The Independent Corrupt Practices and Other Related Offences Commission has cleared the Presidency of any wrongdoing in the controversial Presidential Foreign Investment Promotion Council (PFIPC) saga, while recommending the prosecution of its promoter, Adeniyi Adeyemi.
The commission’s interim report was presented to Bola Tinubu at the Presidential Villa in Abuja, where ICPC chairman, Musa Adamu, disclosed key findings from the investigation.
According to Adamu, the probe established that Adeyemi was never appointed by the Federal Government and that the PFIPC — also referred to in some documents as the Presidential Foreign Intervention Promotion Council — was not created by any law, executive order or valid government instrument.
“The appointment letter presented by the suspect, along with other supporting documents, was completely forged and did not originate from the Presidency,” Adamu said.
Investigators also uncovered two additional fictitious agencies allegedly created by Adeyemi using forged legislative instruments — the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency/Public-Private Partnership — which were reportedly used to open bank accounts and carry out unauthorised activities.
Adamu further revealed that Adeyemi unlawfully occupied the office of the defunct Presidential Economic Advisory Council, using the premises to project legitimacy to visitors, government officials and foreign diplomats.
He emphasised that no Federal Government funds were approved or disbursed to the fake agency and that there was no security breach within the Presidency or the Central Bank of Nigeria.
“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,” he stated.
However, the ICPC said the investigation exposed weaknesses in verification processes, inter-agency coordination and oversight across several government institutions, including the Office of the Secretary to the Government of the Federation, the Office of the Head of the Civil Service, the Office of the Accountant-General, the Budget Office and the National Information Technology Development Agency.
“These lapses, compounded by negligence on the part of some public officers, enabled the suspect to operate unchecked,” Adamu said.
The commission recommended Adeyemi’s prosecution, administrative sanctions for officials whose actions or inactions enabled the scheme, and reforms to strengthen internal controls across Ministries, Departments and Agencies (MDAs). It added that investigations are ongoing to identify possible collaborators and gather further evidence.
Meanwhile, Adeyemi declined to answer questions from a House of Representatives ad hoc committee investigating the matter, citing the absence of his lawyers and objecting to a closed-door session.
His refusal prompted the panel, chaired by Yusuf Gagdi, to reschedule the interrogation, as the promoter insisted he would only appear if proceedings were conducted publicly and with his legal representatives present.
The State House also denied any involvement in the creation of the PFIPC or in requesting a budget code for the council, dismissing documents presented to lawmakers as fraudulent and inconsistent with official records.
Similarly, the Federal Road Safety Corps defended its earlier decision to allocate official number plates to the council, stating that it acted based on documents and representations provided at the time. However, the agency said it has begun steps to retrieve the plates after discovering the council lacked legal backing.
The House committee is continuing its investigation into how the fictitious agency allegedly secured recognition within government processes, including its appearance in the 2026 Appropriation Act, with lawmakers expected to conclude their probe in the coming days.
