By Ayodele Quadri, Lagos Times Correspondent
ABUJA, NIGERIA — The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has uncovered two additional unapproved presidential bodies operating alongside the fake Presidential Foreign Investment Promotion Council (PFIPC).
The discovery comes as part of the 30-day presidential probe mandated by President Bola Ahmed Tinubu into the creation, funding, and operational footprints of fictitious federal agencies.
Anti-graft investigators revealed that the newly discovered entities shared operational networks, forged executive appointments, and fraudulent banking channels with the PFIPC syndicate led by self-acclaimed Director-General Prince Adeniyi Adeyemi.
Key Operational Highlights
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Expanding Syndicate Uncovered: ICPC sleuths identified two additional illegal entities—the National Foreign Direct Investment Oversight Directorate and the Presidential Economic Stabilization & Trade Council—operating without legal establishment or gazetted presidential approval.
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Shared Banking Framework: Investigators traced multiple commercial bank accounts registered under the new entities, used to siphon private sector partnership fees and secure illicit fiscal allocations.
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Forged Presidential Sign-offs: The commission recovered over 15 forged appointment letters bearing fake seals of the Office of the Chief of Staff to the President and the Secretary to the Government of the Federation (SGF).
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Inter-Agency Subpoenas Issued: The ICPC has summoned desk officers across the Federal Ministry of Budget and Economic Planning, the Treasury Single Account (TSA) department, and commercial bank compliance units to explain how non-existent entities bypassed civil service authentication systems.
┌────────────────────────────────────────────────────────────────────────┐
│ ICPC PFIPC EXPANDED PROBE FINDINGS MATRIX │
├────────────────────────────────────────────────────────────────────────┤
│ • Primary Investigating Body : ICPC (Presidential Probe Taskforce) │
│ │
│ • Primary Entity Identified : Presidential Foreign Investment │
│ Promotion Council (PFIPC) │
│ │
│ • Additional Entities Formally: • National Foreign Direct Investment │
│ Uncovered Oversight Directorate │
│ • Presidential Economic Stabilization & │
│ Trade Council │
│ │
│ • Core Modus Operandi : Forged executive decrees, unauthorized │
│ bank account creation, and illegal │
│ budgetary inclusion attempts │
│ │
│ • Lead Suspect / Key Figure : Prince Adeniyi Adeyemi (Purported DG) │
└────────────────────────────────────────────────────────────────────────┘“We Are Uncovering an Organized Syndicate Operating in the Shadows”
Commenting on the expanding scope of the anti-graft investigation in Abuja, a senior ICPC operative involved in the probe disclosed:
“What began as an inquiry into the status of the PFIPC has now revealed a broader, deliberate network… We have uncovered two additional operational fronts utilizing forged presidential authorizations to solicit funds from foreign investors and local institutions. Every individual and official who facilitated this breach will be brought to book.” — Senior ICPC Investigative Official
Reiterating the Federal Government’s resolve to dismantle fraudulent bureaucratic structures, special presidential directives emphasized:
“The President’s directive is clear and unconditional: the ICPC must root out all fake institutions created to undermine public trust and defraud the federal government. Anyone who aided these non-existent councils—whether within the public service or private sector—will face the full severity of the law.” — Presidency Official Statement
