PFIPC Was Never Established by Law — ICPC Indicts OSGF, Budget Office, NITDA

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has recommended the prosecution of the Director-General of the controversial Presidential Foreign Investment Promotion Council (PFIPC), Adeniyi Adeyemi, after concluding that the organisation had no legal existence as a government agency.

ICPC Chairman, Musa Aliyu, disclosed this on Thursday while briefing State House correspondents after presenting an interim investigation report to President Bola Tinubu at the Presidential Villa, Abuja.

The report followed a 30-day investigation ordered by the President on July 7 into allegations surrounding the operations of the purported presidential council.

According to Aliyu, investigators established that Adeyemi was never appointed by the Federal Government and that the PFIPC, sometimes referred to as the Presidential Foreign Intervention Promotion Council, was never created by any law, executive order or other valid government instrument.

He stated that the appointment letter presented by Adeyemi, along with other documents used to legitimise the agency, was forged.

The ICPC chairman also revealed that a government gazette cited by the suspect as proof of the agency’s establishment was fraudulent and did not follow the legal process required for official government publications.

Aliyu disclosed that the office occupied by the fake council originally belonged to the Presidential Economic Advisory Council and was unlawfully accessed, enabling the suspect to operate from the premises.

Investigators further uncovered two additional fictitious government agencies allegedly created by Adeyemi: the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency/Public-Private Partnership. According to the commission, forged legislative documents were used to establish the agencies and open bank accounts.

Despite the elaborate scheme, Aliyu said no Federal Government funds were approved or disbursed to the fake council. He also cleared the Presidency and the Central Bank of Nigeria of any wrongdoing.

However, the commission identified institutional lapses within several Ministries, Departments and Agencies, including the Office of the Secretary to the Government of the Federation, the Budget Office, the Office of the Accountant-General of the Federation, the Office of the Head of the Civil Service of the Federation and the National Information Technology Development Agency, saying failures in due diligence and internal procedures enabled the fraudulent operation.

The ICPC recommended the criminal prosecution of Adeyemi, administrative sanctions against public officials whose negligence facilitated the scheme, and reforms to strengthen internal controls across government institutions.

Aliyu added that the report submitted to President Tinubu was an interim one, noting that investigations were ongoing to identify additional collaborators and gather further evidence before formal prosecution.