The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has confirmed that the appointment letter used by Adeniyi Adeyemi Mathew to pose as Director-General of the non-existent Presidential Foreign Investment Promotion Council (PFIPC) was forged and did not originate from the presidency.
ICPC chairman Dr. Musa Adamu Aliyu made this known at a press conference in Abuja on Wednesday, exactly 30 days after President Bola Tinubu ordered the commission to investigate the fake agency on Tuesday, July 7, 2026. Aliyu said he had already submitted an interim report and briefed the president before addressing the media.
Investigation Findings: Forgery and Fictitious Agencies
According to Aliyu, the probe established that Adeniyi Adeyemi Mathew was never appointed by the federal government or any of its authorities, and that the PFIPC itself was never created by any law, executive order, or valid government instrument.
The commission found that Adeyemi had taken over the offices and resources of the legitimate Presidential Economic Advisory Council (PEAC), effectively absorbing it into his fictitious outfit. The investigation also uncovered what Aliyu described as "false projection, false representation, widespread impersonation and a wide range of illegal activities" carried out by Adeyemi through the fake agency.
The ICPC further revealed that Adeyemi created two additional fictitious bodies: the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency and Public Private Partnership. He allegedly forged legislative instruments styled as enabling acts for both agencies and used them to open bank accounts.
No Federal Funds Disbursed
On a key point of public concern, the commission confirmed that no federal government funds were approved or disbursed to the fake PFIPC or the appropriated PEAC offices. Aliyu also said no weaknesses were found in the systems of the State House or the Central Bank of Nigeria, describing those processes as "above board."
However, the interim report did find that gaps in verification, interagency oversight and government processes were exploited by Adeyemi, with some degree of negligence and connivance among public officers.
ICPC Recommendations
The commission made three principal recommendations: that Adeyemi be fully prosecuted; that administrative sanctions be imposed on public officers whose negligence enabled the scheme; and that institutional reforms be carried out to close the loopholes that were exploited.
Aliyu added that investigations into the bank accounts linked to the PFIPC, Adeyemi himself, and his collaborators are still ongoing.
2 More Fake Agencies Uncovered
Previously, Legit.ng reported that the ICPC found two more fictitious government agencies tied to Adeniyi Matthew Adeyemi, as the probe into the alleged fraud widens. ICPC Chairman Dr. Musa Adamu Aliyu disclosed this on Thursday, August 6, after presenting the commission's interim investigation report to President Bola Tinubu at the Presidential Villa in Abuja.
