Alleged PFIPC Fraud: Timeline Raises Questions Over 28-Month Operation Ahead of Court Hearing

A detailed chronology circulating online has outlined the sequence of events surrounding the alleged fraudulent activities linked to the Presidential Foreign Investment Promotion Council (PFIPC), an entity that authorities say was not lawfully established despite operating for months with apparent official recognition.

The timeline alleges that the operation began on March 8, 2024, when a forged appointment letter purportedly appointing Prince Adeniyi Matthew Adeyemi as Director-General of the PFIPC was created. According to the allegations, the document bore a forged signature of the Chief of Staff to the President, a counterfeit State House letterhead and falsified reference numbers.

The report further claims that the document was subsequently used to obtain office space within the Federal Secretariat Complex in Abuja before the end of 2024.

A major development reportedly occurred on September 30, 2024, when the pfipc.gov.ng domain was approved, giving the organisation an official government web presence. By that period, the alleged operation had reportedly acquired a government office address, an official-looking appointment letter and a government domain name.

According to the chronology, activities attributed to the PFIPC expanded significantly in 2025. It alleges that requests were made to the Office of the Accountant-General of the Federation for the deployment and transfer of civil servants to the organisation. The timeline also references meetings with senior public officials, including Deputy Speaker of the House of Representatives Benjamin Kalu, as well as engagements with foreign investment delegations, the Economic and Financial Crimes Commission (EFCC) and the Nigerian Electricity Regulatory Commission (NERC).

The report further alleges that three civil servants from the Office of the Accountant-General were officially posted to the PFIPC in August 2025 and resumed duty in September of that year.

Another major claim contained in the chronology is that a budget code linked to the PFIPC was introduced into the proposed 2026 Appropriation Bill, with an allocation of about ₦1.3 billion covering personnel, overhead and capital expenditure, including funding for a proposed World Investment Summit.

The timeline states that concerns over the legitimacy of the organisation intensified in October 2025 after a meeting with foreign diplomats allegedly took place without the knowledge of the Federal Ministry of Foreign Affairs. It says the ministry subsequently sought clarification from relevant authorities, prompting the Presidency to request investigations by security agencies.

Prince Adeyemi was later arrested on October 27, 2025, according to the report, after investigators allegedly recovered documents, including the disputed appointment letter. Court documents reportedly followed on November 27, 2025, when an eight-count charge was filed against him and two other suspects identified only as Femi and Anu, who were said to be at large.

The chronology also notes that despite the pending criminal case, public references to Adeyemi in connection with the World Investment Summit continued into 2026, while the budget allocation allegedly remained in the Appropriation Act signed into law.

It further states that the Presidency issued a public disclaimer in June 2026 distancing the Chief of Staff from Adeyemi’s appointment claims, followed by another presidential statement in July addressing aspects of the controversy.

The matter is scheduled to return to court on July 27, 2026, where prosecutors are expected to present documentary evidence relating to the alleged forgery and associated offences.

As of the time of filing this report, the allegations outlined in the timeline remain subject to judicial determination. The accused persons are presumed innocent unless and until proven guilty by a court of competent jurisdiction.