ICPC Uncovers Fake Agencies in PFIPC Probe, Recommends Prosecution
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has uncovered two additional fictitious government agencies allegedly created by Adeniyi Matthew Adeyemi, the self-acclaimed Director-General of the fraudulent Presidential Foreign Intervention Promotion Council (PFIPC), as investigations into the elaborate impersonation scheme continue to widen.
ICPC Chairman, Dr. Musa Adamu Aliyu, disclosed the development on Thursday while briefing State House correspondents after presenting the commission’s interim investigation report to President Bola Tinubu at the Presidential Villa in Abuja. According to Aliyu, investigators identified the two newly uncovered fake entities as the FCT Investment Promotion Agency (FIPA) and the Foreign Investment Promotion Agency and Public-Private Partnership (FIPA-PPP), both allegedly floated by Adeyemi to help sustain the operations of the broader fraudulent scheme.
Aliyu said the investigation established conclusively that Adeyemi was never appointed by the Federal Government and that the PFIPC itself was never created through any law or executive order. He confirmed that the appointment letter Adeyemi had presented as evidence of his position was forged, adding that the organisation had unlawfully taken over offices and official instruments belonging to the now-defunct Presidential Economic Advisory Council (PEAC). The two additional fake agencies, he said, were similarly established using forged legislative instruments and were subsequently used to open bank accounts linked to illegal activities.
Importantly, the ICPC chairman moved to clear both the State House and the Central Bank of Nigeria (CBN) of any institutional wrongdoing, stating that the investigation found no funds were ever approved or disbursed to the fake PFIPC or PEAC, and that there were no weaknesses identified within either institution’s systems. He further clarified that the forged appointment letter used by Adeyemi did not originate from the Presidency. However, Aliyu acknowledged that the interim report did identify broader weaknesses in verification procedures, inter-agency oversight, and general government processes elsewhere, weaknesses he said Adeyemi exploited with what the commission described as some level of negligence and possible connivance from certain public officials.
On separate allegations involving approximately ₦400 million linked to the case, Aliyu declined to comment further, explaining that the matter forms part of the ongoing criminal investigation and would be addressed once the case proceeds to prosecution.
As part of its recommendations, the ICPC called for the full prosecution of Adeyemi, administrative sanctions against public officers whose negligence allegedly enabled the fake agency’s operations, and broader institutional reforms to strengthen internal controls and inter-agency coordination across Ministries, Departments, and Agencies (MDAs) going forward. Aliyu stressed that the submitted findings remain an interim report, noting that investigations are continuing to uncover further details ahead of the filing of formal criminal charges against Adeyemi and any collaborators found to have aided the scheme.
Separately, the House of Representatives Ad-hoc Committee investigating the PFIPC matter has also questioned the Federal Road Safety Corps (FRSC) over its reliance on documents listing President Tinubu and other senior government officials in connection with the fraudulent agency, underscoring the widening scope of scrutiny surrounding the scandal.
President Tinubu has been briefed on the ICPC’s findings and has reaffirmed his administration’s commitment to transparency and accountability as the investigation moves toward its conclusion.
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