2026 budget: How Adeyemi Adeniyi’s PFIPC got N1.3bn allocation

THE self-acclaimed Director-General of the controversial Presidential Foreign Investment Promotion Council, PFIPC, Prince Adeyemi Adeniyi, has made a shocking revelation about how the fake agency found its way into the federal budget.

In a recorded interview with social media activist, Martins Vincent Otse, popularly known as VeryDarkMan, Adeyemi disclosed that he was no longer involved when the N1.3 billion allocation eventually appeared in the appropriation document.

The recorded video was said to have been released shortly after his arrest over allegations of forgery, impersonation and conspiracy linked to the operation of the agency.

Adeyemi pointed out that he visited the Budget Office in December 2024 to seek the inclusion of PFIPC in the 2025 budget but was informed that the submission process had already closed.

“I went to that Budget Office for the 2025 budget. I submitted the letter and everything that I wanted, but I was told it was already late. When the 2025 budget came out and I didn’t see it, they told me it would now be for the 2026 budget,” he said.

According to him, a female official in the Budget Office facilitated his meeting with senior officials, adding that he was allegedly asked to offer gratification before his proposal could be considered.

“She helped me to see the oga. Oga now said, ‘Where is my shini?’ I said I don’t have any shini. He later asked me to meet one director,” Adeniyi stated.

Adeniyi further said that the director informed him that PFIPC could not be included in the 2025 budget because the process had already been concluded, but assured him that consideration could be given during the next budget cycle.

He added that his legal troubles and subsequent arrest ended every effort related to the proposed agency, insisting he had no knowledge of how PFIPC later appeared in the budget.

Voice Air Media reports that the controversy over the PFIPC has drawn nationwide attention after it emerged that about N1.32 billion was allocated to the agency despite claims by the Federal Government that it was never legally established.