The Independent Corrupt Practices and Other Related Offences Commission, ICPC, has concluded that the appointment letter presented by Adeniyi Adeyemi Mathew as Director General of a purported Presidential Foreign Investment Promotion Council, PFIPC, was forged and did not originate from the Presidency.
ICPC Chairman, Dr. Musa Adamu Aliyu, SAN, disclosed this at a press conference in Abuja on Wednesday, exactly 30 days after President Bola Tinubu directed the Commission on July 7, 2026 to investigate the activities of the fake council.
“I have just submitted the interim report and briefed Mr. President accordingly,” Dr. Aliyu said. “The president took the right decision in the spirit of transparency and accountability and directed me to address the media for the benefit of Nigerians.”
Key findings of the interim report
According to the Chairman, the Commission established that:
– No government appointment: Adeniyi Adeyemi Mathew was never appointed by the Federal Government or any authority of government.
– Non-existent agency: The PFIPC was never established by any law, executive order, or other valid instrument of government.
– Forged documents: The appointment letter and other documents used by Adeyemi were completely forged to perpetuate the illegal activities of the fake agency.
– Hijacked structures: The PFIPC cannibalized the former Presidential Economic Advisory Council, PEAC, and illegally appropriated its offices and instruments of operation.
– Pattern of impersonation: The report cited false projection, false representation, widespread impersonation and a wide range of illegal activities perpetrated by the self-styled DG.
– Process weaknesses exploited: Weaknesses in verification, interagency oversight and government processes were exploited by Adeyemi, with what the ICPC described as “some level of negligence and connivance.”
– No public funds lost: No fund of the Federal Government was approved or disbursed to the fake PFIPC or PEAC.
Dr. Aliyu further stated that no weaknesses were found in the systems of the State House or the Central Bank of Nigeria, adding that “the processes are above board.”
Two more fake agencies uncovered
The ICPC said its investigation also found that Adeyemi created two additional fictitious government bodies to aid his operations:
1. FCT Investment Promotion Agency, FIFA
2. Foreign Investment Promotion Agency and Public Private Partnership, FIFA-PPP
To facilitate them, he allegedly forged legislative instruments styled as “Enabling Acts” and used them to open bank accounts.
Recommendations
probe following public concerns over the activities of the so-called PFIPC, which had been presenting itself as a federal investment promotion body.
