Fake Agency Director Blew N400m on Cars, Relatives, Luxury Items – Police

Prince Adeniyi Mathew Adeyemi

Fake Agency Director Blew N400m on Cars, Relatives, Luxury Items – Police

The Nigeria Police Force has uncovered how Adeniyi Adeyemi Matthew, who posed as Director-General of a fictitious Presidential Economic Advisory Council (PEAC) and Presidential Foreign Intervention Promotion Council (PFIPC), squandered N400 million on vehicles, family members, and luxury items. The investigation also revealed that he obtained an additional N100 million loan from a microfinance bank to sustain his extravagant lifestyle .

The Nigeria Police Force has conducted a comprehensive investigation into a case of alleged criminal conspiracy, forgery, impersonation, obtaining money under false pretences, theft of public funds, and money laundering , following a petition from the Chief of Staff to the President that exposed the activities of fraudsters operating within government circles. The probe was initiated following a written petition dated October 17, 2025, from Rt. Hon. Femi Gbajabiamila, Chief of Staff to the President, addressed to the Director-General of the Department of State Services and copied to the Inspector-General of Police . The petition drew attention to the activities of fraudsters forwarding official appointment letters purportedly from the Chief of Staff’s office, a revelation that prompted immediate security intervention and a comprehensive investigation into the matter.

The Inspector-General of Police directed the IGP-Monitoring Unit to investigate the case, setting in motion a chain of events that would uncover the full extent of the deception . The unit immediately commenced investigation and arrested the principal suspect, Prince Adeniyi Adeyemi Matthew, who claimed to be Director-General of a fictitious Presidential Economic Advisory Council (PEAC)/Presidential Foreign Intervention Promotion Council (PFIPC) , on October 27, 2025 . His statement was obtained under caution, in which he claimed he received the fake appointment letter from one Babatunde Dolapo Tanimola, who is now deceased, a convenient explanation that would later be contradicted by forensic evidence . The suspect was subsequently charged to Court in November 2025 for criminal conspiracy and forgery, but the investigation was far from complete as more evidence continued to emerge. A second petition from the Chief of Staff dated June 29, 2026, was referred to the Nigeria Police Force National Cybercrime Centre for discreet investigation and report . The investigation team obtained voluntary statements from the complainant and seven witnesses, along with cautionary statements from 22 suspects whose names emerged during the investigation, revealing the extensive network of individuals who had been drawn into the fraudulent scheme . The team also forwarded specimen signatures of the complainant and one Mr. Segun Imohiosen for forensic analysis, a critical step that would prove decisive in establishing the forgery .

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Analysis of the suspect’s World Entrepreneurs Nigeria Ltd, GTBank account No. 0695674387 revealed that the suspect received a total of N380 million in four tranches from Divine Dopacy Nigeria Ltd, a company owned by Oyekunle Gbenga Collins, who was allegedly lured by the suspect to part with the funds under the false pretence of facilitating the award of a N2.8 billion contract for the renovation of an official residence purportedly allocated to the suspect by the EFCC . Collins had been promised a N2.8 billion contract for the renovation of an official residence purportedly allocated to the suspect by the EFCC, a promise that proved entirely fictitious . The payments were made between May and July 2025: N100 million on May 16, another N100 million on May 22, a third N100 million on May 28, and N80 million on June 20, 2025, demonstrating the systematic nature of the fraud . Further analysis on the account revealed that the suspect used the proceeds for the purchase of two personal vehicles and transferred large sums to his personal accounts and family members, revealing the true destination of the funds he had fraudulently obtained . This directly contradicted Adeyemi’s claim that he converted the total N400 million to USD and handed it over to the complainant through the late Babatunde Dolapo Tanimola, exposing his lies about the fate of the money . Analysis conducted on the suspect’s Sunshine Confectionery and Catering Services Access Bank Plc Account No. 1379777557 revealed that the suspect received N20 million from the same Divine Dopacy Nigeria Ltd on July 29, 2025, bringing the total fraudulently obtained funds to N400 million . The suspect also laundered the proceeds through personal expenses and donations, again contradicting his claim about the funds being converted to dollars and proving that he had systematically defrauded his victims . Police investigations revealed that Adeyemi also obtained an N100 million loan from a microfinance bank to sustain his high-end lifestyle, indicating that even the substantial proceeds from his fraudulent activities were insufficient to fund his lavish spending habits .

Response letter from Handwriting Experts dated March 18, 2026, confirmed that the signatures on the disputed documents are not the same as the signature of the complainant, proving the purported letters of appointment were forged and not issued by the Chief of Staff, thereby dismantling Adeyemi’s claims of legitimacy . One Mr. Segun Imohiosen, the former Director, Information and Public Relations, Office of the Secretary to the Government of the Federation, confirmed that he did not sign the purported Mandate and Terms of Reference for the pioneering office of the Presidential Foreign Investment Promotion Council dated January 6, 2025, further exposing the extent of the forgery and the lengths to which the suspect had gone to create an elaborate web of deception . The police investigation identified five top government officials who played a major role in facilitating the commission of the offences, individuals whose negligence or complicity enabled the fraud to succeed . They have been recommended for trial depending on the opinion of the Director of Public Prosecution, meaning they could face legal consequences for their roles in the scandal . The officials include two directors in 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 with the Ministry of Budget and Economic Planning, and a seconded staff from the Office of the Secretary to the Government of the Federation . The report stated: “Investigation further revealed that some key staff of ministries and agencies played a major role in facilitating the commission of the offences” , confirming that institutional failures had enabled the fraud to persist . The ICPC’s investigation separately identified weaknesses in verification procedures, inter-agency coordination, and internal controls in these MDAs that were exploited by the suspect, pointing to systemic issues that needed to be addressed to prevent similar frauds in the future .

The suspect successfully smuggled forged documents to the Offices of the Secretary to the Government of the Federation, the Head of Service of the Federation, the Accountant-General of the Federation, and the Director-General, Budget Office of the Federation, convincing multiple government agencies of his legitimacy through a combination of forged paperwork and personal charm . Staff in these offices negligently processed and approved all requests made by the suspect, leading to the fictitious agency receiving an Administrative Code, office space at the Federal Secretariat, official vehicles, Authorized Establishment, Administrative Waiver to recruit 300 staff, Secondment of Officers, opening of two accounts with the CBN (USD and GBP), Provisional Self-Accounting Status, and inclusion in the 2026 Appropriation budget . The report noted that staff in these offices failed to conduct due diligence, thereby allowing the forged documents smuggled by the principal suspect to get approvals, a failure that has now been identified as a major weakness in government administrative processes . The ICPC, in its separate investigation ordered by President Bola Tinubu on July 7, 2026, uncovered two additional fictitious government agencies allegedly created by Adeyemi: the FCT Investment Promotion Agency (FIPA) and the Foreign Investment Promotion Agency/Public-Private Partnership (FIPA-PPP) . The suspect used fake legislative instruments styled as enabling Acts to facilitate their creation and relied on them to open bank accounts, further demonstrating the scale and sophistication of his fraudulent enterprise .