The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has presented an interim report to President Bola Tinubu, detailing its investigation into the alleged fictitious Presidential Foreign Investment Promotion Council (PFIPC). The report recommends prosecuting the supposed Director-General, Adeniyi Adeyemi.
Following a meeting with President Tinubu at the Presidential Villa, Abuja, exactly 30 days after an investigative directive was issued, ICPC Chairman Musa Aliyu disclosed key findings. The investigation revealed that Adeyemi was never officially appointed by the Federal Government. Documents, including the appointment letter and gazette purportedly establishing the agency, were determined to be forgeries.
This case revolves around allegations of corruption and forgery associated with the contested PFIPC entity. Speaking at the State House, Aliyu highlighted that their inquiry confirmed the lack of a legitimate government appointment for Adeyemi and identified significant forgeries used to validate the agency’s existence.
Aliyu also pointed out deficiencies in government verification and oversight mechanisms, which enabled the false perception of PFIPC as a legitimate agency. He emphasized that no federal funds were allocated or dispensed to the fraudulent PFIPC/PEAC. The investigation unearthed two additional agencies allegedly concocted by Adeyemi: the FCT Investment Promotion Agency (FIFA) and the Foreign Investment Promotion Agency and Public Private Partnership (PIPA-PPP). Both were supposedly established using forged legislative instruments to facilitate bank account openings.
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The ICPC requested Adeniyi Adeyemi’s prosecution and suggested administrative sanctions for public officers whose oversight lapses allowed the fake agency’s operation. The commission also recommended institutional reforms to bolster internal controls across Ministries, Departments, and Agencies (MDAs) to prevent such fraudulent activities in the future.
Aliyu specified that while this report is interim, further investigations are ongoing to uncover more collaborators and solidify a robust criminal case. The scandal first came to light when the Presidency disowned PFIPC as a non-existent government entity, despite its inclusion in the 2026 Appropriation Act with a budget of ₦1.3 billion.
Subsequently, the Federal Government has filed criminal charges against Adeyemi, citing forgery, impersonation, and fraudulent misrepresentation. Parallel investigations by the House of Representatives and ICPC continue to examine how this fake agency managed to operate within governmental structures.
