The controversy surrounding the Presidential Foreign Investment Promotion Council (PFIPC) has taken another dramatic turn after Prince Adeyemi Adeniyi, who identified himself as the agency’s Director-General, revealed how the controversial body allegedly made its way into Nigeria’s 2026 budget.
Speaking in a recorded interview with social media activist Martins Vincent Otse, popularly known as VeryDarkMan, Adeyemi claimed his involvement in the budget process ended long before the controversial N1.3 billion allocation eventually appeared in the appropriation document.
The interview surfaced shortly after his arrest over allegations bordering on forgery, impersonation and conspiracy connected to the operations of the agency, further fueling public curiosity about the growing scandal.
According to Adeyemi, he approached the Budget Office in December 2024 with hopes of securing a place for PFIPC in the 2025 budget. However, officials reportedly informed him that submissions for that budget cycle had already closed, advising him to target the 2026 appropriation instead.
He further alleged that a female official assisted him in meeting senior officers within the Budget Office, where he was allegedly asked to provide “shini,” a slang expression often associated with unofficial gratification, before his proposal could receive attention.
Adeyemi narrated that another director later confirmed that inclusion in the 2025 budget was no longer possible because the process had been concluded but assured him the proposal could be considered during preparations for the 2026 budget.
Despite those discussions, Adeyemi insisted his subsequent legal troubles and arrest brought every effort regarding PFIPC to an abrupt end. He maintained that he had no knowledge of how the agency eventually secured a budget allocation, saying the development came as a surprise to him.
The revelation has intensified nationwide debates over transparency in Nigeria’s budgeting process, especially after reports indicated that approximately N1.32 billion was allocated to PFIPC despite the Federal Government maintaining that the agency was never legally established. The unfolding investigation is expected to raise fresh questions about accountability and oversight within public institutions.
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