Details of Tuesday’s arrest remain sketchy, but police confirmed that officers from their Force Intelligence Department and Intelligence Response Team were involved.

The suspect is expected to be transferred to the police headquarters in Abuja for further questioning.

Police launched a search for Adeyemi after allegations about the PFIPC emerged last week.

Tinubu’s office said an official-looking letter created by the agency was fake.

Police forensic analysis confirmed that the signature of the president’s chief of staff, Femi Gbajabiamila, on the disputed appointment letter had been forged, the presidency said.

The scandal has sparked calls for an independent investigation by civil society groups, opposition politicians and senior lawyers.

Adeyemi has maintained his innocence in interviews with local media.

“My life is in danger,” he said, according to local reports, although he promised to appear in court to clear his name.

But he was absent from Tuesday’s hearing. His lawyer, Genesis Francis, told the court he had been unable to persuade his client to attend, citing Adeyemi’s fears for his safety.

The lawyer said the accused had written an open letter to President Tinubu expressing those concerns.

Adeyemi had earlier alleged that the PFIPC was established in 2024 to attract foreign investment into Nigeria. However, there is no evidence that agreements have been closed.

BBC News Pidgin discovered that the agency had secured office space within the Federal Secretariat, the sprawling government complex that houses many ministries in Abuja.

It had also opened accounts with the Central Bank of Nigeria and appeared in the 2026 Appropriations Bill with an allocation of 1.3 billion naira ($950,000; £700,000).

However, the Accountant General’s Office said the PFIPC had never operated an account at the central bank, nor had it received public funds or salaries.

According to court documents, Adeyemi and two others are accused of using falsified official documents to establish and operate the council, opening multiple bank accounts in its name and seeking official recognition of the non-existent agency.