How a fake agency secured ₦1.3 billion in Nigeria's 2026 budget
Prince Adeyemi Adeniyi Matthew allegedly walked into the Federal Secretariat in Abuja with a forged letter and emerged with an office, signage, and government legitimacy. The bigger scandal is not one man's audacity but how a non-existent agency got close to ₦1.3 billion in the 2026 budget, secured office space in the heart of government, hosted top functionaries, and operated multiple accounts. This is a story about systemic failure at three points: budget, appointment, and banking.
Budget process failure: Ghost agency bypasses scrutiny
The 2026 Appropriation Act contained ₦1.3 billion for the “Presidential Economic Advisory Council/PFIPC,” despite PFIPC having no legal backing. Sources in the National Assembly claim the allocation entered “through a backdoor arrangement” without budget defence. Adeyemi, in an interview with VeryDarkMan, said he did not prepare or defend any budget. This means the appropriation bypassed committees that should have asked: “Which agency is this? What is its mandate? Who are its staff?”
Appointment verification failure: Forged letter accepted
Adeyemi allegedly used a forged appointment letter bearing Chief of Staff Femi Gbajabiamila's purported signature and counterfeit presidential letterhead. Gbajabiamila's lawyers insist he has “never had any contact whatsoever with Adeyemi.” Yet the letter was accepted at the civil service headquarters without adequate verification, securing an office in the Federal Secretariat for over a year. A sign for PFIPC was still up inside the Ministry of Health wing until recently.
Banking due diligence failure: Accounts opened for fake agency
Adeyemi allegedly opened an account with the Central Bank of Nigeria for the non-existent agency. He asked: “Is it even possible to open an account with fictitious documents in a commercial bank in Nigeria today, let alone at the CBN?” He also operated 34 bank accounts linked to fictitious agencies. Banks are required by law to conduct KYC checks. The EFCC has recovered items and made arrests, but the institutions that enabled the financial plumbing have not been named.
Gbajabiamila's role: Forged letter and defamation suit
Adeyemi alleged that Gbajabiamila demanded 48 per cent of a ₦27.4 billion take-off grant and collected ₦400 million through proxies. Gbajabiamila denies ever meeting Adeyemi, and his lawyers have filed a ₦10 billion defamation suit. Presidential Spokesman Bayo Onanuga noted that appointments are the prerogative of the Secretary to the Government of the Federation. The Office of the CoS first blew the whistle after the Nigeria Investment Promotion Council flagged the fake agency.
President Tinubu orders ICPC investigation within one month
President Bola Tinubu has directed the Independent Corrupt Practices and Other Offences Commission to investigate the scandal, with a one-month deadline. KPMG may be brought in for larger accounting issues. The House of Representatives has launched its own investigation, while the Senate has suspended its probe to back the President's action.
Four immediate reforms to prevent future scandals
First, a budget integrity law: no allocation should appear without committee scrutiny, a legal instrument, and a staff list. A “ghost agency” clause should trigger an automatic audit. Second, an appointment verification portal: every federal appointment letter must be logged on a public portal managed by the SGF. Third, access control at the Federal Secretariat: a forensic audit of all offices and signage should revoke any space given without SGF/HoS approval. Fourth, financial institution accountability: CBN and commercial banks must explain how accounts were opened for PFIPC and 34 other agencies, with BVN and CAC database crosschecks.
In the final analysis, Prince Adeyemi allegedly gamed the system. But systems are gamed because they are weak. The PFIPC scandal is a stress test that failed at three points. Until the system is fixed, the next Adeyemi is somewhere forging another letterhead.
