The Director-General of the controversial Presidential Foreign Investment Promotion Council (PFIPC), Prince Adeniyi Adeyemi Matthew, has declared that he will not surrender to authorities over the alleged ghost agency scandal unless President Bola Tinubu establishes an independent panel to investigate the matter.
In an open letter released on Monday, Adeyemi said he welcomed President Tinubu’s directive ordering the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the PFIPC and the alleged ₦1.3 billion insertion into the 2026 Appropriation Bill. However, he argued that the current investigation could not guarantee fairness or impartiality.
“I write to you not as a fugitive evading accountability, but as a Nigerian citizen who maintains an unwavering belief in equity, justice, and the rule of law,” Adeyemi stated.
He described the presidential directive as “a vital first step” but insisted that “true accountability cannot be achieved when the agency conducting the investigation answers directly to the branch of government within which the core allegations lie.”
Adeyemi also claimed that surrendering himself under the current arrangement would put his life at risk, alleging that he had received credible intelligence that he would be eliminated if taken into custody.
He further cited the death of Dolapo Babatunde Tanimola, whom he described as a key intermediary in the matter, questioning the official account that Tanimola died in a fire at Kachi Hotel in Abuja.
Adeyemi alleged that the hotel was later demolished by unidentified armed men, destroying what he called a potential crime scene.
According to him, repeated attempts on his life and threats to his family forced him into hiding.
The PFIPC boss urged President Tinubu to constitute an independent investigative panel comprising representatives of civil society organisations, the Nigerian Bar Association, the media, international financial and diplomatic observers, human rights groups, as well as the ICPC and the Economic and Financial Crimes Commission (EFCC).
“The moment this independent, multi-stakeholder panel is constituted, I will immediately step forward to present comprehensive documentation and verifiable evidence,” he said.
He argued that broadening the investigation would demonstrate the administration’s commitment to transparency and anti-corruption.
President Tinubu had earlier directed the ICPC to investigate the activities of the purported presidential council after the Presidency declared that the PFIPC was never created or authorised by the Federal Government.
The President instructed the anti-corruption agency to conclude its investigation within 30 days.
According to the Presidency, the PFIPC had no legal basis, presidential approval or executive authorisation.
Presidential spokesman Bayo Onanuga accused Adeyemi of falsely presenting himself as a presidential appointee and called for an investigation into alleged forged appointment letters, the use of fake government documents, the opening of bank accounts in the names of purported government agencies, the movement of funds linked to the alleged scheme, and the involvement of any public officials or private individuals.
The PFIPC came under public scrutiny in June after the Chief of Staff to the President, Femi Gbajabiamila, disowned the council, alleging that it operated for months using forged documents while claiming presidential backing.
Adeyemi has also alleged that Gbajabiamila received about ₦400 million through a proxy to facilitate his appointment and later demanded an additional ₦200 million.
Those allegations have been made by Adeyemi, and no court has established their validity.
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