Adeniyi Adeyemi and PFIPC: Nigerian police arrest bogus agency boss.

Details of Tuesday’s arrests are still sketchy, but police confirmed that members of the Department of Defense Intelligence and the Intelligence Response Team were involved.

The suspect is expected to be taken to the police headquarters in Abuja for further investigation.

Last week, the police launched a manhunt for Adeyemi after the PFIPC allegations surfaced.

Ninbu’s office said the official-looking letter creating the agency was fake.

Police forensic analysis has revealed the signature of Chief of Staff to the President, Femi Bajabiamila, on the controversial appointment letter, the President announced.

Civil societies, opposition politicians and senior legal experts have called for an independent probe into the scandal.

Adeyemi maintained his innocence in an interview with local media.

“My life is in danger,” he said.

But he was not at the hearing on Tuesday. The lawyer, Genesis Francis, told the court that he could not convince his client to attend the trial citing security concerns of Adeyemi.

The lawyer wrote the accused an open letter to President Tinubu expressing those concerns.

Adeyemi had earlier alleged that the PFIPC was established in 2024 to attract foreign investment into Nigeria. However, there is no record of any agreements being made.

BBC News Pidgin found that the agency has secured office space in the Federal Secretariat, a sprawling government complex that houses several ministries in Abuja.

He also opened accounts at the Central Bank of Nigeria and was allocated 1.3 billion naira (950,000, £700,000) under the 2026 Plan Act.

However, the accountant’s headquarters said PFIPC never maintained an account with the central bank, received any public money or salary.

According to court documents, Adeyemi and two others used forged legal documents to set up and run the council, opening multiple bank accounts in its name and purporting to be an official agency.