ICPC recommends prosecution of alleged fake PFIPC boss after Tinubu-ordered investigation

ICPC recommends prosecution of alleged fake PFIPC boss after Tinubu-ordered investigation

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has recommended the prosecution of Adeniyi Adeyemi Matthew, the alleged mastermind behind the controversial Presidential Foreign Investment Promotion Council (PFIPC), following an interim investigation ordered by President Bola Tinubu.

The recommendation comes exactly 30 days after President Tinubu, on July 7, 2026, directed the anti-corruption agency to investigate allegations surrounding the purported council and submit its findings within one month.

Presenting the interim report to the President at the Presidential Villa in Abuja on Thursday, ICPC Chairman, Dr. Musa Adamu Aliyu (SAN), said the investigation established that Adeyemi was never appointed by the Federal Government and that the so-called Presidential Foreign Investment Promotion Council (PFIPC) has no legal existence.

Briefing State House Correspondents after submitting the report, Aliyu disclosed that President Tinubu also directed the commission to make its findings public in the interest of transparency and accountability.

“As you may recall, on the 7th of July, Mr. President directed the ICPC to conduct an investigation into the fake Presidential Foreign Investment Promotion Council and submit a report within 30 days. Today, within the stipulated period, we have submitted an interim report based on our interactions with all stakeholders involved,” he said.

According to the ICPC chairman, investigations revealed that the appointment letter presented by Adeyemi was completely forged and did not originate from the Presidency. He added that the suspect allegedly produced several forged government documents, including a fake appointment letter and fabricated official records, to create the impression that he headed a legitimate presidential agency.

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Aliyu further stated that the commission found that the PFIPC, which was also referred to in some documents as the Presidential Foreign Intervention Promotion Council, was never created by any Act of the National Assembly, executive order or any valid instrument of government. He said a purported Federal Government gazette cited to legitimise the organisation was also fake and did not pass through the legally prescribed process for government publications.

The commission said its investigation uncovered what it described as an elaborate network of fictitious government institutions allegedly created by Adeyemi. According to Aliyu, investigators discovered two additional organisations allegedly established by the suspect: the FCT Investment Promotion Agency (FIPA) and the Foreign Investment Promotion Agency/Public-Private Partnership (FIPA-PPP).

He explained that fake legislative instruments styled as enabling Acts were allegedly produced to support the creation of the organisations and were subsequently used to open bank accounts in their names. The ICPC chairman disclosed that investigators identified two commercial bank accounts allegedly opened to facilitate the activities of the fictitious agencies.

Aliyu also revealed that Adeyemi allegedly gained unlawful access to offices previously occupied by the defunct Presidential Economic Advisory Council (PEAC). According to him, the suspect used the premises to project the image of a legitimate government institution and allegedly appropriated the identity, facilities and operational instruments of the former council to lend credibility to the operation.

Despite the sophistication of the alleged scheme, the commission said investigators found no evidence that Federal Government funds were approved, released or paid to the fake PFIPC. Aliyu also absolved both the Presidency and the Central Bank of Nigeria (CBN) of any direct involvement, stating that investigators found no weaknesses within the two institutions that contributed to the alleged fraud. He maintained that the forged appointment letter did not originate from the Presidency.

Although the Presidency and the CBN were cleared, the ICPC identified significant institutional weaknesses across several Ministries, Departments and Agencies (MDAs), saying inadequate verification procedures, poor inter-agency coordination and weak internal controls created opportunities for the suspect to operate.

The agencies where lapses were identified include the Office of the Secretary to the Government of the Federation (SGF), the Office of the Head of the Civil Service of the Federation, the Office of the Accountant-General of the Federation, the Budget Office of the Federation and the National Information Technology Development Agency (NITDA). Aliyu said some public officers failed to carry out due diligence and comply with established operational procedures, describing the lapses as acts of omission and negligence.

Based on its findings, the commission recommended the immediate prosecution of Adeyemi. It also proposed administrative sanctions against public officers whose negligence allegedly enabled the activities of the fake agency, alongside institutional reforms aimed at strengthening internal controls across government institutions.

“Our recommendations are that Mr. Adeniyi Adeyemi should be prosecuted,” Aliyu said, adding that disciplinary measures should be taken against public officials whose actions or inaction facilitated the illegal operation.

The ICPC chairman stressed that the report submitted to President Tinubu is an interim report, noting that investigations are continuing to identify additional collaborators and strengthen the criminal case before charges are filed in court. He confirmed that Adeyemi has already been questioned by investigators and that his statements formed part of the evidence reviewed during the investigation.

Responding to questions on allegations involving about ₦400 million, Aliyu declined to provide details, saying the issue remains part of the ongoing criminal investigation.

He also disclosed that President Tinubu has not given a fresh deadline for the completion of the probe, while assuring Nigerians that the commission will continue its investigation and ensure that anyone found culpable is brought to justice in accordance with the law.

The findings represent one of the most significant outcomes of the Federal Government’s ongoing efforts to strengthen accountability in public institutions, improve governance standards and combat the use of forged government documents and fictitious agencies to deceive citizens, investors and public institutions.

ICPC recommends prosecution of alleged fake PFIPC boss after Tinubu-ordered investigation