PFIPC Probe: ICPC Submits Interim Report to Tinubu, Recommends Adeyemi for Prosecution

….Says Fake Appointment Letter Of Adeyemi Did Not Originate From Presidency

President Bola Ahmed Tinubu on Thursday received an interim report on the investigation involving the Director-General of the Presidential Foreign Investment Promotion Council (PFIPC), Adeniyi Adeyemi.

The report was presented by the Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Dr Musa Adamu Aliyu (SAN), during a meeting with the President at the State House in Abuja.

According to Aliyu, preliminary findings revealed that Adeyemi was never appointed by the Federal Government and that the purported appointment letter, gazette and other documents used to establish the agency were forged.

“Recall the President on 7th July, 2026 gave ICPC 30 days to investigate into the fake Presidential Foreign Investment Promotion Council and today is exactly 30 days. I have just submitted the interim report and briefed Mr. President accordingly.

“The president took the right decision in the spirit of transparency and accountability and directed me to address the media for the benefit of Nigerians.

The ICPC boss said the investigation also revealed significant weaknesses in government verification and oversight processes, which were exploited to create the impression that the PFIPC was a legitimate government agency.

“Our interim report found that there are weaknesses in verification, inter-agency oversight and government processes. We discovered that those weaknesses were exploited by Adeniyi, with some level of negligence.

“Our investigation found that no Federal Government funds were approved or disbursed to the fake PFIPC/PEAC,” the ICPC chairman stated.

a. It has been established that Adeniyi Adeyemi Mathew was never appointed by the Federal Government or any authority of the government.

b. The PFIPC was never established by any law or executive order or other valid instrument of government.

c. The appointment letter presented by Adeniyi Adeyemi Mathew was completely forged alongside similar documents used to perpetuate the illegal activities of the fake agency.

d. The PFIPC cannibalized the former Presidential Economic Advisory Council (PEAC) and illegally appropriated offices and instruments of operation.

e. False projection, false representation, wide spread impersonation and a wide range of illegal activities were perpetrated by the fake DG of the fake agency Adeniyi Adeyemi.

f. The interim report found that weaknesses in verification, interagency oversight and government processes was exploited by Adeyemi Adeniyi with some level of negligence and connivance.

g. Our investigation found that no fund of the Federal Government was approved or disbursed to the fake PFIPC/PEAC

The ICPC Boss also revealed that no weaknesses were found in the systems of the State House or CBN and the processes are above board.

According to him, investigators also uncovered two additional agencies allegedly created by Adeyemi, the FCT Investment Promotion Agency (FIFA) and the Foreign Investment Promotion Agency and Public Private Partnership (PIPA-PPP).

Aliyu said the disputed DG “used forged legislative instruments styled as enabling acts, and used them to support opening of bank accounts.”

Recommendations

The ICPC chairman said the commission recommended Adeyemi’s prosecution, administrative sanctions against public officers whose negligence enabled the operation of the fake agency, and institutional reforms to strengthen internal controls across Ministries, Departments and Agencies (MDAs).

“Our recommendation is that Mr Adeniyi Adeyemi should be prosecuted. Administrative sanctions should also be imposed on public officers whose acts of omission and negligence facilitated the illegal operation of PFIPC/PEAC.

“There is also a need for institutional reforms so that the internal controls of MDAs can be strengthened to prevent this kind of illegal activity,” he stated.

Aliyu noted that the report submitted to the President is only an interim one, adding that investigations are continuing to identify other collaborators and build a stronger criminal case.

“We have continued with the investigation of the activities of Mr Adeniyi Adeyemi and his collaborators so that we can unravel more facts and file criminal charges that can stand the test of time before a court of competent jurisdiction,” he said.

The PFIPC scandal came to the fore after the Presidency disowned the council, describing it as a non-existent government agency despite its appearance in the 2026 Appropriation Act with a ₦1.3 billion budget allocation.

The Federal Government has since filed criminal charges against Adeyemi over allegations including forgery, impersonation and fraudulent misrepresentation, while separate investigations by the House of Representatives and the ICPC continue into how the fake agency operated within government institutions.