The alleged “Presidential Foreign Investment Promotion Council” (PFIPC) controversy centers on a self-styled director-general, Prince Adeyemi Adeyemi Matthew, who is accused of forging documents and impersonating a federal agency, leading to a reported N1.3 billion allocation in the 2026 budget. Police say Adeyemi repeatedly failed to appear in court, prompting a Federal High Court bench warrant for his arrest on forgery, fraud and impersonation charges.

As the case unfolds, Nigeria’s foreign affairs and budget institutions dispute PFIPC’s legitimacy. The Ministry of Foreign Affairs says it did not approve or engage with PFIPC and that it received requests to host a “world investment summit” but declined action after preliminary checks. The Budget Office says financial clearance was not issued because required conditions were incomplete, leaving allocations as figures in the budget until regulatory steps are satisfied. It also describes the sequence of approvals as stopping before expenditure began.

Adeyemi and the presidency’s representatives offer differing accounts of the alleged appointment and the chief of staff’s role. Adeyemi says he is unsure of Femi Gbajabiamila’s involvement and claims he secured his appointment through a proxy, while the presidency says any appointment letter bearing Gbajabiamila’s signature was forged. Outlets also report that Nigeria’s anti-graft and security agencies are investigating how the alleged network operated inside federal processes.