The controversy surrounding the alleged Presidential Foreign Investment Promotion Council (PFIPC) has taken another turn, with Adeniyi Adeyemi calling on President Bola Tinubu to establish an independent panel to investigate the matter.
Adeyemi, who claims to be the Director-General of the disputed council, made the appeal in an open letter to the president, arguing that an investigation led solely by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) would not inspire public confidence because the agency is part of the federal government.
He proposed a “multi-stakeholder” investigative panel comprising representatives of civil society organisations, independent media, international financial observers and human rights organisations, including Amnesty International. Adeyemi also suggested the inclusion of diplomatic observers from the United Nations, the United States, the United Kingdom, the European Union, ECOWAS and the African Union.
According to him, anti-graft agencies such as the ICPC and the Economic and Financial Crimes Commission (EFCC) should only serve as technical partners within the broader independent panel. He argued that such a structure would guarantee transparency and neutrality throughout the investigation.
“The moment this independent, multi-stakeholder panel is constituted, I will immediately step forward to present comprehensive documentation and verifiable evidence,” Adeyemi said, adding that “a system cannot credibly investigate itself when its own key actors are central to the discourse.”
Although he commended President Tinubu for directing the ICPC to investigate the controversy surrounding the alleged PFIPC and the reported ₦1.3 billion allocation in the 2026 Appropriation Bill, Adeyemi maintained that the investigation should go beyond existing government institutions.
He also claimed that surrendering himself under the current arrangement would pose a threat to his safety, alleging he had received credible intelligence suggesting his life was in danger. Adeyemi further raised concerns over the reported death of Dolapo Babatunde Tanimola, whom he described as a key intermediary in the controversy, questioning the circumstances surrounding the incident and the subsequent demolition of the hotel where the fire allegedly occurred.
The Presidency has repeatedly maintained that the Presidential Foreign Investment Promotion Council does not exist. Despite this, Adeyemi insists he was lawfully appointed and has denied allegations of forgery and fraud brought against him by federal prosecutors.
The case has also drawn in Chief of Staff to the President, Femi Gbajabiamila, whom Adeyemi accused of attempting to frustrate his activities and demanding money in connection with the alleged appointment. Gbajabiamila has denied the allegations and has threatened legal action against Adeyemi over what he described as defamatory claims.
With criminal charges already filed against him, the PFIPC controversy is expected to shift to the courtroom, where the competing claims over the council’s existence and the authenticity of the documents involved will be tested.
