The ICPC has uncovered two more alleged fictitious agencies linked to the PFIPC scandal and recommended prosecution of its purported Director-General, Adeniyi Adeyemi.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has uncovered two more alleged fictitious government agencies linked to the controversial Presidential Foreign Investment Promotion Council (PFIPC) scandal, widening its investigation into Adeniyi Matthew Adeyemi, who allegedly presented himself as the council’s Director-General.
The two entities identified by the anti-corruption agency are the FCT Investment Promotion Agency (FIPA) and the Foreign Investment Promotion Agency/Public-Private Partnership (FIPA-PPP). According to ICPC Chairman, Dr Musa Adamu Aliyu, SAN, the agencies were allegedly created by Adeyemi using forged legislative instruments designed to make them appear as legally established government institutions.
Aliyu disclosed the findings on August 6, 2026, after presenting the commission’s interim investigation report to President Bola Ahmed Tinubu at the Presidential Villa in Abuja. The ICPC chairman said the investigation established that Adeyemi was never appointed by the Federal Government and that documents purportedly backing his appointment, including an appointment letter and other official-looking records, were forged.
The commission further alleged that the purported agencies were used to open commercial bank accounts and expand activities associated with the PFIPC. Investigators also found that the purported council had occupied office space previously used by the Presidential Economic Advisory Council, allegedly gaining access without proper authorisation and using the facility to project an appearance of legitimacy.
The ICPC said its interim investigation found no evidence that the Federal Government approved or disbursed public funds to the purported PFIPC, or that there was a security breach involving the Presidency or the Central Bank of Nigeria. However, the case has raised questions about how an organisation allegedly lacking legal status was able to operate within government facilities and interact with public institutions without being detected earlier.
The Presidency, through the State House, has maintained that the purported PFIPC was not established or authorised by President Tinubu. The development comes amid a separate investigation by the House of Representatives into the reported inclusion of about ₦1.3 billion for the purported agency in the 2026 Appropriation Act, despite its alleged lack of legal existence.
The ICPC has recommended the prosecution of Adeyemi over alleged forgery, impersonation and related offences, while recommending administrative action against public officials whose alleged omissions or negligence may have facilitated the scheme. The commission stressed that its investigation remains ongoing as it works to identify possible collaborators and determine whether other purported institutions or transactions are connected to the case.
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