ABUJA — The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has submitted an interim investigation report to President Bola Ahmed Tinubu regarding the fictitious Presidential Foreign Investment Promotion Council (PFIPC), formally recommending the criminal prosecution of its self-styled Director-General, Prince Adeniyi Adeyemi Matthew.
Presenting the preliminary findings at the State House in Abuja, ICPC Chairman Dr. Musa Aliyu disclosed that detailed investigations established that Adeyemi was never appointed by the Federal Government and that the official appointment letters, gazette notices, and seals used to legitimise the council were entirely forged.
The ICPC boss further revealed that investigators uncovered two additional illegal entities allegedly created and operated by Adeyemi: the FCT Investment Promotion Agency (FIFA) and the Foreign Investment Promotion Agency and Public Private Partnership (PIPA-PPP).
“Our interim report found that there are structural weaknesses in verification, inter-agency oversight, and government processes, which were exploited by Mr. Adeyemi alongside some level of public sector negligence,” Dr. Aliyu stated. “However, our investigation confirmed that no Federal Government funds were approved or disbursed to the fake PFIPC.”
Key findings and recommendations contained in the ICPC interim submission include:
- Criminal Prosecution: Formal charges should be filed against Adeniyi Adeyemi for forgery, impersonation, fraudulent misrepresentation, and unlawful creation of government entities.
- Administrative Sanctions: Disciplinary action and administrative penalties should be imposed on public officers whose acts of omission, oversight, or negligence enabled the illegal agency to operate within official government spaces.
- Institutional Reforms: System-wide reforms and strengthened verification protocols across Ministries, Departments, and Agencies (MDAs) to prevent unauthorized entities from acquiring the appearance of official legitimacy.
- Ongoing Probe: Investigations remain ongoing to identify and apprehend internal and external collaborators who assisted Adeyemi in securing offices at the Federal Secretariat and soliciting official diplomatic note verbale requests.
The PFIPC controversy erupted after the Presidency disowned the body, despite its mysterious appearance in official correspondence and the 2026 Appropriation Act. Security agencies subsequently arrested Adeyemi after discovering he operated over 30 bank accounts associated with fictitious agencies and fraudulently attempted to establish accounts with the Central Bank of Nigeria.
