Details of Tuesday’s arrests remain sketchy, but police confirmed officers from the Intelligence Bureau and Intelligence Response Team were involved.
The suspect will be transferred to the Abuja Police Headquarters for further interrogation.
Police launched an investigation into Adeyemi after allegations against PFIPC surfaced last week.
Tinubu’s office said what appeared to be an official letter establishing the agency was fake.
A police forensic investigation confirmed that the signature of Presidential Chief of Staff Femi Gbajabiamila on the controversial appointment letter was forged, the President’s Office said.
The scandal has prompted calls for an independent investigation from civil society groups, opposition politicians and senior lawyers.
Adeyemi maintained his innocence in interviews with local media.
According to local reports, he said “my life is in danger” but promised to appear in court to clear his name.
But he did not attend Tuesday’s hearing. His lawyer, Genesis Francis, told the court he could not persuade his client to attend, citing concerns for Adeyemi’s safety.
The lawyer said the accused had written an open letter to President Tinubu expressing these concerns.
Adeyemi had previously claimed that PFIPC was established in 2024 to attract foreign investments into Nigeria. However, there is no record of the deal being concluded.
BBC News Pidgin discovered that the agency has secured office space within the Federal Secretariat, a sprawling government complex housing many ministries in Abuja.
It also opened an account with the Central Bank of Nigeria and appeared in the 2026 Appropriations Act, which allocated 1.3 billion naira ($950,000, £700,000).
However, the Government Accountability Office said PFIPC had never maintained an account with the central bank and had never received public funds or salaries.
According to court documents, Adeyemi and two others are accused of using forged official documents to establish and operate a committee, opening multiple bank accounts in their names and seeking official approval for non-existent entities.
