The ICPC has uncovered two additional fraudulent agencies—the FCT Investment Promotion Agency (PIFA) and the Foreign Investment Promotion Agency (PIPA)—operated by Adeniyi Matthew Adeyemi, who previously forged documents to establish the fake Presidential Foreign Intervention Promotion Council (PFIPC). Investigation revealed Adeyemi used the former Presidential Economic Advisory Council office for illegal activities, prompting recommendations for his prosecution and disciplinary action against complicit public officials from various federal bodies. The investigation continues, with President Tinubu committed to ensuring accountability in the matter.
ICPC Chairman Dr. Musa Adamu Aliyu, SAN, disclosed this while briefing State House correspondents after he submitted the commission’s interim report on the existence and operation of the fake agency at the Presidential Villa, Abuja.
Dr. Aliyu said 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 Adeyemi was forged, while the PFIPC illegally appropriated offices and instruments from the former Presidential Economic Advisory Council (PEAC).
He said 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.
He further 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 said Adeyemi changed the name of the fake agency from Foreign Investment Promotion Council to Foreign Intervention Promotion Council and attempted to expand its mandate 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 prosecution of Mr. Adeyemi; imposing administrative sanctions on public officers who facilitated the illegal operations; and instituting reforms to improve internal controls.
The public officers who were said to be collaborators are 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 added that President Tinubu has taken note of the findings and has expressed his commitment to transparency and accountability in addressing the issue.
