The embattled Director-General of the alleged "non-existent" Presidential Foreign Investment Promotion Council (PFIPC), Prince Adeniyi Adeyemi, was arraigned before the Federal High Court in Abuja on Wednesday. He faces an eight-count charge relating to forgery, fraud, embezzlement, and impersonation. Adeyemi has been in detention since July 14, 2026, when he was arrested on the strength of a bench warrant issued by the court.
Adeyemi pleaded not guilty to the charges read to him before the trial judge, Justice Mohammed Umar. The court ordered his remand at Kuje Prison until October 12, 2026, when the main hearing will commence in the criminal charges. 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 counsels.
The prosecution applied for an accelerated hearing of the matter. Counsel to the defendant, Mr. Genesis Francis, failed to convince 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 this week.
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.
An interim police investigation report exposed how Adeyemi 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.
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.
Adeyemi had 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. Some of the counts in the charge against him include forgery of presidential letter-headed papers and a request for collaboration with the ministry.
Key points
- Prince Adeniyi Adeyemi faces 8-count charges of forgery, fraud, embezzlement, and impersonation.
- The court ordered Adeyemi's remand at Kuje Prison until October 12, 2026.
- Adeyemi alleges he paid N400 million to secure his appointment as DG of the disputed PFIPC council.
