Fake agency probe: ICPC report clears Presidency, indicts embattled DG

Nigeria's Independent Corrupt Practices and Other Related Offences Commission (ICPC) has concluded its investigation into the controversial Presidential Foreign Investment Promotion Council (PFIPC) saga, clearing the Presidency of any involvement in wrongdoing. The commission's interim report, presented to President Bola Tinubu, instead recommended the prosecution of the council's promoter, Adeniyi Adeyemi.

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The appointment letter presented by the suspect, along with other supporting documents, was completely forged and did not originate from the Presidency.

The ICPC investigation revealed that Adeyemi was never officially appointed by the Federal Government and that the PFIPC, also referred to as the Presidential Foreign Intervention Promotion Council, was never established through any legal or governmental instrument. The appointment letter and other documents presented by Adeyemi were found to be forged. Furthermore, Adeyemi allegedly created two additional fictitious agencies, the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency/Public-Private Partnership, using forged legislative instruments to conduct unauthorized activities and open bank accounts.

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No Federal Government funds were approved or disbursed to the fake agency, and no security breach was found within the Presidency or the Central Bank of Nigeria.

ICPC Chairman Musa Adamu stated that Adeyemi unlawfully occupied the office of the defunct Presidential Economic Advisory Council to lend legitimacy to his fake agency. Crucially, the investigation found no evidence that any Federal Government funds were approved or disbursed to the fake agency, nor were there any security breaches within the Presidency or the Central Bank of Nigeria. However, the report did identify institutional weaknesses in verification processes and inter-agency coordination across several government bodies, which may have enabled Adeyemi's activities. Adeyemi himself declined to answer questions from a House of Representatives committee, citing the absence of his lawyers and objecting to a closed-door interrogation.

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The investigation identified weaknesses in verification processes, inter-agency coordination and oversight across several Ministries, Departments and Agencies… These lapses, compounded by negligence on the part of some public officers, enabled the suspect to operate unc