How The Controversial DG Really Lived In Oyo Palace
By: Abudu Olalekan
New details are coming out. And they’re pretty wild.
Everyone is talking about the Director General of the Presidential Foreign Investment Promotion Council (PFIPC), Prince Adeniyi Mathew Adeyemi. Some call the agency a ghost outfit. But where did the man himself come from? Turns out, his story is tied to the Palace of the Alaafin of Oyo.
During the reign of the late monarch, Oba Lamidi Adeyemi III, Adeniyi actually lived inside the palace.
Investigations by federal agencies mandated to dig into the matter from early 2025 revealed something interesting. The said DG wasnt related to the late monarch. No blood tie. But he grew up in the palace and just adopted the title of prince. Pretty bold move.
Sources in the system confirmed to Reportersroom that Adeniyi Mathew’s situation caught the attention of security agencies early last year. They started looking. A series of investigations were flagged off across locations, including schools, business links and childhood locations.
It was gathered he once lived in Oyo town. Traced back to the Palace. A top aide of the immediate past Alaafin confirmed to investigators that Prince Adeniyi Mathew Adeyemi was not in any way related to Oba Lamidi Adeyemi. The aide also said the surname is Adeniyi, middle name Mathew. Simple as that.
The investigations, spanning February to April 2025, showed he grew up there and always used the title. At a stage, Oba Adeyemi had to warn him. Told him to drop the use of the title of Prince because he was never a prince. But he kept using it.
A source further stated that key accountability agencies of the Federal Government had uncovered several phony organisations in the past. Many such agencies have been used to siphon govt funds.
Said a source: “I can confirm to you that several investigative agencies of government have in the past raised questions about some phony organisations which appear in the books of the government. Curiously, some of those bodies remain in the books.”
Question marks started emerging on the character of Prince Adeniyi Mathew Adeyemi last week. Why? Altercations between him and the Chief of Staff to the President, Hon. Femi Gbajabiamila.
The Chief of Staff had disowned Adeniyi. Accused him of running an illegal body. But the controversial DG addressed a press conference in Abuja defending the integrity of his organisation. He even raised certain allegations against the Chief of Staff. Things got heated.
His matter, however became further complicated following the discovery that he operated a Treasury Single Account with the Central Bank of Nigeria. His agency was allocated the sum of N1.3 billion in the 2026 budget. Aside from the fact he operates from the Federal Secretariat, Abuja.
How does a ghost agency get a budget? Thats the question everyone is asking now.
Olalekan A. Abudu is a seasoned and dedicated News Journalist at REPORTERS ROOM, with over eight years of experience. He specializes in politics, climate change, health, and education, while also covering security, economic, and judicial issues. Committed to accuracy and balanced reporting, Olalekan exemplifies the principles of public-interest journalism.
