ICPC Recommends Prosecution of Adeyemi, Declares PFIPC Illegal and Non-Existent

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has recommended the prosecution of Adeniyi Adeyemi Mathew following an interim investigation that found he allegedly operated a fictitious government agency, forged official documents, and falsely presented himself as a Federal Government appointee.

ICPC Chairman, Dr. Musa Adamu Aliyu (SAN), disclosed the findings on Thursday during a press briefing at the Presidential Villa, Abuja, after presenting an interim report to President Bola Ahmed Tinubu. The report was submitted exactly 30 days after the President directed the commission to investigate the activities of the purported Presidential Foreign Investment Promotion Council (PFIPC).

Aliyu stated that investigations established that Adeyemi was never appointed by the Federal Government or any authorised public institution. He further revealed that the PFIPC was never created through any law, executive order, or other valid government instrument, making its operations entirely illegal.

According to the ICPC chairman, the appointment letter presented by Adeyemi, alongside several other documents used in the operations of the organisation, were found to be forged.

The commission also discovered that the PFIPC unlawfully appropriated the identity, offices, and operational instruments of the former Presidential Economic Advisory Council (PEAC), while engaging in widespread impersonation, false representation, and other unlawful activities.

Despite the fraudulent operations, Aliyu clarified that no Federal Government funds were approved or disbursed to either the fake PFIPC or the PEAC. He added that investigators found no evidence of compromise in the operational systems of the State House or the Central Bank of Nigeria.

The ICPC further disclosed that the fraudulent appointment letter did not originate from the Presidency.

Investigators also uncovered that Adeyemi allegedly established two additional fictitious government agencies—the FCT Investment Promotion Agency (FIPA) and the Foreign Investment Promotion Agency and Public Private Partnership (FIPA-PPP). According to the commission, forged legislative instruments, falsely presented as enabling Acts, were used to facilitate the opening of bank accounts for the entities.

While the investigation exposed gaps in verification processes, inter-agency oversight, and administrative procedures, the ICPC noted that acts of negligence and possible connivance by some public officials enabled the fraudulent activities to continue.

Beyond recommending Adeyemi’s prosecution, the commission called for administrative sanctions against public officers whose actions or omissions aided the illegal operations. It also proposed sweeping institutional reforms aimed at strengthening oversight and preventing similar incidents in the future.

Aliyu added that investigations are ongoing into the activities, bank accounts, and alleged collaborators connected to Adeyemi and the fake agencies.