The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has submitted an interim report to President Bola Tinubu on its investigation into the alleged fictitious Presidential Foreign Investment Promotion Council (PFIPC), recommending the prosecution of the council’s alleged Director-General, Adeniyi Adeyemi.
ICPC Chairman, Musa Aliyu, disclosed the development on Thursday after briefing President Tinubu at the Presidential Villa in Abuja, 30 days after the President directed the anti-corruption agency to carry out a comprehensive investigation into the controversial organisation.
According to the commission’s preliminary findings, Adeyemi was never appointed by the Federal Government, while the appointment letter, official gazette, and other documents allegedly used to present the PFIPC as a legitimate government agency were found to be forged.
The investigation centres on allegations of forgery, impersonation, and the unlawful creation of a purported government institution that allegedly operated under the guise of a federal agency.
The ICPC’s findings indicate that the scheme exploited weaknesses in government verification procedures, inter-agency coordination, and institutional oversight, enabling the PFIPC to project an appearance of legitimacy despite lacking any legal foundation.
The commission also confirmed that no Federal Government funds were approved, released, or disbursed to the purported Presidential Foreign Investment Promotion Council or its related operations during the period under investigation.
Further investigations uncovered two additional entities allegedly established by Adeyemi: the FCT Investment Promotion Agency (FIFA) and the Foreign Investment Promotion Agency and Public-Private Partnership (PIPA-PPP). Investigators believe these organisations were similarly presented as official government institutions.
The ICPC further alleged that forged legislative instruments, purportedly drafted as enabling Acts, were used to facilitate the opening of bank accounts and lend credibility to the operations of the disputed entities.
The commission’s recommendation for Adeyemi’s prosecution marks a significant step in the ongoing investigation, as authorities continue efforts to determine the full scope of the alleged fraud and identify any individuals who may have aided or benefited from the operation.
The Federal Government is yet to announce its next course of action following the submission of the interim report.
