The Independent Corrupt Practices and Other Related Offenses Commission (ICPC) discovered two more fake agencies run by Adeniyi Matthew Adeyemi, the self-styled Director-General of the Presidential Foreign Intervention Promotion Council (PFIPC).
ICPC Chairman Dr. Musa Adamu Aliyu, SAN, briefed State House correspondents after submitting the commission’s interim report on the fake agencies’ existence and operation.
Dr. Aliyu stated that the investigation revealed that Adeyemi was never appointed by the federal government and that the Presidential Foreign Investment Promotion Council was never established by law or executive order.
According to the interim report, the appointment letter presented by the embattled self-acclaimed DG was forged, while the PFIPC illegally appropriated offices and instruments from the former presidential Economic Advisory Council (PEAC).
He mentioned that the fake agency, using the former PEAC office, engaged in false representation, widespread impersonation, and various illegal activities that exploited weaknesses in verification and inter‑agency oversight.
Furthermore, he stated that the investigation uncovered two additional fake government agencies: the FCT Investment Promotion Agency (PIFA) and the Foreign Investment Promotion Agency (PIPA).
“These agencies were created using forged legislative instruments and were used to open bank accounts for illegal activities,” he said.
The ICPC boss claimed Adeyemi changed the name of the fake agency from Foreign Investment Promotion Council to Foreign Intervention Promotion Council and attempted to broaden its purpose to include revenue generation.
He said, “The investigation found no funds were approved or disbursed for the fake PFIPC/PEAC, and there were no weaknesses in the State House or CBN system.”
Some recommendations of the committee, which was given 30 days to unravel the mystery behind the existence of the fake agency, include the prosecution of Mr. Adeyemi; imposing administrative sanctions on public officers who facilitated the illegal operations; and instituting reforms to improve internal controls.
The alleged accomplices include public officers from the Office of the Secretary to the Government of the Federation (SGF), the Head of the Civil Service of the Federation, the Accountant-General’s Office, the Budget Office, and the National Information Technology Development Agency (NITDA).
“The report is interim, and the investigation continues to uncover more details to file criminal charges against Adeyemi and his collaborators,” he said.
Dr. Aliyu also stated that President Bola Tinubu has taken note of the findings and has expressed his commitment to transparency and accountability in addressing the issue.
