Fidelia Soriwei, Abuja
President Bola Tinubu on Thursday received the interim report of the Independent Corrupt Practices and Other Related Offences Commission’s investigation into the controversial Presidential Foreign Investment Promotion Council (PFIPC), with the anti-graft agency recommending the prosecution of Adeniyi Adeyemi Matthew.
Presenting the report at the Presidential Villa, Abuja, ICPC Chairman Musa Adamu, SAN, said investigators established that Adeyemi was never appointed by the Federal Government and that the PFIPC had no legal basis for existence.
“The appointment letter presented by the suspect, along with other supporting documents, was completely forged and did not originate from the Presidency,” Adamu said.
According to the ICPC, the PFIPC, also referred to in some documents as the Presidential Foreign Intervention Promotion Council, was not created through any law, Executive Order or other valid government instrument.
The commission also said its investigation uncovered two other fictitious agencies allegedly established by Adeyemi using forged legislative instruments: the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency/Public-Private Partnership.
Adamu alleged that Adeyemi used the entities to open bank accounts and conduct unauthorised activities. He further stated that the suspect unlawfully occupied the office of the defunct Presidential Economic Advisory Council and used the facility to create an appearance of legitimacy before visitors, government officials and foreign diplomats.
The ICPC chairman, however, said investigators found no evidence that Federal Government funds were approved or released to the purported agency.
“No Federal Government funds were approved or disbursed to the fake agency, and no security breach was found within the Presidency or the Central Bank of Nigeria,” he said.
The commission noted that weaknesses in verification processes, oversight mechanisms and inter-agency coordination across several Ministries, Departments and Agencies enabled the operation of the alleged fake agency for an extended period.
“The investigation identified weaknesses in verification processes, inter-agency coordination and oversight across several Ministries, Departments and Agencies, including the Office of the Secretary to the Government of the Federation, the Office of the Head of the Civil Service of the Federation, the Office of the Accountant-General of the Federation, the Budget Office and the National Information Technology Development Agency,” Adamu said.
Based on its findings, the ICPC recommended the prosecution of Adeyemi, administrative sanctions against public officers whose actions or omissions aided the operation of the agency, and reforms aimed at strengthening internal controls within affected government institutions.
Adamu said the report submitted to the President was interim, noting that investigations were ongoing to identify possible collaborators and gather additional evidence before charges are formally filed.
The report followed Tinubu’s July 7, 2026 directive ordering a comprehensive investigation into the PFIPC controversy. The matter also prompted a separate House of Representatives probe into how the agency secured a ₦1.3 billion allocation in the 2026 Appropriation Act.
Adeyemi is currently facing an eight-count charge before the Federal High Court in Abuja bordering on conspiracy, forgery and impersonation.
He was rearrested in July after allegedly breaching his bail conditions and is expected to appear in court again later this month.
