For months, public attention has largely focused on the criminal allegations against one man—Adeyemi, the self-acclaimed Director-General of the Presidential Foreign Intervention Promotion Council (PFIPC).
However, an independent review by the CoolNews Nigeria Investigative Team of Nigeria’s budget documents from 2019 to 2026, alongside court filings and publicly available government records, suggests the controversy extends far beyond allegations of forged appointment letters.
Our investigation raises troubling questions about institutional failures, official oversight and how an entity that prosecutors describe as fraudulent appeared to gain recognition across several government institutions.
The Origin of the Presidential Economic Advisory Council
One of the most overlooked aspects of the controversy is the origin of the Presidential Economic Advisory Council (PEAC).
Contrary to widespread assumptions, the council was not created by President Bola Tinubu.
The PEAC was established in September 2019 by former President Muhammadu Buhari after dissolving the Economic Management Team headed by former Vice President Yemi Osinbajo.
The council had clearly identified members, including economist Doyin Salami as chairman, Charles Soludo, Bismarck Rewane and several other renowned economists who advised the President directly.
When President Bola Ahmed Tinubu assumed office, he established an entirely different body—the Presidential Economic Coordination Council (PECC)—in March 2024 and formally inaugurated it in July 2024.
The PECC has a separate structure, membership and mandate, with President Tinubu serving as chairman alongside leading private sector figures and senior government officials.
Our review found no public evidence that the Buhari-era Presidential Economic Advisory Council was formally dissolved through an official gazette or administrative directive. Instead, it appeared to have become inactive while remaining part of government records.
What the Budget Documents Reveal
The CoolNews Nigeria Investigative Team examined the Federal Government’s Appropriation Acts for 2024, 2025 and 2026.
The findings are striking.
The budget code 0111062001, linked to the Presidential Economic Advisory Council, does not appear in either the 2024 or 2025 Appropriation Acts.
However, the code appears for the first time in the 2026 Appropriation Act, signed into law on April 17, 2026.
On pages 50 and 51, the budget line is listed as:
“Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council.”
The allocation amounts to N1,302,978,784.
The breakdown includes:
- Personnel Cost: N802,978,783
- Salary Component: About N573 million
- Overhead: N200,000,001
- Capital Projects: N300 million
The capital allocation also contains ten detailed programme items, including logistics for the proposed World Investment Summit 2026, negotiation training programmes, strategic investment management courses, World Trade Organization negotiation training and executive leadership development.
Budget experts note that such detailed entries generally pass through established budget preparation processes rather than being inserted as vague placeholders.
Since the budget code was absent in both 2024 and 2025, its appearance in the 2026 budget suggests it was introduced during the executive budget preparation cycle between September and December 2025.
The Accountant-General’s Office and Staff Deployment
Court documents cited by several media organisations indicate that in April 2025, Adeyemi wrote to the Office of the Accountant-General of the Federation (OAGF) requesting the deployment of staff to the PFIPC.
The request reportedly sought officers for accounting and auditing positions and also requested the transfer of two officials from the Office of the Chief Economic Adviser to the President.
According to documents before the court, the OAGF processed the request.
On August 28, 2025, three senior civil servants were officially posted to the PFIPC.
The officers reportedly included:
- Ojo Victor – Assistant Chief Accountant
- Omeh Amarachukwu – Internal Auditor
- Wakili Saidu – Audit Department
The officers resumed work in early September.
However, their statements to investigators reportedly painted an unusual picture.
According to the court documents, the officials stated they were assigned office space but received no official duties, no briefing, no operational documents and no clear explanation of the agency’s responsibilities.
One officer reportedly stated that weeks after resumption, no schedule of work had been provided.
Another allegedly informed investigators that there had been virtually no correspondence from the supposed Director-General.
A third reportedly disclosed that attendance had reduced to once weekly because there was no official work to perform.
If accurately reflected in court records, the development raises questions about the verification procedures applied before personnel were deployed.
Recognition Across Government Institutions
The investigation also shows that the PFIPC reportedly interacted with multiple government institutions before Adeyemi’s arrest.
Public reports indicate meetings involving senior government officials, engagements with foreign delegations, interactions with regulatory agencies and appearances at official events.
These engagements contributed to the perception that the organisation was legitimate.
Whether these interactions resulted from administrative oversight, mistaken identity or deliberate deception remains one of the central issues before the court.
Reconstructing the Timeline
The available records produce the following chronology:
- September 2019: Former President Buhari establishes the Presidential Economic Advisory Council.
- March 2024: President Tinubu creates the Presidential Economic Coordination Council.
- April 2025: Staff deployment requests are reportedly submitted to the OAGF.
- May–September 2025: PFIPC officials reportedly participate in several public engagements with government agencies and foreign representatives.
- August 28, 2025: Three civil servants are officially posted to the PFIPC.
- September–December 2025: Budget code 0111062001 is reportedly inserted into the 2026 federal budget proposal.
- October 2025: Security agencies begin investigations, leading to Adeyemi’s arrest.
- November 27, 2025: An eight-count criminal charge is filed before the Federal High Court.
- December 19, 2025: The 2026 Appropriation Bill is presented to the National Assembly with the disputed budget code already included.
- April 17, 2026: The Appropriation Act is signed into law, retaining the N1.3 billion allocation.
Questions Still Awaiting Answers
Based on documents reviewed by the CoolNews Nigeria Investigative Team, several questions remain unanswered:
- Who prepared and submitted the budget proposal associated with budget code 0111062001?
- Which Ministry, Department or Agency processed and endorsed the proposal?
- Why did the Office of the Accountant-General approve staff deployment before verifying the legal status of the organisation?
- Who authorised office allocation to the agency?
- How did the organisation reportedly obtain a .gov.ng domain?
- What do the Government Integrated Financial Management Information System (GIFMIS) records show regarding expenditure under the budget code?
- Who are the co-defendants identified in court only as “Femi” and “Anu,” and why have their identities not been fully disclosed?
The Bigger Picture
The PFIPC case has increasingly evolved from allegations against one individual into broader questions about institutional accountability.
The appearance of a previously dormant presidential council’s name, the emergence of a new budget code carrying more than N1.3 billion, reported staff postings by the OAGF, office allocation, public engagements with senior officials and other administrative actions suggest there are systemic issues that may require judicial clarification.
It is important to emphasise that these issues remain the subject of ongoing criminal proceedings before the Federal High Court. The allegations against the defendants have not been finally determined, and all accused persons remain entitled to the presumption of innocence until proven guilty by a competent court.
As the case progresses, attention is expected to focus not only on the allegations against Adeyemi but also on whether institutional failures within government enabled the events that unfolded.
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