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 alleged Director-General, Adeniyi Adeyemi.
ICPC Chairman, Musa Aliyu, disclosed this on Thursday, August 6, after a meeting with President Tinubu at the Presidential Villa in Abuja, exactly 30 days after the President directed the commission to investigate the controversial council.
Aliyu said the investigation established that Adeyemi was never appointed by the Federal Government and that the documents used to present the PFIPC as a legitimate government agency were forged.
According to him, investigators found that the appointment letter, official gazette and other documents purportedly establishing the council were all fake.
The ICPC chairman also revealed that the investigation exposed major weaknesses in government verification and oversight processes, which allegedly enabled the creation and operation of the fictitious agency.
“Our interim report found that there are weaknesses in verification, inter-agency oversight and government processes. We discovered that those weaknesses were exploited by Adeniyi, with some level of negligence.
“Our investigation found that no Federal Government funds were approved or disbursed to the fake PFIPC/PEAC,” Aliyu said.
The anti-corruption agency also uncovered two additional organisations allegedly created by Adeyemi. They are the FCT Investment Promotion Agency (FIFA) and the Foreign Investment Promotion Agency and Public Private Partnership (PIPA-PPP).
Aliyu alleged that Adeyemi used forged legal documents to give the agencies the appearance of legitimacy.
“He used forged legislative instruments styled as enabling acts, and using them to support opening of bank accounts,” the ICPC chairman stated.
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Based on its findings, the commission recommended that Adeyemi be prosecuted while public officials whose negligence allegedly allowed the fake council to operate should face administrative sanctions.
“Our recommendation is that Mr Adeniyi Adeyemi should be prosecuted. Administrative sanctions should also be imposed on public officers whose acts of omission and negligence facilitated the illegal operation of PFIPC/PEAC.
“There is also a need for institutional reforms so that the internal controls of MDAs can be strengthened to prevent this kind of illegal activity,” Aliyu said.
He stressed that the report submitted to the President was only an interim report, adding that investigations are continuing to identify other collaborators and strengthen the criminal case.
“We have continued with the investigation of the activities of Mr Adeniyi Adeyemi and his collaborators so that we can unravel more facts and file criminal charges that can stand the test of time before a court of competent jurisdiction,” he added.
The PFIPC controversy came to light after the Presidency publicly disowned the council, declaring that it was not a recognised government agency despite its appearance in the 2026 Appropriation Act with a budget allocation of ₦1.3 billion.
The Federal Government has already filed criminal charges against Adeyemi over allegations of forgery, impersonation and fraudulent misrepresentation, while separate investigations by the House of Representatives and the ICPC continue into how the alleged fake agency operated within government institutions.