The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has submitted an interim report to President Bola Tinubu on its investigation into the alleged fake Presidential Foreign Investment Promotion Council (PFIPC), recommending the prosecution of its purported Director-General, Adeniyi Adeyemi.
ICPC Chairman Musa Aliyu disclosed the development after meeting with President Tinubu at the Presidential Villa in Abuja, exactly one month after the President directed the commission to investigate the controversial agency.
According to Aliyu, investigators established that Adeyemi was never appointed by the Federal Government to head the PFIPC.
He revealed that documents presented to support the agency’s existence, including an appointment letter and the gazette purportedly establishing the council, were found to be forged.
The ICPC said its findings confirmed that the PFIPC had no legal backing and was never recognised as a legitimate government institution.
Aliyu explained that the investigation also exposed weaknesses in government verification and oversight systems, which allegedly allowed the fake agency to operate without immediate detection.
He, however, clarified that no Federal Government funds were released to the fraudulent PFIPC or its operators.
The commission further alleged that Adeyemi created two additional fictitious agencies—the FCT Investment Promotion Agency (FIFA) and the Foreign Investment Promotion Agency and Public Private Partnership (PIPA-PPP)—using forged legislative documents to facilitate the opening of bank accounts.
Based on its findings, the ICPC recommended that Adeyemi be prosecuted for offences related to forgery, impersonation and fraudulent misrepresentation.
The anti-corruption agency also called for administrative sanctions against public officials whose negligence or oversight failures allegedly enabled the fake institution to gain credibility.
In addition, the commission urged the Federal Government to strengthen internal verification and control mechanisms across Ministries, Departments and Agencies (MDAs) to prevent similar incidents in the future.
Aliyu noted that the report remains interim, explaining that investigations are continuing to identify other individuals who may have been involved in the alleged fraud and to strengthen the criminal case.
The PFIPC controversy first emerged after the Presidency publicly disowned the agency, declaring that it was not a recognised government institution despite reportedly appearing in the 2026 Appropriation Act with a proposed allocation of ₦1.3 billion.
Meanwhile, the Federal Government has already filed criminal charges against Adeyemi, while separate investigations by the House of Representatives and the ICPC continue into how the alleged fake agency operated within government structures.
