The Federal High Court in Abuja has issued an arrest warrant against Adeniyi Adeyemi over his alleged involvement in a fraudulent scheme related to the Pension Fund Investment and Protection Commission (PFIPC). The warrant was granted on July 14, 2026, following an ex parte motion filed by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
Details of the Alleged Fraud
According to the ICPC, Adeyemi is accused of orchestrating a fake PFIPC scheme that defrauded unsuspecting victims of substantial sums of money. The commission alleged that Adeyemi posed as a representative of the PFIPC, promising victims high returns on investments in pension funds. The scheme reportedly operated without any regulatory approval, and victims were lured through false advertisements and personal referrals.
The ICPC's investigation revealed that Adeyemi collected over N50 million from multiple victims between January and June 2026. The funds were allegedly diverted for personal use, with no investments made. The commission stated that the scheme caused significant financial losses to retirees and other individuals seeking to secure their pensions.
Court Proceedings
Justice Binta Nyako of the Federal High Court, after reviewing the ICPC's application, ordered the arrest of Adeyemi to ensure his appearance in court. The judge noted the seriousness of the allegations and the need to prevent further victims from being defrauded. The ICPC had earlier declared Adeyemi wanted after he failed to respond to invitations for questioning.
The court also directed the ICPC to publicize the arrest warrant and seek assistance from law enforcement agencies, including the Nigeria Police Force and the Economic and Financial Crimes Commission (EFCC), to apprehend the suspect. Adeyemi is believed to be hiding in Lagos or Oyo State.
ICPC's Statement
In a statement, the ICPC spokesperson, Mrs. Azuka Ogugua, said: "The commission is committed to bringing all those involved in fraudulent pension schemes to justice. We urge members of the public to remain vigilant and report any suspicious investment opportunities to the ICPC." She added that the ICPC has intensified efforts to track down Adeyemi and recover the stolen funds.
The commission also warned the public to verify the authenticity of any investment scheme claiming to be affiliated with government agencies. The PFIPC is a legitimate body responsible for regulating pension fund investments, but the scheme in question was not authorized.
Impact on Victims
Victims of the alleged fraud have expressed frustration and called for swift action. One victim, who spoke on condition of anonymity, said: "I invested my life savings because I believed it was a genuine government program. Now I have nothing left." The ICPC assured victims that efforts are underway to recover their funds once Adeyemi is arrested and prosecuted.
The case has highlighted the prevalence of pension fraud in Nigeria, with similar schemes reported in other states. The ICPC has urged anyone with information on Adeyemi's whereabouts to contact the nearest police station or the ICPC's headquarters in Abuja.
