ICPC report clears Presidency in fake agency probe, indicts promoter Adeniyi Adeyemi

ICPC Chairman, Musa Adamu, stated that Adeyemi was never federally appointed and the PFIPC was not established by any valid government instrument. The investigation found that appointment letters and supporting documents presented by Adeyemi were forged. Additionally, two other fictitious agencies, the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency/Public-Private Partnership, were allegedly created by Adeyemi using forged legislative instruments to open bank accounts and conduct unauthorized activities.

Adeyemi also unlawfully occupied the office of the defunct Presidential Economic Advisory Council to lend legitimacy to the fake agency. While no federal funds were disbursed to the fake agency and no security breach occurred within the Presidency or Central Bank of Nigeria, the investigation exposed institutional weaknesses in verification processes and inter-agency coordination across several Ministries, Departments and Agencies. The ICPC recommended Adeyemi's prosecution, administrative sanctions for public officers whose negligence facilitated the agency's operation, and institutional reforms.

Adeyemi declined to answer questions from the House of Representatives ad hoc committee, citing the absence