The Independent Corrupt Practices and Other Related Offences Commission, ICPC, says the fake appointment letter of Adeniyi Adeyemi Mathew did not originate from the Presidency.
ICPC Chairman, Dr. Musa Aliyu, SAN, disclosed this on Thursday in Abuja after presenting the interim report of the probe into the fictitious Presidential Foreign Investment Promotion Council, PFIPC to President Bola Tinubu.
Recall that President Bola Tinubu had on July 7, 2026 directed the ICPC to investigate the fake council within 30 days.
According to Dr. Aliyu, the investigation established that Adeyemi Mathew was never appointed by the Federal Government or any government authority, and that PFIPC was never created by any law, executive order, or valid government instrument.
“The appointment letter presented by Adeniyi Adeyemi Mathew was completely forged alongside similar documents used to perpetuate the illegal activities of the fake agency,” he said.
The ICPC boss said the investigation also revealed significant weaknesses in government verification and oversight processes, which were exploited to create the impression that the PFIPC was a legitimate government agency.
“Our interim report found that there are weaknesses in verification, inter-agency oversight and government processes. We discovered that those weaknesses were exploited by Adeniyi, with some level of negligence.
“Our investigation found that no Federal Government funds were approved or disbursed to the fake PFIPC/PEAC,” the ICPC chairman stated.
The ICPC chairman added that the fake PFIPC “cannibalized” the former Presidential Economic Advisory Council and illegally appropriated offices and instruments of operation. He also disclosed that Adeyemi created two other fictitious agencies: FCT Investment Promotion Agency, FIFA, and Foreign Investment Promotion Agency and Public Private Partnership, FIFA-PPP, using forged enabling acts to open bank accounts.
“To facilitate their creation he forged legislative instrument styled as Enabling Acts and used them to support the opening of Bank Accounts.
Dr. Aliyu said no federal funds were approved or disbursed to PFIPC/PEAC, and no weaknesses were found in the systems of the State House or CBN.
Recommendations
The commission recommended Adeyemi’s prosecution, administrative sanctions against public officers whose negligence enabled the operation of the fake agency, and institutional reforms to strengthen internal controls across Ministries, Departments and Agencies (MDAs).
“Our recommendation is that Mr Adeniyi Adeyemi should be prosecuted. Administrative sanctions should also be imposed on public officers whose acts of omission and negligence facilitated the illegal operation of PFIPC/PEAC.
“There is also a need for institutional reforms so that the internal controls of MDAs can be strengthened to prevent this kind of illegal activity,” he stated.
Aliyu noted that the report submitted to the President is only an interim one, adding that investigations are continuing to identify other collaborators and build a stronger criminal case.
“We have continued with the investigation of the activities of Mr Adeniyi Adeyemi and his collaborators so that we can unravel more facts and file criminal charges that can stand the test of time before a court of competent jurisdiction,” he said
“There is an ongoing investigation into all activities, bank accounts of PFIPC, Adeniyi Adeyemi Adeyemi and his collaborators. “
