The Independent Corrupt Practices and other related offences Commission, ICPC, has concluded investigation into the fake Presidential Foreign Investment Promotion Council, PFIPC, and submitted its report to President Bola Ahmed Tinubu.
It would be recalled that following the controversy surrounding the fictitious council with Mr. Adeyemi Matthew as its Director General, Tinubu on July 7, ordered ICPC to carry out a probe on the matter.
The president gave the anti-graft agency 30 days to complete work and submit its findings.
In a statement made available on Thursday the ICPC boss, Dr. Musa Adamu Aliyu (SAN), said it had submitted its report to the president.
Key among the findings of the ICPC is that the letter of appointment of Adeniyi Adeyemi as the DG of PFIPC is fake and did not emanate from the Presidency.
According to the chairman of the ICPC, the PFIPC was never established by any law or executive order or other valid instrument of government.
He stated that the appointment letter presented by Adeniyi Adeyemi was completely forged alongside similar documents used to perpetuate the illegal activities of the fake agency.
The ICPC boss also found out that no fund of the federal government was approved or disbursed to the fake PFIPC/PEAC
He also said that no weaknesses were found in the systems of the State House or CBN and the processes were above board.
The ICPC boss said it was recommended that Adeyemi should be prosecuted while administrative sanctions should be imposed on public officers whose acts of omission and negligence facilitated the illegal operations of PFIPC/PEAC.
He added that institutional reforms had been recommended by the ICPC.
The statement by the ICPC boss reads in full:
“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.
“2. 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.
“3. Flowing from the interim report
- It has been established that Adeniyi Adeyemi Mathew was never appointed by the Federal Government or any authority of the government.
- The PFIPC was never established by any law or executive order or other valid instrument of government.
- The appointment letter presented by Adeniyi Adeyemi Mathew was completely forged alongside similar documents used to perpetuate the illegal activities of the fake agency.
- The PFIPC cannibalized the former Presidential Economic Advisory Council (PEAC) and illegally appropriated offices and instruments of operation.
- 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.
- 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.
- Our investigation found that no fund of the Federal Government was approved or disbursed to the fake PFIPC/PEAC
“4. That no weaknesses were found in the systems of the State House or CBN and the processes are above board.
“5. The fake appointment letter of Adeniyi Adeyemi Mathew did not originate from the presidency;
“6. The ICPC discovered Adeyemi Adeniyi created two additional fictitious government agencies namely:-
(a) FCT Investment Promotion Agency (FIFA)
(b) Foreign Investment Promotion Agency and Public Private Partnership (FIFA-PPP).
“To facilitate their creation he forged legislative instrument styled as Enabling Acts and used them to support the opening of Bank Accounts.
“Some of the recommendations
- He should be fully prosecuted
- Administrative sanctions be imposed on public officers whose acts of omission and negligence facilitated the illegal operations of PFIPC/PEAC.
- Institutional reforms have been recommended by the ICPC.
“There is an ongoing investigation into all activities, bank accounts of PFIPC, Adeniyi Adeyemi Adeyemi and his collaborators.”
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