Major Ponzi Scheme Uncovered in Presidential Council

A significant corruption scandal has emerged involving the Presidential Foreign Investment Promotion Council (PFIPC) and its director general, Adeniyi Adeyemi. The PFIPC was allegedly established as a fraudulent agency, operating with full governmental paraphernalia and a budget of N1.3 billion allocated for 2026.

The agency was purportedly involved in a Ponzi scheme, deceiving high-ranking officials and misusing government resources. Investigations revealed that the agency had been functioning for over a year, with Adeyemi claiming it was duly established and appointed by the highest authorities.

However, concerns about its legitimacy led to a lawsuit against him. The scandal has raised questions about the administration's involvement, with allegations pointing back to the current government.

The situation has prompted a broader discussion about corruption within the administration, particularly as it relates to the 2023 presidential elections and the sensitive religious dynamics of the political landscape.