The Federal Government has arraigned Adeniyi Adeyemi, accused of establishing and operating the fictitious Presidential Foreign Investment Promotion Council (PFIPC), over an eight-count criminal charge.
Adeyemi was brought before Justice Mohammed Umar of the Federal High Court in Abuja on Wednesday, where he pleaded not guilty to the charges filed against him.
Rotimi Oyedepo, the Director of Public Prosecutions, told the court that the Attorney-General of the Federation (AGF) had instructed him to take over the matter from the police and handle the prosecution.
The prosecution subsequently asked the court to order that Adeyemi be remanded in prison custody.
However, the defendant’s lawyer, Genesis Francis, opposed the request, informing the court that Adeyemi had filed a bail application as far back as January.
Adeyemi has been held in police custody since July 14, when he was arrested in Osun State.
His arrest followed an earlier directive by a Federal High Court in Abuja after he failed to appear before the court despite being summoned.
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The case centres on the alleged activities of the PFIPC, an organisation that allegedly presented itself as a government institution despite having no statutory foundation or presidential approval.
According to the allegations surrounding the case, the purported agency went beyond merely operating under a questionable identity.
It reportedly secured an allocation in the 2026 federal budget, maintained an office at the Federal Secretariat and recruited personnel.
The controversy deepened after Adeyemi alleged that Femi Gbajabiamila, the Chief of Staff to President Bola Tinubu, received ₦400 million through a proxy in connection with an appointment letter to the purported agency.
The allegation generated significant public concern and led President Tinubu to direct the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the circumstances surrounding the fictitious council.
Adeyemi subsequently called on the President to establish an independent investigative panel involving multiple stakeholders to conduct a broader probe into the allegations and activities linked to the PFIPC.
With the defendant now formally arraigned and the prosecution seeking his continued detention, the court is expected to consider the pending bail application as the criminal proceedings progress.