PFIPC scandal: Tinubu receives ICPC’s interim report on ‘fake’ agency

President Bola Tinubu has received an interim report from the Independent Corrupt Practices and Other Related Offences Commission (ICPC) concerning the fictitious Presidential Foreign Investment Promotion Council (PFIPC). The anti-graft agency has recommended the immediate prosecution of Mr. Adeniyi Adeyemi Matthew, who allegedly created the fake entity.

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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.

ICPC Chairman Musa Adamu informed State House correspondents that the investigation conclusively established Adeyemi was never appointed by the Federal Government. He further stated that the PFIPC, and another entity called the Presidential Foreign Intervention Promotion Council, were never legally created. The appointment letter and supporting documents presented by Adeyemi were found to be forged, not originating from the Presidency.

Investigators also uncovered two additional fictitious agencies, the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency/Public-Private Partnership, allegedly established by Adeyemi using forged legislative instruments. He reportedly used these to open bank accounts and conduct unauthorized activities, even occupying the office of the defunct Presidential Economic Advisory Council to lend legitimacy to his operations.

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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.

While no Federal Government funds were disbursed to the fake agency and no security breach was found within the Presidency or the Central Bank of Nigeria, the ICPC identified significant institutional weaknesses. Lapses in verification processes, inter-agency coordination, and oversight across various government bodies, compounded by negligence from some public officers, enabled Adeyemi to operate unchecked for an extended period. The ICPC's recommendations include prosecuting Adeyemi and imposing administrative sanctions on public officers whose omissions facilitated his activities.

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The investigation identified weaknesses in verification processes, inter-agency coordination and oversight across several Ministries, Departments and Agencies, including 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 and the National Information Technology Development Agency