Kayode Egbetokun, the inspector-general of police, has ordered the arrest of activist Kennedy Iyere, the Coordinator-General of Youth Economic Intervention and De-Radicalization Programme (YEIDEP). The order follows serious allegations of criminal breach of trust, obtaining by false pretence, cheating and impersonation.
In a circulating letter obtained by Nigeria Startup News on Monday dated November 13, 2025, and signed by Bukola Kuti, principal staff officer III, the IGP directed the officer-in-charge of the police special investigation unit to begin a full probe into a petition submitted against Iyere.
The letter stated, “I forward herewith copy of letter dated 12th November, 2025 received from Valen Legal Practitioners on the above-underlined subject and write to convey the directive of the Inspector-General of Police that you deal in line with the IGP’s extant directives on investigation as contained in Police Wireless Message CB:4001/IGP.SEC/ABJ/VOL.121/48 DTO: 211340/11/2024 and CB:4001/IGP.SEC/ABJ/VOL.121/110, DTO: 241300/01/2025 respectively.”
In the petition filed by Valen Legal Practitioners on behalf of its clients, the law firm accused Iyere of allegedly defrauding Silver Green Hotel Limited and several individuals of a total sum of N113,508,757. The firm claimed that Iyere “fraudulently obtained the sum of N26,000,000 from our client, Silver Green Hotel Limited, under the false representation that he was a staff of the Federal Ministry of Youth Development and that the government would sponsor a purported youth empowerment programme tagged ‘YEIDEP’.”
According to the petition, Iyere allegedly operated by offering “false promises of government-backed projects,” which misled victims into believing they were investing in legitimate federal initiatives. The firm said, “We continue to act as Solicitors to Silver Green Hotel Limited and several other individuals and corporate bodies who have been defrauded by one Iyere Kennedy Ebhenya, hereinafter referred to as ‘the suspect’.”
The petition further explained that additional victims came forward after the first complaint submitted on October 23, 2025. It stated, “Following the filing of that petition and further investigations by our clients, several other victims of this same individual have now emerged, revealing that the suspect has carried out a pattern of identical fraudulent schemes against multiple unsuspecting persons and establishments.”
The document listed the alleged additional victims and the amounts involved: Mr. Clement Ignatius (N6,300,000), Bishop (Dr.) Susan Great (N1,600,000), Mr. Emeka Owuchelu Iche (N46,000,000), Mr. Gbenga Okenla (N1,500,000), Pastor Shadrack (N18,000,000), Dr. Duru (N12,000,000), Mr. Obinna Ukor (N7,500,000), Mr. Aneke Everistus (N3,015,900), Mr. Obinna Ifeandu (N17,137,900), and Valencia Hotels (N454,957). The petition noted that “these victims, just like our earlier client, were deceived through similar misrepresentations, false promises of government-backed projects, and impersonation of officials of various Ministries and Departments.”
The law firm appealed to the IGP to ensure full investigation and interrogation of the suspect, describing the alleged actions as serious economic and cyber-related crimes.
Iyere was appointed as Coordinator-General of Nigerian Youth Economic Engagement and De-Radicalisation Programme (NIYEEDEP) in November 2024. The programme was renamed YEIDEP by the Federal Government in March 2025. YEIDEP is a pro-youth economic self-emancipation initiative aimed at improving youth participation in nation-building, economic development, de-radicalization and national security.
However, Iyere has been a controversial figure. During an interview at the YEIDEP convention in Ibadan, he openly accused the Central Bank of Nigeria of mishandling public funds. When asked why YEIDEP was partnering with commercial banks instead of the CBN, Iyere said the choice was intentional due to what he described as the bank’s poor record. According to him, “the Central Bank has a bad reputation for embezzling public funds.” He referenced past programmes, adding, “Now, we’ve had programs like NIRSAL and the Anchor Borrowers Program. The Anchor Borrowers Program had government bills valued at ₦1.1 trillion. It was domiciled with the Central Bank, and the money was embezzled. NIRSAL was also coordinated by the Central Bank, and the money got embezzled. They diverted the funds for private use, to the point that they even created a fake microfinance bank.”
The police have not released further updates as investigations continue into the allegations raised by the petitioners.
