ICPC says ‘presidential investment council’ never existed

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has released the findings of its investigation into the controversial Presidential Foreign Investment Promotion Council (PFIPC), concluding that the agency was never established by the Federal Government and that the appointment letter presented by its self-acclaimed Director-General, Adeniyi Adeyemi Mathew, was forged.

The findings were disclosed by ICPC Chairman, Dr. Musa Adamu Aliyu (SAN), during a press conference in Abuja on Thursday after submitting an interim investigation report to President Bola Tinubu.

The details of the briefing were shared publicly by presidential spokesperson Bayo Onanuga.

He recalled that President Tinubu had directed the ICPC on July 7, 2026 to investigate the alleged fake Presidential Foreign Investment Promotion Council within 30 days, adding that Thursday marked exactly 30 days since the directive was issued.

What they are saying

The ICPC chairman said the investigation established that the alleged Director-General had no legal basis for claiming a federal appointment.

• “It has been established that Adeniyi Adeyemi Mathew was never appointed by the Federal Government or any authority of the government,” Aliyu said.

The commission also found that the PFIPC was not created by any law, executive order or any other valid government instrument, meaning it had no legal existence as a federal agency.

• Aliyu further stated that “the appointment letter presented by Adeniyi Adeyemi Mathew was completely forged alongside similar documents used to perpetuate the illegal activities of the fake agency.”

According to the ICPC, the investigation found that the PFIPC appropriated the identity and operational instruments of the former Presidential Economic Advisory Council (PEAC), while its operators engaged in false representation, impersonation and other alleged illegal activities.

The commission also said the scheme exploited weaknesses in verification processes, inter-agency oversight and government administrative procedures, involving what it described as negligence and possible connivance by some individuals.

However, the ICPC said it found no evidence that federal government funds were approved or disbursed to the PFIPC, and added that no weaknesses were identified in the systems of the State House or the Central Bank of Nigeria.

The commission also alleged that Adeyemi created two additional fictitious government agencies and used forged legislative documents to facilitate the opening of bank accounts.

Among its recommendations, the ICPC called for the full prosecution of Adeyemi, administrative sanctions against public officers whose actions or omissions allegedly enabled the operation of the fake agency, and broader institutional reforms to prevent similar incidents.

Aliyu said investigations into the activities, bank accounts and collaborators linked to the PFIPC were still ongoing.

Get up to speed

President Tinubu had directed the ICPC to investigate the PFIPC after allegations emerged that forged appointment letters and other government documents were used to create the impression of a legitimate federal agency.

• The commission was tasked with tracing funds connected to the alleged scheme, identifying any public officials, financial institutions or intermediaries who may have facilitated its activities, and recommending reforms to address institutional vulnerabilities. Ministries, departments and agencies were instructed to cooperate with the investigation.
• The controversy had also raised questions about a reported N1.3 billion appropriation linked to the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council.

However, the Budget Office of the Federation later clarified that the appropriation never became actual government expenditure because the necessary payroll, cash release and procurement processes were not completed.

What you should know

The PFIPC controversy gained national attention after Adeniyi Adeyemi publicly claimed he had been appointed to head the organisation.

• In mid-July, Adeyemi said he borrowed N400 million to finance what he described as the processing of his appointment, alleging that payments were made through intermediaries and that additional money was later requested.
• He also denied wrongdoing and attempted to link senior officials in the Presidency, including the Chief of Staff, Femi Gbajabiamila, to the controversy.

In late July, the House of Representatives committee investigating the operations of the PFIPC directed the Inspector-General of Police to produce Adeyemi before the committee as part of its inquiry into the organisation’s activities.