Adeniyi Adeyemi, the self-proclaimed director-general of the Presidential Foreign Investment Promotion Council (PFIPC), has broken his silence on the controversy surrounding the agency, calling on President Bola Tinubu to establish an independent, multi-stakeholder investigative panel. In an open letter addressed to the president, Adeyemi argued that the Independent Corrupt Practices and Other Related Offences Commission (ICPC), which Tinubu had directed to probe the PFIPC matter, cannot credibly investigate a case where the government is a central party.
Adeyemi rejects ICPC-led probe
According to Channels Television, Adeyemi acknowledged Tinubu's directive to the ICPC as a positive first step but insisted that the commission's structural ties to the executive branch disqualify it from conducting a credible investigation. He stated, "A system cannot credibly investigate itself when its own key actors are central to the discourse." Adeyemi added, "True accountability cannot be achieved when the agency conducting the investigation answers directly to the branch of government within which the core allegations lie."
The controversy stems from a ₦1.3 billion allocation inserted into the 2026 Appropriation Bill for the PFIPC, which critics allege is a phantom agency. Adeyemi has been under scrutiny since his arrest in October 2025 for allegedly operating the agency from the Federal Secretariat without proper authorization.
Proposed independent panel composition
Adeyemi outlined a broad coalition he believes would guarantee impartiality and earn public and international confidence. He proposed that the panel include representatives from civil society organisations, independent media, international financial observers, and human rights bodies such as Amnesty International. He also called for diplomatic observers from the United Nations, the United States, the United Kingdom, the European Union, ECOWAS, and the African Union.
Adeyemi added that the ICPC and the Economic and Financial Crimes Commission (EFCC) could participate as technical partners within the wider coalition rather than as lead investigators. He stated, "If this investigation is to command the absolute trust of the Nigerian public and the international community, it must transcend standard bureaucratic boundaries." He promised, "The moment this independent, multi-stakeholder panel is constituted, I will immediately step forward to present comprehensive documentation and verifiable evidence."
Safety concerns and alleged cover-up
Adeyemi also used the letter to signal fears for his personal safety. He stated that surrendering himself under the current arrangement would pose "an immediate, existential threat" to his safety. He claimed to have received verified intelligence indicating he could be targeted if he appeared in an unmonitored setting.
He pointed to the circumstances surrounding the death of Dolapo Babatunde Tanimola, whom he described as a central intermediary in the PFIPC matter. According to Adeyemi, official accounts attributed Tanimola's death to a fire at Kachi Hotel in Utako, Abuja, yet no independent eyewitness or media coverage confirmed that any such fire occurred. He added that the hotel structure was subsequently demolished by unidentified armed individuals without the involvement of any federal capital regulatory agency, effectively destroying a physical crime scene and eliminating material evidence.
Background on PFIPC scandal
Adeyemi has faced growing scrutiny over the legitimacy of the PFIPC. He was arrested in October 2025 for allegedly operating the agency from the Federal Secretariat after it reportedly secured a ₦1.3 billion allocation in the 2026 budget. In earlier statements, Adeyemi claimed uncertainty about the role of Femi Gbajabiamila, a former Speaker of the House of Representatives, in the scandal, admitting to limited and indirect communication with Gbajabiamila through a deceased friend. He urged President Tinubu to investigate the matter while promising to surrender if an independent panel is constituted.
The PFIPC controversy has sparked widespread debate in Nigeria, with many questioning the existence and mandate of the agency. The Senate has also taken a decision on probing the ₦1.3 billion budget allocation, as reported by Legit.ng.
