An investigation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) revealed how Adeniyi Adeyemi exploited procedural weaknesses across multiple federal Ministries, Departments, and Agencies (MDAs) to establish and operate a fictitious federal agency known as the Presidential Foreign Investment Promotion Council (PFIPC).
ICPC Chairman Dr. Musa Aliyu presented the commission’s interim report on the probe to President Bola Tinubu, uncovering the specific tactics and institutional loopholes exploited in the scam.
Key Findings of the ICPC Investigation
1. Forgery of Official Government Documents
Adeyemi had no legal appointment from the Federal Government. To legitimize the fake council, he allegedly generated elaborate forgeries, including:
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Fake Appointment Letters & Gazettes: Falsified official government gazettes and letters of appointment claiming presidential authorization.
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Forged Enabling Acts: Created fake legislative instruments styled as Acts of Parliament to open commercial bank accounts and engage with private entities.
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Fake Board Membership: Produced documents listing top officials—including President Bola Tinubu—as board members to convince agencies like the Federal Road Safety Corps (FRSC) to issue official government vehicle license plates.
2. Physical Hijacking & Multi-Agency Creation
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Impersonating Defunct Entities: Adeyemi took over the former office space of the defunct Presidential Economic Advisory Council (PEAC) in Abuja and operated from there as his operational base.
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Multiple Fake Agencies: Beyond the PFIPC, ICPC investigators uncovered two additional non-existent agencies created by Adeyemi: the FCT Investment Promotion Agency (FIFA) and the Foreign Investment Promotion Agency and Public Private Partnership (PIPA-PPP).
3. Exploitation of Institutional Oversight Lapses
The ICPC report highlighted systemic verification failures and inter-agency negligence that allowed a non-existent council to function within government networks:
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System Lapses: Weaknesses were identified across the Office of the Secretary to the Government of the Federation (OSGF), Office of the Head of the Civil Service of the Federation (OHCSF), Office of the Accountant-General of the Federation, Budget Office of the Federation, and NITDA.
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The ₦1.32 Billion Budget Line: The fake agency successfully penetrated the national planning system, securing a ₦1.32 billion line item in the 2026 Appropriation Act. However, the ICPC confirmed that no actual federal funds were disbursed prior to the scheme being intercepted.
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Communication Hijacking: Intercepted communications between government offices prevented red flags from reaching auditing authorities earlier in the process.
ICPC Recommendations
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Criminal Prosecution: Immediate prosecution of Adeniyi Adeyemi for forgery, impersonation, fraudulent misrepresentation, and illegal operation of public office.
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Sanctions for Public Officers: Administrative sanctions and disciplinary action against civil servants whose negligence or omissions enabled the fake council to operate.
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Systemic Institutional Reform: Overhauling verification protocols and inter-agency cross-checks across all MDAs to prevent unverified entities from accessing national budget structures or official facilities.
