Trending 
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has recommended the prosecution of Adeniyi Adeyemi over the alleged creation and operation of the fictitious Presidential Foreign Investment Promotion Council (PFIPC).
ICPC Chairman Musa Aliyu disclosed this after submitting an interim investigation report to President Bola Tinubu at the Presidential Villa in Abuja.
According to Aliyu, the commission’s investigation found that Adeyemi was never appointed by the Federal Government and that the appointment letter, gazette and other documents used to establish the agency were forged.
The ICPC also found that no Nigerian Government funds were approved or released to the disputed agency, despite its inclusion in the 2026 Appropriation Act.
Credit: Channels TV
Investigators further uncovered two additional agencies allegedly created by Adeyemi using forged legislative instruments to facilitate the opening of bank accounts.
The commission recommended Adeyemi’s prosecution, administrative sanctions against public officers whose negligence enabled the operation of the fake agency, and institutional reforms to strengthen verification and oversight across Ministries, Departments and Agencies.
Aliyu said the report submitted to the President was interim, adding that investigations were continuing to identify other collaborators and build a stronger criminal case.
The PFIPC controversy emerged after the Presidency disowned the council, despite its inclusion in the 2026 national budget with a ₦1.3 billion allocation.
