I INDEPENDENTLY SEARCHED NIGERIA'S BUDGET DOCUMENTS FROM 2019 TO THE PRESENT. HERE IS WHAT I FOUND ABOUT THE PFIPC SCANDAL THAT NOBODY IS TALKING ABOUT.

THE NAME DID NOT COME FROM NOWHERE

Everyone is focused on Adeyemi the man. Nobody has gone back to ask where the name "Presidential Economic Advisory Council" actually came from. I did. And the answer changes this entire story.

The Presidential Economic Advisory Council is not a Tinubu creation. Tinubu's economic body is called the Presidential Economic Coordination Council. He established it in March 2024, inaugurated it in July 2024, and chairs it himself alongside Dangote, Elumelu, the Senate President and the Governors Forum Chairman. It has a different name, a different structure and a different budget code.

The Presidential Economic Advisory Council is a creation of Buhari. Buhari established it in September 2019 to replace the Economic Management Team that Osinbajo was heading. It had real named members. Prof. Doyin Salami as chairman. Charles Soludo. Bismark Rewane. Eight economists reporting directly to the President with a defined mandate and a legal institutional identity.

When Tinubu came in and created the PECC in 2024, the Buhari-era PEAC was never formally dissolved. No gazette removing it. No Budget Office circular revoking its institutional identity. It simply went dormant. But dormant in Nigeria's government system is not the same as deleted.

That dormant status is exactly what was exploited. PART 2 — WHAT THE BUDGET DOCUMENTS ACTUALLY SHOW

I searched the 2024 Appropriation Act. The Presidential Economic Advisory Council does not appear. Budget code 0111062001 is not there.

I searched the 2025 Appropriation Act. The Presidential Economic Advisory Council does not appear. Budget code 0111062001 is not there either.

I checked the 2026 Appropriation Act, signed by President Tinubu on April 17, 2026. Budget code 0111062001 appears for the first time, on pages 50 and 51, listed as:

"Presidential Economic Advisory Council / Presidential Foreign Intervention Promotion Council"

Total allocation: N1,302,978,784.

Personnel costs: N802,978,783, including N573 million in salaries. Overhead: N200,000,001. Capital: N300,000,000 under Research and Development.
The capital allocation is broken down into ten specific programme lines. N182.5 million for logistics for the World Investment Summit 2026. A Harvard Program on Negotiation. A Certified Investment Management Analyst course. A WTO trade negotiations course. Strategic investment management training. Negotiation and leadership courses.
This is not a vague placeholder. This is a detailed, populated budget submission with ten line items written in correct budget language by someone who knows how budget submissions are prepared.

This code was not carried forward by Buhari. It did not exist in 2024 or 2025. It was created fresh and inserted into the 2026 budget during the September to December 2025 preparation window. The same window in which Adeyemi was arrested in October 2025 and charged in November 2025.

This is how he likely pulled it off. And the story does not end with him.

In 2016, Adeniyi Adeyemi Matthew paraded himself as Ambassador and President-General of the World Youth Organisation, claiming UN affiliation and claiming he was elected in New Delhi, India. Nigerian media celebrated him until the UN denied the existence of any such body. Nothing happened to him. No prosecution. No real consequence.

That experience probably told him everything he needed to know about how much you can get away with in Nigeria with enough confidence and the right-looking documents.

So he came back with a bigger plan.

He forged one document. A single appointment letter on what appeared to be Chief of Staff letterhead, complete with falsified signatures, fake reference numbers, and official seals. One document. That is all it took to start the chain. Because every subsequent institution he approached was responding to a document, not calling a human being to verify anything.

https://x.com/enitandev/status/2072389161945071776

With that one letter, here is what he was able to unlock.

He walked into the Federal Secretariat Complex Phase III, 2nd Floor, and got office space. The Federal Secretariat is a secured government complex. You do not just rent a unit there. Somebody allocated that space to him, which means a forged letter convinced whoever manages Federal Secretariat accommodation to hand over a government office with zero cross-check against any central registry of legitimate agencies.

He then fitted the office out. Nigerian flags. Portrait of President Tinubu. Branded logo on the wall. Formal setup. Took professional photographs. Built a website. At that point his fake agency was visually indistinguishable from a real one to any outside observer.

He then opened 34 bank accounts, 9 in the names of fictitious agencies. He also fraudulently opened a Central Bank of Nigeria account by misleading the Office of the Accountant-General. Opening a CBN account requires documentation confirming an entity is a legitimate government agency. The AGF's office processed his paperwork without cross-checking with the SGF or any MDA register.

The police confirmed no government funds were transferred into the account. That is the only piece of good news in this entire story.