The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has cleared the Presidency of any wrongdoing in the controversial Presidential Foreign Investment Promotion Council (PFIPC) saga, recommending the prosecution of the council’s promoter, Adeniyi Adeyemi, over alleged forgery, impersonation and related offences.
Presenting an interim investigation report to President Bola Tinubu at the Presidential Villa, Abuja, on Thursday, ICPC Chairman Musa Adamu (SAN) said investigators found that Adeyemi was never appointed by the Federal Government and that the PFIPC was never established through any law, Executive Order or valid government instrument.
According to Adamu, the appointment letter and supporting documents presented by Adeyemi were entirely forged and did not originate from the Presidency.
The ICPC also uncovered two other 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.
The commission further alleged that Adeyemi unlawfully occupied the office of the defunct Presidential Economic Advisory Council and used the location to create the impression that the fake agency was legitimate.
Adamu said investigators found no evidence that Federal Government funds were released to the agency and confirmed there was no security breach within either the Presidency or the Central Bank of Nigeria.
However, he said the investigation exposed serious weaknesses in verification procedures, inter-agency coordination and oversight involving several Ministries, Departments and Agencies, including 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, the Budget Office and the National Information Technology Development Agency.
He said the ICPC recommended Adeyemi’s prosecution, administrative sanctions against public officers whose negligence enabled the alleged fraud, and institutional reforms to strengthen internal controls. The commission added that criminal investigations are continuing to identify possible collaborators before formal charges are filed.
Meanwhile, Adeyemi on Thursday refused to answer questions from the House of Representatives ad hoc committee investigating the matter, insisting that his lawyers and members of the media must be present during any interrogation.
His refusal prompted the committee to postpone the session until Monday.
Speaking through his brother, Peter Adeyemi, the family accused lawmakers of attempting to question him in police custody without legal representation and insisted he was willing to defend himself only in a transparent and public setting.
Adeyemi’s lawyer, Ademola Oyedokun, also faulted the committee’s decision to question his client at an undisclosed location, arguing that since allegations against him were made publicly, he should be allowed to respond publicly.
Separately, the House committee uncovered fresh inconsistencies in documents allegedly used to establish the PFIPC.
Representing the Permanent Secretary of the State House, Director of Administration Abdulkadri Idris told lawmakers that the Presidency neither created the council nor requested the Office of the Accountant-General of the Federation to issue it a budget code.
He also dismissed documents purportedly issued by the State House as fraudulent, stating that the office of “Directorate of Administration and Support Services” and the alleged signatory, “Akande Adewale,” never existed within the Presidency.
Committee Chairman Yusuf Gagdi described the discrepancies as significant, noting that the Accountant-General’s Office appeared to have acted on correspondence from a non-existent department signed by an official absent from State House records.
The Federal Road Safety Corps (FRSC) also defended its decision to allocate seven official government number plates to the PFIPC, saying it relied on documents presented by Adeyemi, verification of a government-domain website, inspection of the agency’s office and physical confirmation of the vehicles.
FRSC Corps Marshal Shehu Mohammed said the vehicles—including a bulletproof Lexus LX, two Toyota Land Cruisers and four Toyota Hilux trucks—were registered after standard administrative checks.
He acknowledged that the Corps was later shocked to discover the agency had no legal status and said steps had already begun to recover the official number plates while strengthening internal verification procedures.
The House committee has directed the FRSC to provide the current status and location of all vehicles registered under the PFIPC and announced that its investigation will conclude next Wednesday.
The probe was launched following allegations that the fictitious agency secured official recognition, obtained government approvals and even received a ₦1.3 billion allocation in the 2026 Appropriation Act despite lacking any legal foundation.
