Tinubu Receives ICPC’s Interim Report on PFIPC ‘Fake’ Agency Scandal

President Bola Tinubu has 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 its alleged promoter, Adeniyi Adeyemi Matthew.

The report was presented to the President on Thursday at the Presidential Villa, Abuja, by ICPC Chairman, Dr. Musa Adamu Aliyu, SAN, who later briefed journalists on the commission’s findings.

According to the ICPC, investigations established that Adeyemi was never appointed by the Federal Government and that the PFIPC, also referred to in some documents as the Presidential Foreign Intervention Promotion Council, had no legal existence.

Aliyu said the appointment letter and other official documents presented by Adeyemi were forged and did not originate from the Presidency or any authorised government institution.

The commission also uncovered two additional fictitious agencies allegedly created by Adeyemi using forged legislative documents. They were identified as the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency/Public-Private Partnership.

Investigators alleged that these fake organisations were used to open bank accounts and carry out unauthorised activities while presenting themselves as legitimate government institutions.

The ICPC further stated that Adeyemi unlawfully occupied offices previously used by the defunct Presidential Economic Advisory Council, using the location to convince visitors, government officials and foreign diplomats that the PFIPC was an authentic federal agency.

Aliyu clarified that no Federal Government funds were released to the fake organisation and that investigations found no evidence of any security breach involving either the Presidency or the Central Bank of Nigeria.

However, the commission identified significant weaknesses in verification procedures, 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, the Budget Office and the National Information Technology Development Agency.

The ICPC recommended the prosecution of Adeyemi, disciplinary action against public officials whose negligence allegedly enabled the operation of the fake agency, and institutional reforms to prevent similar incidents.

Aliyu explained that the report remains interim, noting that investigations are continuing to identify additional collaborators before criminal charges are expanded.

The probe was initiated following President Tinubu’s directive ordering a comprehensive investigation into the PFIPC after allegations emerged linking forged appointment documents to the organisation’s operations.