Adeniyi Adeyemi, who claims to be the director-general of the disputed Presidential Foreign Investment Promotion Council (PFIPC), has rejected the Federal Government’s decision to allow the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the controversy, insisting that only an independent panel can ensure a fair and transparent probe.
In an open letter to President Bola Tinubu, Adeyemi urged the President to set up what he described as an “independent” and “multi-stakeholder” panel to “guarantee complete neutrality.”
He said the panel should include members from civil society organisations, independent media, international financial observers and human rights groups such as Amnesty International to ensure compliance with international legal and safety standards.
According to him, the panel should also include “Diplomatic Observers: Representatives from the United Nations, the United States, the United Kingdom, the European Union, ECOWAS and the African Union” as well as “Statutory Enforcement: The ICPC and EFCC, serving as technical partners within this broader, independent coalition.”
Although President Tinubu had directed the ICPC to investigate the PFIPC controversy, Adeyemi argued that the anti-graft agency could not conduct an impartial investigation because it is part of the government.
“If this investigation is to command the absolute trust of the Nigerian public and the international community, it must transcend standard bureaucratic boundaries,” he said.
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“The moment this independent, multi-stakeholder panel is constituted, I will immediately step forward to present comprehensive documentation and verifiable evidence,” Adeyemi said. “A system cannot credibly investigate itself when its own key actors are central to the discourse.”
He commended President Tinubu for directing the ICPC to investigate the circumstances “surrounding the PFIPC Scandal and ₦1.3 billion allocation inserted into the 2026 Appropriation Bill.”
“This directive is a vital first step, but the structural realities of this investigation compel me to speak out of a profound desire for absolute transparency,” he said.
Adeyemi, however, maintained that “True accountability cannot be achieved when the agency conducting the investigation answers directly to the branch of government within which the core allegations lie.”
He also claimed that surrendering himself to security agencies under the current arrangement would put his life in danger.
“Furthermore, I must state clearly that walking freely into custody under the current arrangement poses an immediate, existential threat to my life. I have received verified, highly reliable intelligence indicating that I am targeted for elimination the moment I surface in an unmonitored environment.
“This is not an unfounded fear. My concerns are deeply validated by the highly alarming events surrounding Mr. Dolapo Babatunde Tanimola, a central intermediary in this matter.
“Official reports claim Mr Tanimola tragically died in a sudden fire incident at Kachi Hotel in Utako, Abuja. Yet, there remains a total absence of independent eyewitness or media verification of any such inferno.
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“More disturbingly, under highly unclear circumstances and without the official involvement of any federal capital regulatory agency, the entire Kachi Hotel structure was swiftly invaded by unidentified armed actors and manually demolished down to the rubble days later—effectively erasing a vital physical crime scene and erasing material evidence.”
The letter comes amid the ongoing controversy over the Presidential Foreign Investment Promotion Council, which the Presidency has said does not exist. Despite this, Adeyemi insists he was legally appointed to head the council.
He has repeatedly denied any wrongdoing and accused the President’s Chief of Staff, Femi Gbajabiamila, and other senior government officials of trying to frustrate his work after he allegedly refused to comply with certain directives.
At a press conference last month, Adeyemi questioned Gbajabiamila’s position, arguing that the council could not have appeared in the 2026 budget if it did not exist. He also alleged that the former Speaker of the House of Representatives collected ₦400 million from him through a proxy and later demanded another ₦200 million to facilitate his appointment.
Meanwhile, prosecutors have charged Adeyemi with forging several government documents, including a presidential appointment letter-headed paper.
He has denied the allegations, insisting that he was duly appointed.
“If I’m wrong, let the court of law do that, and if I’m right, let the court of law do that; do the right thing,” he said.
