The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has recommended the prosecution of Adeniyi Adeyemi, also known as Adeniyi Adeyemi Mathew, promoter of the fake Presidential Foreign Investment Promotion Council (PFIPC), after concluding an interim investigation ordered by President Bola Ahmed Tinubu that also uncovered two additional fictitious government agencies allegedly created by the suspect.
The Commission identified the agencies as the FCT Investment Promotion Agency (FIPA) and the Foreign Investment Promotion Agency and Public-Private Partnership (FIPA-PPP), saying they were established using forged legislative instruments purportedly serving as enabling laws to give legitimacy to their operations.
ICPC Chairman, Dr. Musa Adamu Aliyu, disclosed the findings on Thursday while briefing State House correspondents after submitting the Commission’s interim report to President Tinubu. The President had, on July 7, directed the anti-graft agency to investigate the activities of the purported council and report back within 30 days.
Aliyu said President Tinubu subsequently directed the Commission to make its findings public in the interest of transparency and accountability.
According to him, the investigation established that Adeyemi was never appointed by the federal government or any authorised government institution to head the purported Presidential Foreign Investment Promotion Council.
He said investigators also found that the Presidential Foreign Investment Promotion Council, which at some point operated under the name Presidential Foreign Intervention Promotion Council, was never established by any law, executive order or constitutional process.
“Our investigation established that Adeniyi Adeyemi was never appointed by the Federal Government or any authority of government,” Aliyu said.
He disclosed that the appointment letter presented by the suspect was forged and that several other forged official documents were used to facilitate the operations of the fake agency.
According to Aliyu, the suspect relied on forged legislative instruments to give legitimacy to the fake council and later used similar documents to establish the two additional fictitious agencies—FIPA and FIPA-PPP.
He added that Adeyemi used the names of the two agencies to open bank accounts in a commercial bank, allegedly deploying them to carry out illegal activities.
The ICPC chairman further revealed that investigators discovered the suspect changed the name of the fake organisation from the Presidential Foreign Investment Promotion Council to the Presidential Foreign Intervention Promotion Council in an apparent attempt to expand its mandate and encroach on the responsibilities of legitimate investment promotion agencies.
The investigation also established that the fake PFIPC unlawfully appropriated the identity and office of the defunct Presidential Economic Advisory Council (PEAC).
According to Aliyu, the office previously occupied by PEAC was forcibly accessed before it was taken over and used by the fake organisation.
“The office used by the fake agency was the office of PEAC. The lock was broken before access was gained into the office,” he said.
Aliyu said the Commission uncovered widespread false representation, misinformation and other unlawful activities allegedly carried out by Adeyemi while presenting himself as Director-General of the fake council.
He said the investigation also exposed weaknesses in government verification mechanisms, institutional oversight and administrative processes, which were exploited by the suspect.
According to him, some public officers failed to conduct due diligence or comply with established procedures in their ministries, departments and agencies, thereby creating opportunities for the illegal operation of the fake organisation.
However, the ICPC chairman stressed that investigators found no evidence that any Federal Government funds were approved or disbursed to the fake PFIPC, the defunct PEAC or any of the fictitious agencies.
He also said the investigation uncovered no weaknesses within the systems of the State House or the Central Bank of Nigeria (CBN) that facilitated the operations of the fake agencies.
Aliyu further clarified that the forged appointment letter presented by Adeyemi did not originate from President Tinubu.
Based on its findings, the Commission recommended Adeyemi’s prosecution and administrative sanctions against public officers whose acts of commission or negligence enabled the illegal operation of the fake organisation.
“Our investigation found that some public officers failed to do due diligence and failed to adhere to the standard procedures expected in their ministries and departments, and that gave room for the illegal operation of the fake agency,” Aliyu said.
Responding to questions from journalists, Aliyu said the criminal investigation remains ongoing despite the submission of the interim report.
He disclosed that the Commission had taken statements from other individuals linked to the matter and reached findings regarding their roles but declined to disclose further details because of the ongoing criminal investigation.
“Yes, they are among the persons we have taken statements from. We have noted their involvement and drawn our findings. But because this is a criminal investigation, I do not want to go into details now. Once everything is concluded, Nigerians will see what our investigation has uncovered,” he said.
Aliyu said investigators were continuing to examine the activities of Adeyemi and his collaborators to uncover additional evidence and file criminal charges capable of withstanding judicial scrutiny.
“We have continued the investigation into the activities of Mr. Mathew 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.
Asked whether the President had given the Commission a fresh timeline after receiving the interim report, Aliyu said the report had been submitted within the stipulated period, while the criminal investigation would continue until all outstanding issues were resolved.
He also identified weaknesses in the operational and verification processes of some government institutions, including the Office of the Accountant-General of the Federation and the Budget Office, stressing that the Commission’s findings related to administrative lapses exploited during the operation of the fake agencies.
Aliyu said President Tinubu had taken note of the Commission’s findings and commended the ICPC for completing the assignment within the stipulated timeframe.
He added that the ongoing investigation was expected to uncover additional evidence and possible offences as the Commission works to ensure that all those found culpable are brought to justice.
