…ICPC Uncovers Two More Fictitious Agencies Linked To Adeniyi Adeyemi
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The Independent Corrupt Practices and Other Related Offences Commission has recommended the prosecution of Adeniyi Adeyemi Matthew, the alleged mastermind behind the purported Presidential Foreign Investment Promotion Council, after investigators concluded that the organisation, his appointment letter and the government documents used to legitimise its operations were fictitious.
The Chairman of the ICPC, Dr Musa Aliyu, disclosed this on Thursday after presenting an interim investigative report to President Bola Tinubu at the Presidential Villa in Abuja.
Aliyu said the report followed a 30-day investigation ordered by the President on July 7, 2026, into the activities of the purported Presidential Foreign Investment Promotion Council, also referred to in some documents as the Presidential Foreign Intervention Promotion Council.
According to him, the investigation established that Adeyemi was never appointed by the Federal Government or any authorised public institution and that the purported council had no legal existence.
“As you may recall, on the 7th of July, Mr President directed the ICPC to conduct an investigation into the fake Presidential Foreign Investment Promotion Council and submit a report within 30 days. Today, exactly within the stipulated period, we have submitted an interim report based on our interactions with all stakeholders involved,” Aliyu said.
He added that Tinubu directed the commission to publicly disclose its preliminary findings in the interest of transparency and accountability.
“The President took the right decision in the spirit of transparency and accountability and directed the ICPC to address the media for the benefit of Nigerians so they will know what our investigation discovered,” he stated.
The ICPC chairman said the purported appointment letter presented by Adeyemi was completely forged and did not originate from the Presidency.
“It has been established that Adeniyi Adeyemi Matthew was never appointed by the Federal Government or any authority whatsoever,” Aliyu said.
“The Presidential Foreign Investment Promotion Council, which sometimes they called the Presidential Foreign Intervention Promotion Council, was never established by any law, executive order or any valid instrument of government.
“The appointment letter presented by Adeniyi Adeyemi Matthew was completely forged alongside similar documents used to perpetrate the illegal activities of the fake agency.”
The commission also found that a purported government gazette relied upon to give the organisation an appearance of legitimacy was fabricated and did not pass through the legally prescribed process for issuing official gazettes.
“If you recall, there was a gazette which he used to support the fake agency. That gazette is an illegal document that never passed through the processes prescribed by law,” Aliyu said.
The ICPC further alleged that Adeyemi illegally gained access to offices previously occupied by the defunct Presidential Economic Advisory Council and operated from the premises to create the impression that his organisation was a legitimate government agency.
“Our investigation found that the office used by the fake agency was the office of the Presidential Economic Advisory Council. The office was broken into and access was gained illegally. That was how he was able to operate from there,” the chairman said.
Investigators alleged that the suspect subsequently appropriated the identity, facilities and operational instruments associated with the former council to lend credibility to the purported agency.
Aliyu also disclosed that the investigation uncovered two additional fictitious government organisations allegedly created by Adeyemi.
He identified them as the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency/Public-Private Partnership.
“The ICPC also discovered that Adeniyi Adeyemi created two additional fictitious government agencies apart from the one already known in the public domain,” he said.
“To facilitate the creation of these agencies, he used fake legislative instruments styled as enabling Acts and relied on them to open bank accounts.”
The chairman said two accounts were opened with a commercial bank in connection with the purported agencies.
He, however, clarified that the investigation had not uncovered evidence that Federal Government funds were approved or disbursed to the fake Presidential Foreign Investment Promotion Council.
“Our investigation found that no funds of the Federal Government were approved or disbursed to the fake PFIPC,” Aliyu said.
“We also discovered no weaknesses in the systems of the State House or the Central Bank of Nigeria during our investigation. The fake appointment letter did not originate from the Presidency.”
Although the commission absolved the State House and the Central Bank of Nigeria of involvement, it identified weaknesses in verification procedures, inter-agency coordination and internal controls within several Ministries, Departments and Agencies.
Aliyu said some public officials failed to conduct proper verification or comply with established operating procedures, thereby creating opportunities for the alleged scheme to continue.
“Our investigation found that some public officers failed to carry out due diligence and failed to comply with standard operating procedures in their ministries and departments. That gave him the opportunity to carry out these illegal acts,” he stated.
The institutions where the ICPC said lapses were discovered included 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 of the Federation and the National Information Technology Development Agency.
The commission consequently recommended administrative sanctions against public officers whose alleged acts of omission or negligence facilitated the operation of the fictitious organisation.
It also recommended institutional reforms intended to strengthen internal verification systems and prevent persons from using forged documents to secure official recognition, access government facilities or open accounts in the name of non-existent agencies.
“Our recommendations are that Mr Adeniyi Adeyemi should be prosecuted,” Aliyu said.
“Secondly, administrative sanctions should be imposed on public officers whose acts of omission and negligence facilitated the illegal operation of the fake agency.
“We also recommended institutional reforms to strengthen internal controls across MDAs to block this kind of illegal activity.”
The ICPC chairman stressed that the report submitted to the President was interim and that investigations were continuing to identify possible collaborators and gather further evidence.
“This report is interim. We have continued with investigations into the activities of Adeniyi Adeyemi Matthew and his collaborators so that we can unravel more facts and file criminal charges that will stand the test of time before a court of competent jurisdiction,” he said.
Responding to questions from State House correspondents, Aliyu confirmed that Adeyemi had been questioned by the commission and had made statements to investigators.
“Yes, we interacted with Adeniyi Adeyemi Matthew. He is among the persons we have interviewed and from whom we obtained statements. We have considered what he told us and drawn our findings based on the evidence before us,” he stated.
Asked about allegations involving approximately ₦400 million, the ICPC chairman declined to disclose details, explaining that the issue remained part of the continuing criminal investigation.
“I don’t want to go into that allegation because it is part of the criminal investigation. Once we conclude everything and proceed to court, Nigerians will see what our investigation uncovered,” he said.
Aliyu added that although the President had not given the commission a fresh deadline for completing the wider criminal investigation, the ICPC would continue its work while awaiting the President’s response to the interim report.
The commission’s recommendation does not amount to a conviction, and Adeyemi and any other persons who may subsequently be charged will remain presumed innocent until their guilt is established by a court of competent jurisdiction.
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