The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has submitted an interim report on its investigation into the alleged fictitious Presidential Foreign Investment Promotion Council (PFIPC), recommending the prosecution of its alleged Director-General, Adeniyi Adeyemi.
ICPC Chairman, Musa Aliyu, disclosed this on Thursday after presenting the report to President Bola Tinubu at the Presidential Villa, Abuja, exactly 30 days after the President ordered a probe into the disputed agency.
Aliyu said preliminary findings by the commission showed that Adeyemi was never appointed by the Federal Government and that documents allegedly used to establish the PFIPC, including an appointment letter and gazette, were forged.
According to him, investigators discovered that the disputed agency was not a legitimate government body and that no Federal Government funds were approved or released to the PFIPC.
“The investigation found that there were weaknesses in verification, inter-agency oversight and government processes, which were exploited by Adeniyi, with some level of negligence,” the ICPC chairman stated.
The anti-graft agency also uncovered two other entities allegedly created by Adeyemi — the FCT Investment Promotion Agency (FIFA) and the Foreign Investment Promotion Agency and Public Private Partnership (PIPA-PPP).
Aliyu alleged that Adeyemi used forged legislative instruments described as enabling acts to support the operations of the organisations, including opening bank accounts.
The ICPC recommended that Adeyemi be prosecuted, while public officers whose negligence contributed to the operation of the alleged fake agency should face administrative sanctions.
The commission also called for reforms to strengthen internal controls within Ministries, Departments and Agencies (MDAs) to prevent similar incidents in the future.
Aliyu, however, noted that the report submitted to the President was an interim report, adding that investigations were still ongoing to identify other individuals allegedly involved and strengthen the case for prosecution.
The PFIPC controversy emerged after the Presidency denied the existence of the council, despite the agency appearing in the 2026 Appropriation Act with a budget allocation of ₦1.3 billion.
The Federal Government has since filed criminal charges against Adeyemi over allegations bordering on forgery, impersonation and fraudulent misrepresentation, while investigations by the ICPC and the House of Representatives continue into how the alleged fake agency operated within government structures.
Samuel Agada is a writer and media contributor from Olamaboro Local Government Area of Kogi State, Nigeria. He is a graduate of Biochemistry from the University of Jos and a former banker with GTBank and FCMB. A prolific writer, songwriter, educator, and Gospel preacher, he is passionate about informing, inspiring, and impacting society through his work.