- Isaac Fayose has reacted to the alleged ₦1.303 billion fake government agency scandal, questioning how an individual could reportedly establish and operate a government-related parastatal with an office and a CBN account without detection by authorities.
- He also raised concerns about institutional oversight, referenced long-standing allegations involving political appointments, and called for investigations by agencies including the EFCC, DSS and ICPC. The allegations mentioned by Fayose remain unproven and have not been established by any court.
Businessman and social commentator Isaac Fayose has weighed in on the controversy surrounding the alleged creation of a fake government agency by an individual identified as Adeniyi Adeyemi Matthew, questioning how such an operation could allegedly exist without being detected by relevant authorities.
In a video shared online, Fayose expressed disbelief over reports alleging that Matthew established and operated a government-related parastatal, maintained an office, and reportedly operated an account with the Central Bank of Nigeria (CBN) while securing a ₦1.303 billion allocation in the 2026 federal budget.
Reacting to the allegations, Fayose described the situation as evidence of deep institutional weaknesses within Nigeria’s public sector.
“Nigeria has gone to the level where an individual can open a parastatal, collecting money on behalf of government, with office, even recognised by CBN, open account with CBN, and he can get away for years. That’s how porous we are,” he said.
According to him, the alleged development raises serious concerns about regulatory oversight and the effectiveness of government institutions responsible for monitoring public agencies.
Fayose also referenced Chief of Staff to the President, Femi Gbajabiamila, claiming that allegations about the collection of money in exchange for political appointments had circulated publicly for some time.
“This thing don dey smell for your corridor… the issue of you collecting money for people to be minister, or for people to be DG… this story has been in town for a while,” he alleged.
He further criticised what he described as the official response to the controversy, saying it appeared inadequate.
However, it is important to note that these are allegations made by Fayose. They have not been established in court, and no evidence was presented in the video to substantiate the claims.
The businessman also questioned why agencies including the Economic and Financial Crimes Commission (EFCC), the Department of State Services (DSS), and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) had not announced arrests in connection with the matter.
According to Fayose, poor accountability and financial leakages ultimately contribute to Nigeria’s infrastructure and development challenges.
He concluded by lamenting the country’s state of governance, repeatedly describing Nigeria as “Jaga Jaga” while calling for greater accountability and transparency.
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