Nigeria investigates phantom presidential agency tied to Tinubu administration

Nigeria's federal government has taken legal action against Adeniyi Adeyemi, the alleged director of a fabricated Presidential Foreign Investment Promotion Council (PFIPC). The dummy agency, reportedly operating for about a year, was allotted a furnished office in the Federal Secretariat, a staff of over 300, a budget of more than N1.3 billion approved in the 2026 budget, and multiple bank accounts, including one at the Central Bank.

Authorities have launched an investigation into how the scheme was created and who within the Tinubu presidency may have facilitated it. Adeyemi claims the council was lawfully established and his appointment came from senior officials. A mediator who connected him to the president’s chief of staff is reported to have died. The scandal is being described as a Ponzi‑type fraud that reflects broader concerns about corruption within the ruling APC and President Tinubu’s administration.