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Nigerian President Bola Tinubu has received the interim report of the Independent Corrupt Practices and Other Related Offences Commission’s investigation into the controversial Presidential Foreign Investment Promotion Council (PFIPC).
The anti-graft agency concluded that the organisation was fictitious and recommended prosecuting its purported chairman, Adeniyi Adeyemi Matthew.
Speaking to State House correspondents after presenting the report, ICPC Chairman Musa Adamu said investigators found that Adeyemi had never been appointed by the national government, contrary to claims he made while operating under the PFIPC.
According to Adamu, the commission established that the appointment documents relied upon by Adeyemi were fabricated.
“The appointment letter presented by the suspect, along with other supporting documents, was completely forged and did not originate from the Presidency,” he said.
The ICPC chairman disclosed that investigators also uncovered two other fictitious organisations allegedly created by Adeyemi using forged legislative instruments.
They are the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency/Public-Private Partnership, which he allegedly used to open bank accounts and conduct unauthorised activities.
Adamu further alleged that Adeyemi unlawfully occupied the office previously used by the defunct Presidential Economic Advisory Council after gaining unauthorised access to the premises.
According to him, the location was then used to give legitimacy to the fake agency in its dealings with visitors, public officials and members of the diplomatic community.
He, however, said the probe found no evidence that public funds were diverted to the organisation or that government systems had been compromised.
“No Federal Government funds were approved or disbursed to the fake agency, and no security breach was found within the Presidency or the Central Bank of Nigeria.”
Despite that finding, Adamu said the investigation exposed significant administrative lapses that allowed the alleged scheme to continue undetected.
“The investigation identified weaknesses in verification processes, 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 of the Federation, the Budget Office and the National Information Technology Development Agency,” Adamu said, adding that these lapses, compounded by negligence on the part of some public officers, enabled the suspect to operate unchecked.
Based on its findings, the ICPC recommended the prosecution of Adeyemi, disciplinary action against public officials whose omissions allegedly enabled the operation of the fake agency, and reforms to tighten internal controls across the affected Ministries, Departments and Agencies.
Adamu noted that the document submitted to the President was an interim report, explaining that criminal investigations were still ongoing to identify possible collaborators and gather additional evidence before charges are fully prosecuted in court.
The report stems from President Tinubu’s July 7, 2026 directive ordering the ICPC to carry out a comprehensive 30-day investigation into the PFIPC following weeks of controversy over the agency’s authenticity and allegations linking the President’s Chief of Staff, Femi Gbajabiamila, to Adeyemi’s claims of a presidential appointment.
Gbajabiamila appeared before the ICPC on July 20 to provide information to investigators and has since filed a N15 billion defamation suit against Adeyemi over the allegations.
Adeyemi is already standing trial before the High Court in Abuja on an eight-count charge filed by the Nigeria Police in November 2025, bordering on conspiracy, forgery and impersonation.
He was rearrested in July after allegedly violating his bail conditions and failing to appear for arraignment, and is expected back in court later this month.
Separately, the House of Representatives is investigating how the fictitious agency was allocated N1.3 billion in the 2026 Appropriation Act.
