Nigerian Presidency Accused of Orchestrating 'Ponzi Scheme' Through Fake Agency

The Tinubu presidency is entangled in a scandal involving a purported "grand Ponzi scheme" orchestrated by a phantom government agency. The Presidential Foreign Investment Promotion Council (PFIPC), headed by Adeniyi Adeyemi, is accused of operating as a full-fledged fake federal agency for almost a year.

Reports indicate the agency occupied a furnished office in the Federal Secretariat, was granted approval to hire over 300 staff, and had its budget passed by the National Assembly, allocating N1.3 billion in the 2026 budget. It also reportedly maintained bank accounts in the Central Bank and over 34 commercial banks.

The situation unraveled when Mr. Adeyemi allegedly named high-ranking officials as enablers, accusing them of demanding and receiving substantial funds. In response, government offices have engaged in what is described as a flurry of communications to project concern.

The government has taken the unusual step of suing the agency and its Director General, while simultaneously launching an investigation into its existence. This move is seen by critics as an attempt to distance the administration from the scandal, but the article suggests that the government's actions only highlight its own involvement in creating the "monster."