Fake Presidential Agency in 2026 Budget: Fakorede’s Report Left to Gather Dust

New details have emerged on how the alleged Presidential Foreign Investments Promotion Council (PFIPC) slipped into the 2026 national budget despite being labelled a bogus agency. Records show that in October 2025, the President’s Chief of Staff petitioned the IGP over PFIPC’s director-general, Prince Adeniyi Adeyemi. CP Akin Fakorede’s monitoring unit then arrested Adeyemi and probed claims of forged appointment letters. The nine-page interim report, submitted in November 2025, outlined evidence of criminal forgery, impersonation and false pretence. It named Adeyemi and two other suspects as principal actors in the scheme. Critics are puzzled why this report sat unacted upon for almost a year, even as budget lines funded the non-existent agency. Many Nigerians are demanding explanations from the Presidency and anti-graft agencies.

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