The Independent Corrupt Practices and Other Related Offenses Commission (ICPC) on Thursday said it has uncovered two additional sham government bodies linked to a self‑styled Director-General Adeniyi Matthew Adeyemi who operated a fake agency under the presidency.
Dr. Musa Adamu Aliyu, chairman of the ICPC disclosed this while briefing State House Correspondents after submitting an interim report to President Bola Tinubu at the Presidential Villa, Abuja.
Following public outcry of the alarming revelation on the existence of the fake agency, President Tinubu had ordered the ICPC to carryout full investigation of the matter, giving the agency 30 days, which expires today to submit its report.
The chairman declared that Adeyemi never held a government appointment and that the Presidential Foreign Investment Promotion Council was never created by law or executive order.
According to him, investigations found that documents purporting to appoint Adeyemi were forged and that the bogus council had appropriated offices and equipment from the former Presidential Economic Advisory Council.
The report, he said, found out that using those facilities, Adeyemi’s operation engaged in impersonation and other illegal activities that exploited gaps in verification and inter‑agency oversight.
ICPC investigators also discovered two additional fraudulent entities, the FCT Investment Promotion Agency (PIFA) and the Foreign Investment Promotion Agency (PIPA), the interim report said.
Those organizations were allegedly established with forged legislative instruments and used to open bank accounts for illicit transactions.
Dr. Aliyu said Adeyemi had rebranded the operation from “Foreign Investment Promotion Council” to “Foreign Intervention Promotion Council” and sought to expand its remit to include revenue generation.
The report found no evidence that public funds were approved or disbursed to the fake outfits and said there were no systemic failures identified at the State House or the Central Bank.
The ICPC has recommended prosecuting Adeyemi, imposing administrative sanctions on public officers who aided the scheme and tightening internal controls.
The interim report named collaborators in several offices, including the Secretary to the Government of the Federation, the Head of the Civil Service, the Accountant‑General’s Office, the Budget Office and the National Information Technology Development Agency.
“The report is interim and the investigation continues to uncover more details to file criminal charges against Adeyemi and his collaborators,” Dr. Aliyu said.
He added that President Tinubu had been briefed and “has expressed his commitment to transparency and accountability” in the matter.
The House of Representatives is also investigating the case and has invited different heads of government agencies to appear before it’s committee.
