President Tinubu receives ICPC report on fictitious foreign investment council, prosecution recommended

The ICPC investigation concluded that Adeniyi Adeyemi Matthew was never appointed by the Federal Government and that the PFIPC was never legally established. The appointment letter presented by Adeyemi was found to be forged. ICPC Chairman Musa Adamu, SAN, stated that Adeyemi also created two other fictitious agencies, the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency/Public-Private Partnership, using forged legislative instruments to open bank accounts and conduct unauthorized activities.

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

This report follows President Tinubu’s directive for a 30-day investigation into the PFIPC scanda