The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has recommended prosecuting Adeniyi Adeyemi Mathew, alleging that he created two other fake agencies apart from the fake Presidential Foreign Investment Promotion Council (PFIPC).
An interim investigation ordered by President Bola Tinubu found that PFIPC was never established by law and operated using forged government documents.
ICPC chairman, Dr Musa Adamu Aliyu (SAN), disclosed this on Thursday to State House correspondents after submitting the commission’s interim report to President Tinubu, exactly 30 days after the President directed the anti-graft agency to investigate the purported council’s activities.
Aliyu said the President subsequently directed the commission to make the findings public in keeping with his administration’s commitment to transparency and accountability.
“Recall that the President, on 7 July 2026, gave ICPC 30 days to investigate the fake Presidential Foreign Investment Promotion Council, and today is exactly 30 days. I have just submitted the interim report and briefed Mr President accordingly,” he said.
The ICPC chairman said the investigation established that Adeyemi Mathew was never appointed by the Federal Government or any government authority, contrary to claims he made while presenting himself as the council’s Director-General.
He also said investigators confirmed that no law, executive order, or other valid instrument of government created the Presidential Foreign Investment Promotion Council.
According to the commission, the appointment letter presented by Adeyemi Mathew was completely forged, alongside other documents allegedly used to facilitate the activities of the fake organisation.
Aliyu further disclosed that the fake council unlawfully appropriated the identity, office and operational instruments of the defunct Presidential Economic Advisory Council (PEAC).
He said investigators found that the office previously occupied by the PEAC was broken into before the operators of the fake agency took it over.
The commission also found that Adeyemi engaged in false representation, widespread impersonation and other illegal activities while posing as the head of the non-existent government body.
Beyond the fraudulent activities, the ICPC said its investigation uncovered weaknesses in verification procedures, inter-agency oversight, and government processes, which the suspect attributed to “some level “of negligence and connivance.
However, Aliyu stressed that investigators found no evidence that any Federal Government funds were approved or disbursed to the fake PFIPC or the PEAC.
He also maintained that the commission found no weaknesses in the systems of either the State House or the Central Bank of Nigeria (CBN), saying both institutions were “above board”.
The ICPC c “airman further clarified that the forged appointment letter presented by Adeyemi Mathew did not originate from the Presidency.
The commission also uncovered two additional fictitious government agencies allegedly created by the suspect. They are the FCT Investment Promotion Agency (FIPA) and the Foreign Investment Promotion Agency and Public-Private Partnership (FIPA-PPP).
According to Aliyu, forged legislative instruments styled as enabling Acts were used to create the two organisations and to facilitate the opening of bank accounts in their names.
The commission also discovered that the fake council at some point operated under the name Presidential Foreign Intervention Promotion Council, a move investigators believe was intended to expand its purported mandate and encroach on the responsibilities of legitimate investment promotion agencies.
Based on the findings, the ICPC recommended that Adeyemi Mathew be prosecuted.
“He should be fully prosecuted,” Aliyu said
