The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has uncovered two additional agencies allegedly created by the controversial Director-General of the disputed Presidential Foreign Investment Promotion Council (PFIPC), Adeniyi Adeyemi.
The revelation is contained in an interim investigation report submitted to President Bola Tinubu, exactly 30 days after the President directed the anti-corruption agency to probe the activities of the PFIPC.
Briefing journalists after meeting President Tinubu at the Presidential Villa in Abuja on Thursday, August 6, ICPC Chairman, Musa Aliyu, said investigators discovered that, beyond the disputed PFIPC, Adeyemi allegedly established two other entities known as the FCT Investment Promotion Agency (FIFA) and the Foreign Investment Promotion Agency and Public Private Partnership (PIPA-PPP).
According to Aliyu, the commission’s investigation showed that the agencies were supported with forged legislative instruments presented as enabling laws.
“Our investigation found that no Federal Government funds were approved or disbursed to the fake PFIPC/PEAC,” Aliyu said.
He added that investigators established that Adeyemi allegedly “used forged legislative instruments styled as enabling acts, and using them to support opening of bank accounts.”
The ICPC chairman disclosed that preliminary findings also showed Adeyemi was never appointed by the Federal Government and that the appointment letter, gazette and other documents used to legitimise the PFIPC were forged.
Aliyu said the investigation exposed serious gaps in government verification and oversight systems, which allegedly enabled the fake institutions to operate.
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“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,” he stated.
Based on its findings, the commission recommended Adeyemi’s prosecution and disciplinary action against public officials whose negligence allegedly facilitated the operations of the fake agencies.
“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.
The ICPC boss stressed that the report submitted to the President was only an interim one, noting 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 said.
The PFIPC controversy erupted after the Presidency publicly disowned the council, insisting it was not a recognised government agency despite appearing in the 2026 Appropriation Act with a budgetary allocation of ₦1.3 billion.
The Federal Government has since filed criminal charges against Adeyemi over allegations including forgery, impersonation and fraudulent misrepresentation, while separate investigations by the House of Representatives and the ICPC continue into how the disputed agency allegedly operated within government institutions.