The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has recommended the immediate prosecution of Adeniyi Adeyemi Matthew after concluding its investigation into the fake Presidential Foreign Investment Promotion Council (PFIPC). The interim report was presented to President Bola Tinubu on Thursday, July 6, 2026, at the Aso Rock Presidential Villa in Abuja.
ICPC Confirms Forgery and Non-Existence of PFIPC
ICPC Chairman Musa Adamu, SAN, told State House correspondents that the investigation confirmed Adeyemi was never appointed by the Federal Government. He stated that the PFIPC, which also appeared in some documents as the Presidential Foreign Intervention Promotion Council, was never created by any law, executive order, or valid government instrument.
“The appointment letter presented by the suspect, along with other supporting documents, was completely forged and did not originate from the Presidency,” Adamu said. This revelation underscores the depth of the fraudulent scheme, which had been operating under the guise of a legitimate government body.
Two More Fictitious Agencies Uncovered
Beyond the PFIPC, the ICPC uncovered two additional fake bodies linked to Adeyemi: the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency/Public-Private Partnership. According to Adamu, Adeyemi used forged legislative instruments to establish these agencies, opened bank accounts in their names, and conducted unauthorized financial activities through them.
The investigation also revealed that Adeyemi had gained unauthorized access to the former office of the defunct Presidential Economic Advisory Council. He operated from this office to project credibility before visitors, government officials, and foreign diplomats, further deceiving those who interacted with him.
No Federal Funds Lost, But Institutional Gaps Exposed
Adamu confirmed that no federal funds were approved or paid to the fake agency, and no security breach was identified within the Presidency or the Central Bank of Nigeria. However, he emphasized that the probe exposed significant institutional gaps, including failures in verification processes, inter-agency coordination, and oversight across several ministries, departments, and agencies (MDAs).
These MDAs include the offices of the Secretary to the Government of the Federation, the Head of the Civil Service, the Accountant-General of the Federation, the Budget Office, and the National Information Technology Development Agency (NITDA). Adamu noted that negligence by some public officers allowed Adeyemi to operate undetected for an extended period.
Three Recommendations Submitted to President Tinubu
Based on its findings, the ICPC submitted three key recommendations to President Tinubu:
- Prosecution of Adeniyi Adeyemi Matthew for his role in the fraudulent scheme.
- Administrative sanctions against public officers whose failures enabled the scheme.
- Institutional reforms to strengthen internal controls across the affected agencies.
Adamu noted that the report is interim, with criminal investigations continuing to identify potential collaborators before formal charges are filed. The probe was ordered by President Tinubu on July 7, 2026, directing the ICPC to conduct a comprehensive 30-day investigation following weeks of public controversy.
Public Reaction and Next Steps
The ICPC's recommendations have sparked public discourse on the need for stricter verification processes and accountability within government institutions. As the investigation continues, the ICPC is expected to provide further updates on the case, including the identification of any collaborators.
This development highlights the importance of robust oversight mechanisms to prevent similar fraudulent activities in the future. The ICPC's actions demonstrate a commitment to upholding integrity and combating corruption in Nigeria.
