ABUJA, NIGERIA — The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has formally submitted its interim investigation report to President Bola Ahmed Tinubu, recommending the criminal prosecution of self-proclaimed Director-General Adeniyi Adeyemi Mathew over the fraudulent establishment of the Presidential Foreign Investment Promotion Council (PFIPC).
Briefing State House correspondents at the Presidential Villa in Abuja on Thursday, August 6, 2026—exactly 30 days after President Tinubu ordered a probe into the entity—ICPC Chairman Dr. Musa Aliyu revealed that preliminary findings established that Adeyemi was never appointed by the Federal Government.
The anti-graft boss disclosed that the appointment letters, gazettes, and legislative instruments used to validate the council were entirely forged. In addition, investigators uncovered two extra fictitious agencies created by Adeyemi: the FCT Investment Promotion Agency (FIPA) and the Foreign Investment Promotion Agency and Public Private Partnership (FIPA-PPP).
Key Operational Highlights
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Prosecution Recommended: The ICPC interim report explicitly urged President Tinubu to authorize criminal prosecution against Adeniyi Adeyemi for forgery, impersonation, and fraudulent misrepresentation.
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Sanctions for Negligent Officials: The commission recommended stern administrative sanctions for public officers across government departments whose omissions and negligence enabled the fake agency to operate.
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Two Additional Fake Agencies Discovered: Beyond the PFIPC, anti-graft sleuths unmasked FIPA and FIPA-PPP, which Adeyemi allegedly created using forged enabling acts to open commercial bank accounts.
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Unlawful Office Takeover: Investigators revealed that the syndicate broke locks to illegally occupy premises belonging to the former Presidential Economic Advisory Council (PEAC) to stage their operations.
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No Direct Federal Treasury Losses: The ICPC confirmed that while private businessmen were defrauded, no Federal Government budgetary funds were successfully disbursed to the fake council.
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│ ICPC INTERIM FINDINGS ON PFIPC SCANDAL MATRIX │
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│ • Investigating Agency : Independent Corrupt Practices Commission (ICPC)│
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│ • Key Subject Target : Adeniyi Adeyemi Mathew (Self-styled DG) │
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│ • Primary Finding : Appointment letters, gazettes & laws FORGED │
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│ • Ancillary Entities : 1. FCT Investment Promotion Agency (FIPA) │
│ Uncovered 2. Foreign Investment Promotion Agency and │
│ Public Private Partnership (FIPA-PPP) │
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│ • Key Recommendations : • Criminal prosecution of Adeniyi Adeyemi │
│ • Administrative sanctions for negligent MDAs │
│ • Institutional reforms to seal control gaps │
└────────────────────────────────────────────────────────────────────────┘“Adeyemi Was Never Appointed by Any Authority of Government”
“Following the interim report, it has been established that Adeniyi Adeyemi was never appointed by the Federal Government or any authority of government… The appointment letter presented by Adeyemi was completely forged alongside similar documents used to perpetuate the illegal activities of the fake agency.” — Dr. Musa Aliyu, ICPC Chairman
“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.” — Dr. Musa Aliyu, ICPC Chairman
