The Nigeria Police Force has uncovered how Prince Adeniyi Adeyemi Matthew, alleged to have paraded himself as the Director-General of a fictitious Presidential Economic Advisory Council (PEAC)/Presidential Foreign Intervention Promotion Council (PFIPC), allegedly spent N400 million obtained under false pretences.
According to a police investigation report dated July 24, 2026, Adeyemi allegedly used part of the funds to purchase two personal vehicles, transfer money to his personal accounts and relatives, and finance personal expenses and donations.
The investigation also revealed that the suspect obtained an additional N100 million loan from a microfinance bank.
The police said Adeyemi allegedly obtained N400 million from businessman Oyekunle Gbenga Collins after falsely claiming he could facilitate a N2.8 billion contract for the renovation of an official residence allegedly allocated to his fictitious agency.
Police analysis of an account belonging to World Entre University Nigeria Ltd reportedly showed that N380 million was received in four tranches from Divine Dopacy Nigeria Ltd, a company owned by Collins.
Another N20 million was allegedly transferred from the same company into an account linked to Sunshine Confectionary and Catering Services.
The police said the transactions contradicted Adeyemi’s claim that he converted the N400 million to dollars and handed the money to Chief of Staff to the President, Femi Gbajabiamila, through the late Babatunde Dolapo Tanimola.
Five Government Officials Implicated
The investigation also identified five government officials who were allegedly involved in facilitating the activities of the fictitious agency.
They include two directors in the Office of the Accountant-General of the Federation and the Office of the Head of the Civil Service of the Federation.
Others are a Special Assistant in the Budget Office, an Assistant Director in the Ministry of Budget and Economic Planning, and a staff member seconded from the Office of the Secretary to the Government of the Federation.
The police said the officials were questioned over their alleged roles in helping the fictitious agency obtain government approvals and access to official facilities.
Twenty-two other suspects whose names surfaced during the investigation were also interrogated.
The police recommended that the five officials could face trial, subject to the advice of the Director of Public Prosecution.
Police Confirm Forged Documents
The investigation further established that documents allegedly used by Adeyemi to establish and operate the fictitious agency were forged.
According to the police, forensic handwriting analysis confirmed that the signature on an appointment letter purportedly signed by Gbajabiamila did not match his authentic signature.
A former Director of Information and Public Relations in the Office of the Secretary to the Government of the Federation, Segun Imohiosen, also reportedly denied signing another disputed document linked to the alleged agency.
The police said Adeyemi allegedly forged an appointment letter bearing Gbajabiamila’s purported signature as well as a purported Act establishing the Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council.
The documents were allegedly presented to various government offices, including the Office of the Secretary to the Government of the Federation, the Head of the Civil Service of the Federation, the Accountant-General of the Federation and the Budget Office.
How Fake Agency Gained Government Recognition
The police investigation alleged that the forged documents enabled the fictitious agency to obtain an administrative code, office space at the Federal Secretariat, official vehicles and approval to recruit about 300 workers.
It also allegedly secured secondment of government officers, two Central Bank of Nigeria accounts denominated in US dollars and British pounds, provisional self-accounting status and N1.3 billion allocation in the 2026 Appropriation Act.
The police faulted officials in the affected government offices for allegedly failing to conduct adequate due diligence before processing the requests.
Investigators also discovered that a purported request for an administrative code, allegedly signed by a State House official, did not originate from the State House because the purported signatory and department did not exist in its organisational structure.
The police further alleged that Adeyemi used the fictitious agency to award a N2.87 billion contract for the refurbishment of a property and subsequently obtained N400 million from Collins as a facilitation fee.
He was also accused of collecting unspecified sums from members of the public under the guise of providing diplomatic passports, note verbales and visas.
Investigation Continues
The police said an interim investigation report has been forwarded to the Attorney-General of the Federation and Minister of Justice.
The Force requested that the earlier charge against Adeyemi be amended to reflect the new findings, while the case file would be forwarded to the Director of Public Prosecution for legal advice.
The police also asked the Clerk of the National Assembly to provide information on the circumstances surrounding the budget defence and eventual passage of the N1.3 billion allocation for the fictitious agency in the 2026 budget.