The Nigerian Police Force is set to arraign Adeniyi Adeyemi on Tuesday, July 14, 2026, before a Federal High Court in Abuja over his alleged involvement in a fraudulent scheme falsely linked to the Presidential Fiscal Policy and Tax Reforms Committee (PFIPC). The suspect is accused of operating a fake investment platform that promised high returns to unsuspecting victims.
Details of the Alleged Fraud
According to a statement by the Force Public Relations Officer, ACP Olumuyiwa Adejobi, Adeyemi was arrested following a thorough investigation by the Force Criminal Investigation Department (FCID). The suspect allegedly created a fictitious investment scheme under the guise of the PFIPC, which is a legitimate government body. He reportedly collected millions of naira from victims across the country, promising them lucrative returns on their investments.
“The suspect will be charged with criminal breach of trust, obtaining money by false pretense, and operating an illegal investment scheme,” Adejobi said. “The police urge members of the public to remain vigilant and verify any investment opportunities with relevant authorities before committing funds.”
How the Scheme Operated
Investigations revealed that Adeyemi used social media platforms and word-of-mouth to lure victims. He presented forged documents bearing the logo and seal of the PFIPC to gain credibility. Victims were required to pay registration fees and make deposits, with promises of monthly dividends that never materialized.
One victim, who spoke on condition of anonymity, said: “I invested N500,000 after seeing what looked like an official letter from the PFIPC. When I tried to withdraw my returns, the phone numbers were switched off.”
Police Warning and Next Steps
The police have warned that more suspects may be arrested as investigations continue. They also advised the public to report any suspicious investment schemes to the nearest police station. The case is expected to be mentioned on Tuesday, with the prosecution seeking the remand of the suspect pending the outcome of the trial.
This incident adds to a growing list of fraudulent schemes exploiting the names of government agencies to defraud Nigerians. The PFIPC has distanced itself from the activities of Adeyemi, stating that it does not solicit funds from the public.
