Prince Adeyemi Adeniyi, the self-proclaimed Director-General of the controversial Presidential Foreign Investment Promotion Council (PFIPC), has detailed how the unestablished agency found its way into the federal budget, claiming he was no longer involved by the time the 1.3 billion Naira allocation appeared. Adeniyi made the disclosure during a recorded interview with social media influencer Martins Vincent Otse, popularly known as VeryDarkMan, which was released shortly after his arrest on allegations of forgery, impersonation, and conspiracy.
According to Adeniyi, he visited the Budget Office in December 2024 to seek the inclusion of the PFIPC in the 2025 budget but was informed that the submission window had already closed. He noted that after it failed to appear in the 2025 document, officials informed him that it would be considered for the 2026 budget cycle instead. He claimed that a female official facilitated his meeting with senior staff, alleging that he was asked for gratification—referred to as "shini"—which he refused to provide, after which he was directed to a line director who confirmed the timeline would be shifted to the following year.
Adeniyi insisted that his subsequent legal troubles and arrest halted all efforts related to the proposed council, and he expressed surprise at its eventual inclusion. He stated that he had already left the office and had no knowledge of how the 1.32 billion Naira was officially allocated. The controversy has triggered nationwide attention after it emerged that the Federal Government funded the body despite claiming it was never legally established.
The House of Representatives has set up an ad hoc committee, chaired by Yusuf Gagdi, to launch a formal investigation into how the allocation bypassed standard protocols and to identify the officials involved. The parliamentary probe follows Adeniyi’s arrest by operatives of the Force Intelligence Department’s Intelligence Response Team after he allegedly failed to appear in court for previous forgery and impersonation charges.
During the interview, Adeniyi denied allegations linking President Bola Tinubu’s Chief of Staff, Femi Gbajabiamila, to the budget controversy. He maintained that he had never physically met the former Speaker of the House of Representatives, stating that a late associate, Dolapo Tanimola, had handled the intermediaries. He also denied paying bribes to Budget Office officials, claiming he only promised future employment opportunities once the agency became operational. The Presidency and the Office of the Chief of Staff have repeatedly denied any involvement, and Gbajabiamila has filed a 15 billion Naira defamation suit against Adeniyi over the initial allegations.


