.

According to Adeyemi, he only became aware of reports linking him to a United States lobbying firm through media publications and insisted he has no intention of leaving the country.

“I read it the way you read it. Some people called me saying they were looking for me,” he said.

He further alleged that coordinated efforts had been made to shut down his social media accounts, limiting his ability to respond to allegations made against him.

“They pulled my social media handle down, and they still reported that I was about to run away out of Nigeria. I’m still in Nigeria. I’m not going anywhere,” he stated.

The PFIPC controversy began after the Presidency, in a statement issued on June 11, categorically disowned the council, declaring that no such agency exists under the administration of President Bola Ahmed Tinubu.

The Presidency subsequently described Adeyemi as an impostor and alleged that he forged presidential appointment documents purportedly signed by the Chief of Staff.

Investigators also alleged that he operated a fictitious government agency using forged official documents and insignia.

According to security agencies, preliminary investigations revealed that Adeyemi allegedly maintained 34 bank accounts, including nine reportedly opened in the names of non-existent government agencies, raising concerns over possible financial crimes, impersonation and forgery.

Despite the government’s position, Adeyemi has continued to insist that his appointment was legitimate.

He argued that he operated publicly for nearly three years without objection, held meetings with senior officials of several Ministries, Departments and Agencies (MDAs), engaged foreign investors and interacted with officials of institutions such as the Ministry of Foreign Affairs and the EFCC.

Adeyemi said these engagements reinforced his belief that the council was a legitimate government institution.

The controversy deepened after reports indicated that the PFIPC appeared in the 2026 Appropriation Act with a budgetary allocation despite the Presidency’s insistence that the agency had never been legally established.

The development prompted President Bola Ahmed Tinubu to direct the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate how the agency was included in the federal budget and identify those responsible for the alleged irregularities.

While the ICPC investigates the budgetary aspect of the matter, the Nigeria Police Force continues its probe into allegations of forgery, impersonation and related offences involving the purported agency.

The EFCC is also expected to examine Adeyemi’s latest claims after he disclosed that his lenders had formally petitioned the anti-graft agency over the alleged ₦400 million loan.

Legal analysts say the multiple investigations could determine whether criminal offences were committed and expose any weaknesses in government appointment verification and budgetary processes.

Meanwhile, the Presidency has reiterated that only agencies created through lawful procedures and officially recognised by the Federal Government are authorised to operate, urging Nigerians to verify the authenticity of government institutions before engaging with them.

Alleged fake agency DG says he borrowed ₦400m to secure appointment