BOMBSHELL: ADEYEMI DROPS FIVE REVELATIONS IN HIS INTERVIEW WITH VERYDARKMAN. I BROKE THEM ALL DOWN.

I watched the entire call carefully. Adeyemi came to clarify. What he actually did was confirm several things that change the shape of this investigation. Let me take you through them point by point.

THE BUDGET BOMBSHELL HE DROPPED WITHOUT REALISING IT

Adeyemi confirmed on camera that he was in police detention from October 27, 2025 to November 19, 2025. Twenty-three days.

He then said that during the budget preparation period, nobody from PFIPC went to defend the budget. Not him. Not anybody connected to him. He was in a cell. Think about what this means.

Budget code 0111062001, the N1.3 billion PFIPC entry in the 2026 Appropriation Act, was inserted while Adeyemi was sitting in police detention. He could not have done it. Nobody acting on his instructions could have walked into the Budget Office and submitted a proposal on his behalf. The office had already been reallocated to another government official. His accounts were frozen. His operation was effectively shut down.

Someone else put that budget line in. Someone inside the government system. Someone with access to the budget-preparation infrastructure who was neither Adeyemi nor working for Adeyemi.

He just handed the investigation its most important forensic lead, and he did not even notice.

MAJOR UPDATE: PREMIUM TIMES HAS REVIEWED THE ACTUAL DOCUMENTS. HERE IS WHAT THEY FOUND AND WHY IT CHANGES EVERYTHING WE THOUGHT WE KNEW ABOUT THIS CASE.

I have been writing about the PFIPC scandal since it broke. Today, Premium Times published an investigation based on actual correspondence documents between Adeyemi, the OSGF, the OAGF and the CBN. Several things I raised as questions in previous threads are now confirmed facts. And several new things have emerged that nobody was talking about.

Let me walk you through what changed. THERE IS A SECOND FORGED GBAJABIAMILA LETTER

We were aware of the forged appointment letter dated March 8, 2024. That was the founding document.

What we did not know is that there is a second forged letter. On February 26, 2025, a letter appeared on purported State House letterhead, purportedly signed by Chief of Staff Gbajabiamila, conveying formal approval for the takeoff of the PEAC/PFIPC with effect from March 3, 2025. The letter referenced "Presidential Executive Order 5 on 24 February 2023" as the establishing instrument of the council.

This is one year after the first letter. Adeyemi drafted a second foundational document to give the operation renewed institutional momentum and a legal-sounding tone. Two forged letters from the Chief of Staff's office, over fourteen months apart. This was not a single act of forgery. It was a sustained document manufacturing operation.

WHO IS ADENIYI ADEYEMI MATTHEW? MOST NIGERIANS HEARD HIS NAME FOR THE FIRST TIME IN JUNE 2026. THE PEOPLE WHO KNEW HIM WERE NOT SURPRISED AT ALL.

Adeniyi Adeyemi Matthew is from Ogbomoso, Oyo State. He attended Anglican Grammar School in Igbara-Oke, then Ladoke Akintola University of Technology (LAUTECH) until 2011. He claims a Master's degree from the University of Western Ontario in Canada. None of his educational credentials has been independently verified.

He calls himself "Prince." People who knew him from LAUTECH called him "Emperor." No documented royal lineage exists for either title.

🧵1⃣ THE PHOTOGRAPH COLLECTION

The man has photographs with virtually every significant figure in Nigerian public life. Obasanjo. Abdulsalami. Goodluck Jonathan. The Ooni of Ife. Former IGs Mike Okiro, Solomon Arase and Kayode Egbetokun. Tony Elumelu. Abdulsamad Rabiu.

These photographs are not accidental. They are infrastructure. In Nigeria, a photograph with a former head of state is social proof of the highest order. He spent years collecting them the same way other people collect credentials.

Each photograph was a tool deployed when needed to establish legitimacy before any document was presented.

2⃣

PRINCE ADENIYI MATTHEW ADEYEMI'S PFIPC SCAM OPERATION STARTED ON MARCH 8, 2024. HERE IS THE FULL CONFIRMED TIMELINE.

HOW IT STARTED: MARCH TO SEPTEMBER 2024

March 8, 2024: A forged appointment letter is dated. It carries the Chief of Staff's forged signature, a fake State House letterhead and falsified reference numbers. It names Adeyemi as Director General of the PFIPC. This is the founding document of the entire operation.

March to September 2024 (exact date unconfirmed): Federal Secretariat office allocated at Phase III, 2nd Floor, Abuja. The forged letter was almost certainly the document used to secure government office space in a secured federal complex.

September 30, 2024: NITDA approves pfipc.gov.ng. A Nigerian government .gov.ng domain goes live for a fake presidential agency. NITDA runs a manual human verification process before approving any government domain. Someone contacted during that verification either confirmed the agency's existence or failed to deny it.

By the end of September 2024, the operation had three layers of institutional credibility. A forged appointment letter. A Federal Secretariat address. A government-verified .gov.ng domain. BUILDING THE MACHINE: APRIL TO SEPTEMBER 2025

April 4, 2025: Adeyemi writes to the Accountant General requesting deployment of five civil servants to PFIPC. A separate letter requests transfer of two named staff from the Office of the Chief Economic Adviser to the President. Both letters are processed.

May 16, 2025: Adeyemi meets Deputy Speaker Benjamin Kalu at the National Assembly. Voice of Nigeria, Vanguard, Punch, Daily Trust and The Eagle Online all cover the meeting as a legitimate government engagement. The World Investment Summit is publicly announced.

June 2025: Adeyemi receives a delegation from the China Investment Business Development Commission. A Nigeria-China bilateral investment platform is announced.

August 28, 2025: Three senior OAGF civil servants, Ojo Victor, Omeh Amarachukwu and Wakili Saidu, are officially posted to PFIPC. Their posting letter is published on the OAGF's own website. They resume on September 8 and are given a shared office with no assignments.

September 4, 2025: Adeyemi visits EFCC headquarters. Received personally by Chairman Ola Olukoyede. A joint press statement is issued regarding foreign direct investment.

September 2025: Adeyemi briefs NERC on preparations for the World Investment Summit.

September to December 2025: Budget code 0111062001 is inserted into the 2026 executive Appropriation Bill during this preparation window. N1.3 billion is allocated across personnel, overhead and capital lines, including N182.5 million for World Investment Summit logistics. This code does not exist in the 2024 or 2025 Appropriation Acts. It was created fresh for 2026.

ATIKU'S IMF POST IS A MASTERCLASS IN POLITICAL PROPAGANDA. WITH 2027 APPROACHING, I WENT THROUGH IT LINE BY LINE SO YOU DON'T HAVE TO.

PART 1 — WHAT THE IMF ACTUALLY SAID

The IMF's resident representative, Christian Ebeke, said that approximately 2 per cent of GDP in expenditure was not reported in recent official budget documents. He called it a statistical discrepancy. His exact words were that the spending should be recorded so the discrepancy will disappear.

That is the actual quote. Statistical discrepancy. Not stolen. Not hidden. Not secret treasury. Not political war chest. Those words belong entirely to Atiku. The IMF never used them.

Off-budget spending does not mean stolen money, and I want to be very precise about this because it is the foundation of Atiku's entire argument. It means government expenditure on actual projects, roads, infrastructure, capital works, that was executed and physically completed but not properly captured in the official budget document. The work happened. The projects exist. The recording was inadequate. Those are completely different things.

Now here is the part Atiku deliberately left out of his statement.

The IMF's own Article IV document states clearly that the January 2026 Repeal and Re-enactment Bills for the 2024 and 2025 budgets incorporated, ex post, some expenditures that had been executed outside the budget perimeter. Ex post means after the fact. The government had already identified the recording gap and corrected it through legislation before Ebeke made any public statement. In late 2025, Tinubu transmitted Appropriation Repeal and Re-enactment Bills to NASS. On January 1, 2026, NASS completed the process, formally incorporating the previously unrecorded expenditures into the official budget record.

The government fixed the problem six months before Ebeke spoke publicly about it. Atiku's statement does not contain a single word about this. Not one sentence. He quoted the problem and buried the correction.

The same IMF Article IV consultation commended the federal government's recent macroeconomic reforms, noting that they had strengthened economic stability and improved investor confidence. Also missing from Atiku's statement. Entirely.

https://x.com/enitandev/status/2073404094681588038

PART 2 — THE N800 BILLION LIE

This is where the manipulation is most obvious, and I want to hammer on it specifically because it is the most dishonest part of the entire post.

Atiku described N800 billion as unlawfully deducted from state allocations without NASS authorisation and without constitutional basis, implying the federal government took state money for its own use.

Here is what the N800 billion actually is. NEITI, the Nigeria Extractive Industries Transparency Initiative, documented it in its 2024 FAAC review as total debt deductions for states' foreign debts and other contractual obligations. These are automatic deductions made at source from each state's monthly FAAC allocation to repay loans that those states themselves borrowed. Not federal government loans. State government loans. From foreign creditors. Multilateral institutions. Domestic lenders.

Lagos had N164.7 billion deducted because Lagos has the highest debt portfolio of any state. Kaduna had N51.2 billion deducted. Rivers had N38.6 billion. Bauchi had N37.2 billion.

The money did not go to the federal government. It went to each state's own creditors. This mechanism predates Tinubu by decades. It is how Nigeria has always managed subnational debt obligations at the FAAC level. NEITI flagged it as a concern about state debt-to-revenue ratios. Not as federal government theft.

The N800 billion and the IMF finding have absolutely no connection to each other. The IMF finding is about federal expenditure recording. The N800 billion is about states repaying their own loans. Atiku put them in the same paragraph, combined them in the reader's mind and called it a coordinated looting operation.

ADEYEMI DIDN'T JUST OPEN ONE ACCOUNT WITH THE CBN. HE OPENED THREE. AND EACH ONE REQUIRED A SEPARATE HUMAN APPROVAL CHAIN INSIDE THE FEDERAL GOVERNMENT.

PART 1 — THE 34 COMMERCIAL ACCOUNTS AND THEN THE CBN

Let us first separate two things that are being conflated in online discussions.

The police investigation confirmed that Adeyemi operated 34 bank accounts with commercial banks. Nine of those were opened in the names of his fictitious agencies, including the FCT Investment Promotion Agency and related entities. These are standard commercial bank accounts at deposit money banks. Damaging, yes. But not the most alarming part of this story.

The CBN accounts are separate and additional to those 34.

What has now been confirmed by multiple national newspapers, including Punch, Vanguard, PM News, Tribune, and New Telegraph, is that Adeyemi's PFIPC allegedly opened three accounts directly with the Central Bank of Nigeria. A Treasury Single Account. A Domiciliary Account. A Pound Sterling Account.

Three accounts. At the apex bank of Nigeria. Not a commercial bank. The Central Bank.

And here is what makes this specific detail so significant. These three account types do not work the same way. They do not share the same application process. And none of them can be opened automatically or digitally via a self-service portal.

Every single one requires a manual human approval chain inside the federal government. PART 2 — HOW A TSA IS ACTUALLY OPENED

The Treasury Single Account is not a regular bank account. It is Nigeria's unified government financial infrastructure account, designed to consolidate all federal government revenue and payments under CBN oversight. Every naira flowing in and out of a government MDA passes through this system.

For a government agency to open a TSA at the CBN, the process is as follows.

The Accounting Officer of the MDA, typically the Permanent Secretary or Director General, must submit a formal budget proposal through the government's budget management system. That proposal must carry a valid budget code issued by the Budget Office. The Office of the Accountant General of the Federation must then process a formal request to the CBN's Settlement Centre and Funds Department to activate the account. The CBN independently verifies the agency's status with the relevant supervising ministry and the SGF's office before activating anything.

Every one of those steps has a paper trail. Every step has a signature. Every step has a date. Every step has a named official who either approved or processed the request.

For the PFIPC to have an active TSA at the CBN, every single one of those steps had to be completed by someone. A budget code existed. An AGF official processed the activation. A CBN official received the instruction and set up the account.

Those people can be identified. Their signatures are on documents that currently exist.

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.