Nigeria: the investigation into the fake investment agency reveals several administrative shortcomings

After several weeks of investigations, the Nigerian agency tasked with combating corruption states that Adeniyi Adeyemi Matthew was never appointed by the federal government or any other public authority. Nevertheless, the man posed as the head of the Presidential Council for the Promotion of Foreign Investments, an entity that did not officially exist.

The president of the anti-corruption agency, Musa Adamu Aliyu, indicated that the investigation found no trace of an official appointment for the person who called himself “Prince Adeniyi Adeyemi Matthew.” His arrest, ordered in mid-July by the Federal High Court of Abuja, could now lead to legal proceedings, in accordance with the recommendations made in the preliminary report.

A budget line of 800,000 euros was indeed included in the Nigerian finance law for 2026 to finance the operations of the PFIPC. According to investigators, however, no disbursement has been made in favor of this entity. At this stage, the investigations have also not established any fund transfer directly involving the presidency or the Central Bank of Nigeria.

Two other fictitious agencies identified

Investigators have also discovered two other entities presented as public agencies. Their creation would have been based on forged documents, as well as the opening and use of the associated bank accounts.

The report attributes the establishment of this scheme to a series of failures within several ministries and public departments. It also mentions the possible collusion of certain officials, whose responsibilities are yet to be determined as investigations continue.

The anti-corruption agency recommends sanctions against the implicated agents as well as administrative reforms aimed at strengthening controls over the creation of public bodies, official appointments, and the opening of bank accounts in the name of the state.

The investigation is set to continue in the coming weeks. The available report does not yet constitute a definitive assessment of the case, while the legal actions concerning Adeniyi Adeyemi Matthew will depend on the decisions of the competent authorities.