President Bola Tinubu on Thursday received the interim report of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) on its investigation into the controversial Presidential Foreign Investment Promotion Council (PFIPC), with the anti-graft agency recommending the immediate prosecution of Mr Adeniyi Adeyemi Matthew.
Briefing State House correspondents after presenting the report at the Presidential Villa, Abuja, ICPC Chairman Musa Adamu, SAN, said the investigation had established that Adeyemi was never appointed by the Federal Government and that the PFIPC was never legally created.
According to Adamu, the council—also referred to in some documents as the Presidential Foreign Intervention Promotion Council—was not established by any law, Executive Order or other valid government instrument.
“The appointment letter presented by the suspect, along with other supporting documents, was completely forged and did not originate from the Presidency,” Adamu said.
The ICPC chairman disclosed that investigators also uncovered two additional fictitious agencies allegedly created by Adeyemi using forged legislative instruments. They are the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency/Public-Private Partnership, which he allegedly used to open bank accounts and conduct unauthorised activities.
Adamu further revealed that Adeyemi unlawfully occupied the office previously used by the defunct Presidential Economic Advisory Council after gaining unauthorised access to the facility. He allegedly used the office to project legitimacy for the fake agency before visitors, government officials and foreign diplomats.
Despite the elaborate scheme, Adamu said investigations confirmed that no Federal Government funds were approved or disbursed to the fictitious agency and that there was no security breach within either the Presidency or the Central Bank of Nigeria.
He, however, noted that investigators identified significant institutional weaknesses that enabled Adeyemi to operate undetected for an extended period.
“The investigation identified weaknesses in verification processes, inter-agency coordination and oversight across several Ministries, Departments and Agencies, including the Office of the Secretary to the Government of the Federation, the Office of the Head of the Civil Service of the Federation, the Office of the Accountant-General of the Federation, the Budget Office and the National Information Technology Development Agency,” Adamu said.
He added that these gaps, coupled with negligence by some public officers, allowed the suspect to continue operating unchecked.
Based on its findings, the ICPC recommended the prosecution of Adeyemi, administrative sanctions against public officers whose acts of omission facilitated the operation of the fake agency, and institutional reforms aimed at strengthening internal controls across the affected MDAs.
Adamu noted that the report submitted to President Tinubu was interim, adding that investigations were continuing to uncover additional evidence and identify any collaborators before criminal charges are formally filed.
The report follows President Tinubu’s directive of July 7, 2026, ordering the ICPC to conduct a comprehensive 30-day investigation into the PFIPC scandal after weeks of controversy surrounding allegations linking the President’s Chief of Staff, Femi Gbajabiamila, to Adeyemi’s claims of a forged appointment.
Gbajabiamila appeared before the ICPC on July 20 to provide information to investigators and has since instituted a N15 billion defamation suit against Adeyemi over the allegations.
Adeyemi is already facing an eight-count charge before the Federal High Court in Abuja bordering on conspiracy, forgery and impersonation, filed by the Nigeria Police in November 2025.
He was rearrested in July after allegedly breaching his bail conditions and failing to appear for arraignment. He is expected to return to the Federal High Court later this month.
Meanwhile, the House of Representatives is conducting a separate investigation into how the fictitious agency allegedly secured a N1.3 billion allocation in the 2026 Appropriation Act.
