The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has found that Adeniyi Adeyemi Mathew was never appointed by the Federal Government and that the appointment letter he presented as head of the Presidential Foreign Investment Promotion Council was forged.
ICPC Chairman, Dr Musa Adamu Aliyu, SAN, announced the findings on Thursday at a press conference in Abuja after submitting the agency’s interim report to President Bola Tinubu.
He said the report was presented exactly 30 days after the President directed the commission on 7 July, 2026, to investigate the matter.
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Aliyu said the investigation established that the Presidential Foreign Investment Promotion Council, PFIPC, was never created by any law, executive order or any other valid government instrument.
He also said the forged appointment letter presented by Adeyemi, along with other documents, was used to carry out the activities of the fake agency.
Probe findings
The ICPC chairman said the commission found that PFIPC took over the identity of the former Presidential Economic Advisory Council, PEAC, and illegally used its offices and operating tools.
He said the interim report uncovered false representation, impersonation and other illegal activities carried out by Adeyemi in the name of the fake agency.
Aliyu also said investigators found that weaknesses in verification, interagency oversight and government processes were exploited by Adeyemi, with “some level of negligence and connivance.”
He, however, said no weakness was found in the systems of the State House or the Central Bank of Nigeria.
“The fake appointment letter of Adeniyi Adeyemi Mathew did not originate from the presidency,” Aliyu said.
The commission also found that no Federal Government money was approved or paid to the fake PFIPC or the former PEAC during the period under investigation.
More fake agencies uncovered
Aliyu said the investigation uncovered two more agencies allegedly created by Adeyemi.
They are the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency and Public Private Partnership.
He said Adeyemi forged documents presented as enabling laws for the two agencies and used them to support the opening of bank accounts.
The ICPC chairman said the President directed the investigation in the interest of transparency and accountability and asked the commission to make the findings public.
He said the commission has recommended that Adeyemi be fully prosecuted.
The ICPC also recommended administrative sanctions against public officers whose acts of omission and negligence made the illegal operation of PFIPC and PEAC possible.
Aliyu said the commission also proposed institutional reforms as part of its recommendations.
He said investigations are still continuing into all activities linked to PFIPC, the bank accounts connected with the fake agency, Adeyemi and his collaborators.
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