A massive fraud ring operating right under the nose of government has been exposed, with the House of Representatives revealing that at least 29 forged official documents were used to run a bogus agency called the Presidential Foreign Investment Promotion Council, PFIPC.
The ad hoc committee investigating the fake council on Mo day, July 27, told the House that the self-acclaimed Director-General, Adeniyi Adeyemi Mathew, allegedly forged letters bearing the signatures and letterheads of the State House, Office of the SGF, Head of Service, Ministry of Finance, and even the Chief of Staff to the President, Femi Gbajabiamila.
Committee Chairman, Rep. Yusuf Gagdi, disclosed this during the appearance of the Accountant-General of the Federation, Shamseldeen Ogunjimi, before the panel.
“This committee clearly needs the suspected DG to appear before it. People’s names are involved. People’s integrity is involved. Institutional names are involved. Institutional integrity is involved. It is no longer optional,” Gagdi declared.
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—HOW THE SCAM WORKED—
According to the panel, Adeyemi used the fake PFIPC to:
1. Secure office space at the Federal Secretariat, Abuja
2. Request approval to recruit about 300 staff
3. Attempt to insert $1.3 billion into the 2026 Appropriation Bill for a non-existent agency
4. Plan a World Investment Summit under the council’s name
5. Open TSA and domiciliary accounts to receive foreign inflows
The police told the committee that the Chief of Staff to the President petitioned security agencies on October 17, 2025 over Adeyemi’s activities. An eight-count charge bordering on conspiracy and fraud has since been filed before the Federal High Court.
Adeyemi was arrested in his hideout in Osun State on July 15 following a bench warrant, and is currently in police custody. The IGP, Olatunji Disu, has been ordered to produce him before the House panel by noon today.
An Assistant Commissioner of Police, *Bashir Abdullahi*, confirmed that signatures on documents allegedly from the Chief of Staff’s office did _not_ match authentic ones in police custody.
—ACCOUNTANT-GENERAL SPEAKS—
The AGF, Ogunjimi, told lawmakers the Treasury acted in “good faith” on official-looking letters. He said a State House letter dated Nov 7, 2024 led to the creation of administrative code 0111062001 for the council.
He also disclosed that the council requested self-accounting status in January 2025 and was given 6 months provisional approval in March after an inspection.
On funding, Ogunjimi said a March 20, 2025 memo sought a N27.3 billion take-off grant, but “no funds were ever released” because there was no budgetary allocation.
“We only discovered later that the documents were forged,” he told the panel.
—13 CIVIL SERVANTS SUMMONED—
Gagdi said 13 civil servants from the OSGF, OAGF and Head of Service linked to the operations of the fake council have been summoned to appear before the committee today to explain their roles.
The chairman assured that the House probe would continue independently and its report could recommend further action by security agencies.
The PFIPC scandal is now one of the most audacious cases of impersonation and document forgery in recent years, raising fresh questions about how far fraudsters can go using the name of the Presidency.
