Adeyemi is alleged to have established and operated the PFIPC as though it were a legitimate government agency, despite the council having no legal backing or presidential declaration.
By Deborah Hassan
365Daily – The Federal Government on Wednesday arraigned Adeniyi Adeyemi, Director-General of the fictitious Presidential Foreign Investment Promotion Council (PFIPC), before the Federal High Court in Abuja over an eight-count criminal charge.
Adeyemi, who was arraigned before Justice Mohammed Umar, pleaded not guilty to all the counts.
Following his plea, Rotimi Oyedepo, Director of Public Prosecutions, told the court that the Attorney-General of the Federation had directed him to take over the prosecution of the case from the police.
Oyedepo subsequently asked the court to remand Adeyemi in prison custody pending the determination of the case.
However, counsel to the defendant, Genesis Francis, informed the court that his client had already filed a bail application since January and urged the court to consider the application.
Adeyemi has been in police custody since his arrest in Osun State on July 14.
His arrest followed an earlier order by a Federal High Court in Abuja after he failed to honour a summons issued by the court.
Adeyemi is alleged to have established and operated the PFIPC as though it were a legitimate government agency, despite the council having no legal backing or presidential declaration.
The fictitious agency reportedly secured an allocation in the 2026 Appropriation Act, operated from an office at the Federal Secretariat and recruited staff, despite lacking a legal instrument establishing it.
Adeyemi had also alleged that Femi Gbajabiamila, Chief of Staff to the President, received N400 million through a proxy in connection with the issuance of an appointment letter into the agency.
The allegation against Gbajabiamila has not been established in court.
Following public concerns over the council and its inclusion in the federal budget, President Bola Tinubu directed the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the circumstances surrounding the PFIPC.
The controversy also centred on an alleged N1.3 billion allocation to the fictitious agency in the 2026 budget.
Adeyemi subsequently appealed to President Tinubu to establish an independent, multi-stakeholder investigative panel to probe the circumstances surrounding the council, including the alleged budget allocation.
The arraignment marks a major step in the criminal proceedings against Adeyemi, with the court expected to consider his bail application and the prosecution’s request for his remand.