Anti-graft agency submits an interim report to President Bola Tinubu, alleging forged appointment documents and weaknesses that allowed the disputed council to operate
The Independent Corrupt Practices and Other Related Offences Commission has recommended the prosecution of Adeniyi Adeyemi, the man who allegedly presented himself as Director-General of the fictitious Presidential Foreign Investment Promotion Council, after submitting an interim report to President Bola Ahmed Tinubu on Thursday.
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ICPC Chairman Musa Aliyu disclosed the development after meeting President Tinubu at the Presidential Villa in Abuja, exactly 30 days after the President directed the anti-corruption agency to investigate the disputed council and submit its findings.
According to Aliyu, the commission’s preliminary investigation established that Adeyemi was never appointed by the Federal Government and that an alleged appointment letter, government gazette and other documents used to give the council an appearance of legitimacy were forged.
The findings deepen a scandal that emerged in July after the Presidency disowned the purported PFIPC, stating that the body had never been established by law, presidential instrument, executive approval or any other valid government action.
President Tinubu subsequently directed the ICPC to conduct a comprehensive investigation into the council, its activities and related matters, with particular attention to alleged forged government documents, claims of presidential appointment and bank accounts reportedly opened in the names of purported government agencies.
Aliyu said the investigation uncovered weaknesses in government verification and inter-agency oversight that were allegedly exploited to sustain the fictitious organisation.
“Our interim report found that there are weaknesses in verification, inter-agency oversight and government processes. We discovered that those weaknesses were exploited by Adeniyi, with some level of negligence.”
The ICPC chairman, however, said investigators found no evidence that Federal Government funds had been approved or disbursed to the purported PFIPC or the entity also referred to as the Presidential Economic Advisory Council in connection with the case.
The investigation also allegedly uncovered two other entities linked to Adeyemi: the FCT Investment Promotion Agency (FIFA) and the Foreign Investment Promotion Agency and Public Private Partnership (PIPA-PPP).
Aliyu said Adeyemi allegedly used forged legislative instruments presented as enabling laws to support the creation of the entities and facilitate the opening of bank accounts.
The revelation adds another layer to the case, which has already raised questions about how a purported government body could gain recognition within official institutions despite not having a valid legal foundation.
Prosecution recommended
The ICPC recommended that Adeyemi be prosecuted over the alleged activities and that public officers whose negligence or omissions facilitated the operation of the fictitious agency face administrative sanctions.
“Our recommendation is that Mr Adeniyi Adeyemi should be prosecuted. Administrative sanctions should also be imposed on public officers whose acts of omission and negligence facilitated the illegal operation of PFIPC/PEAC.”
The commission also called for institutional reforms to strengthen internal controls across ministries, departments and agencies and reduce the possibility of similar schemes exploiting gaps in government procedures.
Aliyu stressed that Thursday’s report was only an interim submission and that investigators were continuing to examine the activities of Adeyemi and his alleged collaborators.
“We have continued with the investigation of the activities of Mr Adeniyi Adeyemi and his collaborators so that we can unravel more facts and file criminal charges that can stand the test of time before a court of competent jurisdiction,” he said.
The development means the investigation has moved beyond establishing whether the PFIPC was a legitimate government entity to examining how the alleged scheme operated and whether other individuals or institutions were involved.
How the PFIPC controversy began
The controversy came to public attention after the purported PFIPC appeared in Nigeria’s 2026 Appropriation Act with a reported N1.3 billion allocation, despite the Presidency subsequently stating that the body did not exist as a government agency.
The revelation prompted questions about how the entity entered official budgetary and administrative processes.
The Presidency had identified Adeyemi as the individual who allegedly presented himself as the council’s Director-General and claimed to be a presidential appointee.
It said the government had discovered alleged forged appointment letters and other documents associated with the purported council.
The government has since pursued criminal proceedings against Adeyemi over allegations including forgery, impersonation and fraudulent misrepresentation, while the House of Representatives and the ICPC have separately examined aspects of the controversy.
Adeyemi has previously maintained that he was innocent and disputed allegations made against him, meaning the claims against him remain subject to determination through the judicial process.
The ICPC’s latest findings are therefore significant not only because of the prosecution recommendation but also because they point to possible institutional failures that allegedly allowed the disputed entity to operate within or alongside government systems.
For the commission, the continuing investigation will now seek to establish whether additional collaborators were involved and whether further charges should follow.
Also read: “If PFIPC is fake, who put it in the budget?” Adeyemi fires back
For the Federal Government, the case presents a broader test of its ability to close verification gaps exposed by the fake PFIPC scandal and prevent similar incidents from taking root in official structures.
Victory Emmanuel is a journalist and contributor to Freelanews.com, covering news, business, and public affairs.
