By Adebola Isimijola, Lagos
The Nigeria Police Force has said its investigation found no evidence to support Prince Adeniyi Adeyemi Matthew’s claim that he converted N400 million to dollars and handed the money to the Chief of Staff to the President, Rt. Hon. Femi Gbajabiamila, through the late Babatunde Dolapo Tanimola.
Rather, the police said financial analysis traced the money to transactions involving Adeyemi’s personal accounts, vehicles, family members and other personal expenses.
The findings were contained in a police investigation report dated July 24, 2026, which examined allegations of criminal conspiracy, forgery, impersonation, obtaining money under false pretences, theft of public funds and money laundering.
According to the report, the investigation was initiated following petitions by Gbajabiamila over the activities of Adeyemi, who allegedly paraded himself as the Director-General of the fictitious Presidential Economic Advisory Council (PEAC)/Presidential Foreign Intervention Promotion Council (PFIPC).
The police said Adeyemi was arrested on October 27, 2025, following a directive by the Inspector-General of Police for an investigation into the alleged forgery and impersonation.
The report said the suspect was subsequently charged to court in November 2025 for alleged criminal conspiracy and forgery, while a fresh petition by Gbajabiamila dated June 29, 2026, was later referred to the Nigeria Police Force National Cybercrime Centre for further investigation.
In the course of the probe, the police said investigators examined financial transactions involving accounts linked to Adeyemi and found that N380 million was paid into the account of his company, World Entre University Nigeria Ltd, by Divine Dopacy Nigeria Ltd.
The report identified Oyekunle Gbenga Collins as the owner of Divine Dopacy Nigeria Ltd and alleged that Collins was induced to part with the money on the promise that Adeyemi would facilitate a N2.8 billion contract for the renovation of an official residence allegedly allocated to him by the Economic and Financial Crimes Commission (EFCC).
The police said a further N20 million was paid by the same company into Adeyemi’s Sunshine Confectionary and Catering Services account with Access Bank, bringing the total amount traced to N400 million.
The report stated that the financial analysis contradicted Adeyemi’s claim that the entire N400 million was converted to United States dollars and handed over to Gbajabiamila through the late Tanimola.
The police said the proceeds were instead used for the purchase of two personal vehicles, transfers to Adeyemi’s personal accounts and those of family members, as well as personal expenses and donations.
The report stated: “The suspect also laundered the proceeds through his personal expenses and donations as against his claim of converting the total N400 million to USD and handing it over to the complainant through (the) late Babatunde Dolapo Tanimola.”
The police further said Adeyemi obtained a N100 million loan from a microfinance bank and allegedly obtained unspecified sums from members of the public under the guise of securing diplomatic passports, note verbales and visas.
Investigators also found what they described as inconsistencies in Adeyemi’s account of how he secured his purported appointment.
According to the report, the suspect claimed that his appointment was secured in March 2024, while at the same time alleging that the N400 million payment was made to facilitate an appointment in 2025.
The police said forensic examination also established that the appointment letter purportedly signed by Gbajabiamila was forged.
A response from handwriting experts dated March 18, 2026, according to the report, confirmed that the signatures on the disputed documents did not correspond with Gbajabiamila’s specimen signature.
The investigation further established, according to the police, that Segun Imohiosen, former Director of Information and Public Relations in the Office of the Secretary to the Government of the Federation, did not sign a purported mandate and terms of reference for the pioneering office of the Presidential Foreign Investment Promotion Council.
The police said Adeyemi allegedly forged an appointment letter purportedly signed by Gbajabiamila and a purported Act establishing the Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council.
The forged documents were allegedly presented to the offices of the Secretary to the Government of the Federation, Head of the Civil Service of the Federation, Accountant-General of the Federation and Director-General of the Budget Office of the Federation.
According to the report, the documents enabled the fictitious agency to secure an Administrative Code, office accommodation at the Federal Secretariat, official vehicles, authorised establishment, administrative waiver to recruit 300 staff, secondment of officers and provisional self-accounting status.
The alleged agency also obtained approval to open two accounts with the Central Bank of Nigeria, one in United States dollars and the other in British pounds, while securing inclusion in the 2026 Appropriation Budget.
The police said some officials in the affected government offices failed to conduct due diligence before processing and approving requests made by Adeyemi.
The investigation also found that a request for an Administrative Code purportedly signed by one Akanbi Adewale, identified as Director of Administration and Support Services at the State House, did not emanate from the State House.
According to the report, investigation established that neither the purported signatory nor the department existed in the State House organogram.
The police further said five government officials were questioned over their alleged roles in facilitating activities linked to the fictitious agency.
They included two directors attached to the Office of the Accountant-General of the Federation and the Office of the Head of the Civil Service of the Federation, a Special Assistant in the Budget Office, an Assistant Director in the Ministry of Budget and Economic Planning and an official seconded from the Office of the Secretary to the Government of the Federation.
The investigators reportedly recommended that the cases of the five officials be considered for prosecution, subject to legal advice from the Director of Public Prosecutions.
The police also said 22 other suspects whose names surfaced during the investigation were questioned.
The report said investigators obtained statements from the complainant, seven witnesses and the 22 suspects, while letters requesting information were sent to several government institutions, financial institutions and other relevant agencies.
The police investigation report has reportedly been forwarded to the Office of the Attorney-General of the Federation and Minister of Justice, as well as other security agencies and relevant ministries, departments and agencies for further action.
The investigation forms part of wider probes into how the alleged fictitious agency obtained access to government facilities, secured administrative approvals and interacted with public institutions despite allegedly having no lawful basis for its establishment.
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