Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has uncovered two additional fictitious government agencies allegedly created by Adeniyi Matthew Adeyemi, the self-acclaimed Director-General of the fraudulent Presidential Foreign Intervention Promotion Council (PFIPC), deepening the investigation into what authorities describe as a sophisticated fraud network. The ICPC Chairman, Dr. Musa Adamu Aliyu, disclosed the findings on Thursday, August 6, 2026, while presenting the commission's interim investigation report to President Bola Tinubu at the Presidential Villa in Abuja, exactly 30 days after the President ordered a probe into the matter.
According to the ICPC chairman, investigators established that Adeyemi was never appointed by the Federal Government and that the PFIPC had no legal backing, as it was neither created by an Act of the National Assembly nor by an executive order. The interim report revealed that the appointment letter used by Adeyemi was forged, while the fake PFIPC unlawfully took over the offices and official instruments previously used by the defunct Presidential Economic Advisory Council (PEAC). Aliyu said the syndicate operated from the former PEAC office and engaged in impersonation, false representation, and other illegal activities by exploiting gaps in verification procedures and coordination among government agencies.
The ICPC chairman disclosed that investigators also uncovered two additional fictitious agencies—the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency—allegedly created by Adeyemi through forged legislative instruments. "These agencies were created using forged legislative instruments and were used to open bank accounts for illegal activities," Aliyu said. He further disclosed that Adeyemi later changed the name of the fake organisation from the Foreign Investment Promotion Council to the Foreign Intervention Promotion Council in a bid to expand its mandate to include revenue generation. According to the ICPC, the suspect relied on fabricated legislative instruments, presented as enabling laws, to give the fictitious agencies an appearance of legitimacy and used them to open bank accounts with a commercial bank.
Despite the alleged sophistication of the scheme, Aliyu said the investigation found no evidence that Federal Government funds were approved or disbursed to the fake PFIPC or PEAC. "Our investigation found that no funds of the Federal Government were approved or disbursed to the fake PFIPC," he stated. He also absolved the Presidency and the Central Bank of Nigeria of any direct involvement, noting that the forged appointment letter did not originate from either institution. However, the commission identified lapses in several Ministries, Departments and Agencies (MDAs), which it said enabled the alleged fraud to continue. Aliyu listed the affected institutions to include the Office of the Secretary to the Government of the Federation (SGF), the Office of the Head of the Civil Service of the Federation, the Office of the Accountant-General of the Federation, the Budget Office of the Federation, and the National Information Technology Development Agency (NITDA).
The commission recommended the prosecution of Adeyemi, disciplinary action against public officials alleged to have aided the operation of the fake agencies, and reforms to strengthen internal controls across government institutions. According to the report, officials from 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 of the Federation, and the National Information Technology Development Agency were identified as collaborators in the scheme. Aliyu stressed that the investigation is still ongoing. "The report is interim and the investigation continues to uncover more details to file criminal charges against Adeyemi and his collaborators," he said. He added that President Tinubu had been briefed on the findings and reaffirmed his administration's commitment to transparency and accountability in addressing the matter.
The ICPC began investigating the PFIPC after concerns were raised over the existence and activities of the organisation, which allegedly presented itself as a federal agency despite having no legal foundation. Earlier findings had established that the council was never created by law, while its alleged director-general, Adeniyi Matthew Adeyemi, was found to have used forged appointment documents and unlawfully occupied facilities belonging to the former Presidential Economic Advisory Council. The discovery of two additional fake agencies has widened the investigation and exposed the extent of the fraud network, raising serious questions about the effectiveness of verification procedures and inter-agency oversight within Nigeria's public service.
The ICPC's interim report has now set the stage for a potential criminal prosecution of Adeyemi and his alleged collaborators, as the commission continues to gather evidence and identify other individuals who may have been complicit in the scheme. President Tinubu's directive for a probe into the matter and his subsequent receipt of the interim report signal the administration's determination to address the fraud and hold those responsible accountable. As the investigation continues, the public awaits further revelations about the extent of the fraud and the measures that will be taken to prevent similar occurrences in the future.
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