By Ayodele Oni
The Independent Corrupt Practices and other related offences Commission, ( ICPC) has submitted interim report of its investigation of Presidential Foreign Investment Promotion Council (PFIPC) to President Bola Tinubu.
ICPC Chairman, Musa Adamu, SAN, told State House correspondents that the commission is recommending the immediate prosecution of Adeniyi Adeyemi Matthew.
Adamu revealed that the investigation confirmed that Adeyemi was never appointed by the Federal Government and that the PFIPC was never created by any law or executive order.
“The appointment letter and other documents presented by the suspect were completely forged and did not come from the Presidency,” he said.
The ICPC also uncovered two other fake agencies allegedly set up by Adeyemi: the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency/Public-Private Partnership.
“He used them to open bank accounts and carry out unauthorised activities.”
Adamu added that Adeyemi illegally occupied the office of the defunct Presidential Economic Advisory Council to give his fake agency credibility with visitors and diplomats.
“No government funds were approved or released to the fake agency, and no security breach was found in the Presidency or CBN,” he said.
However, the report identified lapses in verification and coordination in the OSGF, HoS, OAGF, Budget Office and NITDA that allowed Adeyemi to operate undetected.
The ICPC recommended prosecution of Adeyemi, sanctions for negligent public officers, and institutional reforms.
The interim report follows Tinubu’s July 7 directive for a 30-day probe after allegations linked Chief of Staff Femi Gbajabiamila to Adeyemi’s claims.
Gbajabiamila has denied the claims and filed a N15bn defamation suit. Adeyemi is already facing eight count charges of conspiracy, forgery and impersonation.
He was rearrested in July for breaching bail conditions.The House of Reps is also probing how the fake agency got a N1.3bn allocation in the 2026 budget
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