The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has uncovered two additional fake government agencies linked to the alleged Presidential Foreign Investment Promotion Council (PFIPC) scandal and recommended the prosecution of its promoter, Adeniyi Adeyemi.
ICPC Chairman, Musa Aliyu (SAN), disclosed this on Thursday while briefing State House correspondents after presenting an interim investigation report to President Bola Tinubu at the Presidential Villa, Abuja.
The report followed a 30-day investigation ordered by the President on July 7 into the activities of the purported PFIPC.
Two More Fake Agencies Uncovered
Aliyu said investigators discovered that Adeyemi also created two fictitious organisations, the FCT Investment Promotion Agency (FIPA) and the Foreign Investment Promotion Agency/Public-Private Partnership (FIPA-PPP).
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According to him, fake legislative instruments were used to give the agencies an appearance of legitimacy and to facilitate the opening of bank accounts.
He added that the investigation confirmed that the PFIPC was never established by any law, executive order or any valid government instrument.
The ICPC also found that Adeyemi was never appointed by the Federal Government and that the appointment letter he presented was forged.
Fake Gazette, Illegal Office Occupation
The commission further revealed that a government gazette used to support the existence of the fake council was fabricated and did not pass through the legal process required for official gazettes.
Aliyu also said the suspect illegally occupied an office belonging to the Presidential Economic Advisory Council after gaining unauthorised access to the facility.
ICPC Faults Public Institutions
Although the commission cleared the Presidency and the Central Bank of Nigeria (CBN) of any involvement, it blamed lapses by several Ministries, Departments and Agencies (MDAs) for enabling the fraud.
Aliyu said some public officials failed to conduct proper due diligence and ignored standard operating procedures, allowing the fake agency to operate.
The institutions identified include the Office of the Secretary to the Government of the Federation (OSGF), 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 (NITDA), among others.
Prosecution, Sanctions Recommended
The ICPC recommended the prosecution of Adeyemi, disciplinary action against public officials whose negligence aided the operation of the fake agency, and reforms to strengthen internal controls across government institutions.
Aliyu noted that investigations are still ongoing to identify other collaborators and gather additional evidence before prosecution.
He also stated that investigators found no evidence that federal government funds were approved or disbursed to the fake PFIPC, while confirming that the fake appointment letter did not originate from the Presidency.
Rafiyat Sadiq is a political, justice, and human rights reporter with Pinnacle Daily, known for fearless reporting and impactful storytelling. At Pinnacle Daily, she brings clarity and depth to issues shaping governance, democracy, and the protection of citizens’ rights.