The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has cleared the Presidency of any involvement in the controversy surrounding the alleged Presidential Foreign Investment Promotion Council (PFIPC). The anti-graft agency also recommended prosecuting the council’s promoter, Adeniyi Adeyemi, after investigators concluded that he allegedly used forged documents to operate the organisation.
President Bola Tinubu received the commission’s interim investigation report at the Presidential Villa in Abuja on Thursday. Meanwhile, the House of Representatives continued its separate inquiry into how the alleged fake agency gained official recognition and found its way into some government processes.
ICPC says PFIPC never existed legally
Speaking after presenting the report, ICPC Chairman Musa Adamu (SAN) said investigators established that the Federal Government never appointed Adeyemi and that no law, Executive Order or valid government instrument created the PFIPC. He stressed that the appointment letter and other supporting documents presented by the suspect were forged and did not originate from the Presidency.
The commission also uncovered two additional agencies that investigators believe Adeyemi created with forged legislative documents. According to the ICPC, he allegedly used the organisations to open bank accounts and carry out unauthorised activities while projecting them as legitimate government institutions.
Investigation found no financial loss to government
The ICPC said its investigation showed that no Federal Government funds were approved or released to the alleged fake agency. Investigators also found no evidence of a security breach within either the Presidency or the Central Bank of Nigeria.
However, the commission identified weaknesses in verification procedures, inter-agency coordination and oversight across several Ministries, Departments and Agencies. It added that lapses by some public officers allowed the suspect to continue operating without early detection.
Commission recommends prosecution, further investigations
Based on its findings, the ICPC recommended Adeyemi’s prosecution and proposed administrative sanctions against public officers whose actions or omissions allegedly enabled the fake agency to operate. The commission also urged government institutions to strengthen internal controls and improve verification systems.
Adamu said the report submitted to President Tinubu remains an interim report because investigators are still working to identify possible collaborators and gather additional evidence before filing charges.
Adeyemi refuses to answer House committee
While the ICPC presented its report, Adeyemi declined to answer questions from the House of Representatives ad hoc committee investigating the alleged agency. He insisted that he would only appear before lawmakers if his lawyers and journalists were present during the session.
His refusal forced the committee to postpone the interrogation until Monday. Peter Adeyemi, the suspect’s brother, claimed the lawmakers initially agreed to allow media coverage before reversing their decision, while the family’s lawyer criticised plans to question his client at an undisclosed location.
State House rejects forged documents
At the committee hearing, the State House denied requesting a budget code for the PFIPC or authorising its establishment. Abdulkadri Idris, who represented the Permanent Secretary, told lawmakers that the Presidency neither knew about the council nor issued any document creating it.
Idris also dismissed documents bearing the name “Akande Adewale,” explaining that neither the official nor the department mentioned in those documents exists in the State House. He added that the Office of the Secretary to the Government of the Federation communicates appointments for heads of federal agencies after presidential approval.
FRSC explains number plate allocation
The Federal Road Safety Corps (FRSC) defended its decision to allocate seven official government number plates to vehicles linked to the PFIPC, saying officials followed the agency’s normal verification process before granting approval. The Corps said it inspected the organisation’s office, reviewed supporting documents and checked the government-domain website presented by the applicant.
Corps Marshal Shehu Mohammed said the FRSC later discovered that the council was not an approved Federal Government agency. Consequently, the agency has started recovering the seven official number plates and has strengthened its internal verification process to prevent a similar incident.
House probe continues
The House committee said it uncovered major inconsistencies between documents obtained from the Office of the Accountant-General of the Federation and official records submitted by the State House. Lawmakers are investigating how the alleged fake agency secured official recognition and appeared in aspects of the 2026 Appropriation Act despite having no legal backing.
The committee will conclude its investigation next week after hearing from the remaining government agencies. Lawmakers say the inquiry will determine how the alleged fake agency operated within government systems and recommend measures to prevent similar incidents in the future.
Read also: PFIPC scandal: Family accuses Reps of attempting to question Adeyemi without lawyers
