The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has uncovered two additional fictitious government agencies linked to Adeniyi Matthew Adeyemi, the man who posed as Director-General of the Presidential Foreign Intervention Promotion Council (PFIPC), as the investigation 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. The report is part of an ongoing probe into a syndicate that allegedly created fake government bodies to extort funds.
Details of the Newly Discovered Fake Agencies
Beyond the already-exposed PFIPC, investigators identified two more bodies with no legal basis: the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency. Aliyu said both were set up using forged legislative instruments, and bank accounts were opened in their names to carry out illegal transactions. The syndicate allegedly used these accounts to receive payments from unsuspecting victims.
The chairman also revealed that Adeyemi later changed the name of the fake body from the Foreign Investment Promotion Council to the Foreign Intervention Promotion Council, apparently to widen its scope and create a basis for revenue collection. This name change was likely an attempt to avoid detection and expand the operation's reach.
No Public Funds Lost, But Gaps Exploited
Investigators found no public funds were approved or paid out to the fake agencies, and confirmed no weaknesses were identified in either the State House or Central Bank of Nigeria systems. However, the syndicate was able to operate by exploiting gaps in verification and coordination between government agencies. This highlights systemic vulnerabilities that allowed the fraud to persist.
Aliyu confirmed that Adeyemi held no federal government appointment, that the PFIPC was never established by an Act of the National Assembly or by executive order, and that the appointment letter he used was forged. The commission also found that Adeyemi's group had unlawfully taken over the offices and equipment of the defunct Presidential Economic Advisory Council, as reported by Punch.
Officials from Five MDAs Named as Collaborators
The ICPC report named officials from five federal bodies as suspected collaborators: the Office of the Secretary to the Government of the Federation, the Office of the Head of the Civil Service of the Federation, the Office of the Accountant-General of the Federation, the Budget Office of the Federation, and the National Information Technology Development Agency (NITDA). These officials allegedly facilitated the operations of the fake agencies, either by providing legitimacy or by failing to verify their status.
The commission recommended that Adeyemi be prosecuted, that the named officials face disciplinary action, and that government institutions strengthen internal controls to close the loopholes that made the scheme possible. This includes improving inter-agency verification processes and implementing stricter checks on official documents.
Investigation Continues, Criminal Charges Pending
Aliyu made clear the inquiry is not yet concluded. "The report is interim and the investigation continues to uncover more details to file criminal charges against Adeyemi and his collaborators," he said. He added that Tinubu had been briefed on all findings and that the administration remained committed to transparency and accountability in resolving the matter.
Legit.ng has previously reported that the State House denied backing the fake agency, and that the FRSC separately clarified its role in approving number plates linked to the PFIPC scandal. These denials underscore the extent to which the syndicate operated outside official channels.
Adeyemi Claims Government Engagement
Previously, Legit.ng reported that the self-described Director-General of the disputed Presidential Foreign Investment Promotion Council, Adeniyi Adeyemi, pushed back against allegations that he fabricated the agency on his own, claiming that some of the most powerful offices in the Federal Government formally engaged with the council. Adeyemi, who is currently in police detention, issued the claims through his legal defence team on Sunday, August 2, in a statement signed by Festus Akhigbe.
The case has raised concerns about the ease with which fraudulent entities can be created to defraud the public and undermine government institutions. The ICPC's ongoing investigation is expected to lead to formal charges, and the commission has vowed to ensure that all those involved are brought to justice.
