Abuja, Nigeria — The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has intensified its probe into the Presidential Foreign Investment Promotion Council (PFIPC) — also referred to as the Presidential Foreign Intervention Promotion Council — after confirming that the body never existed in law.
ICPC also discovered that its self-proclaimed Director-General, Adeniyi Adeyemi Matthew (also styled Adeniyi Adeyemi or Prince Adeniyi Adeyemi), created at least two additional fictitious government agencies using forged legislative instruments.
ICPC Chairman Dr. Musa Adamu Aliyu presented an interim investigation report to President Bola Tinubu at the Presidential Villa on August 6, 2026, exactly 30 days after the President directed a probe on July 7.
The commission established that Adeyemi was never appointed by the Federal Government or any authority, that the PFIPC itself was never established by any Act of the National Assembly, executive order, or other valid government instrument, and that the appointment letter he presented was forged and did not originate from the Presidency.
Investigators found that Adeyemi allegedly forged legislative instruments styled as enabling Acts to create the FCT Investment Promotion Agency (FIPA) and the Foreign Investment Promotion Agency and Public-Private Partnership (FIPA-PPP, sometimes referred to with related naming variations).
He used these documents to open commercial bank accounts in the names of the entities and pursue related activities. Adeyemi is also said to have altered the name of the primary fake body from Foreign Investment Promotion Council to Foreign Intervention Promotion Council in an apparent bid to broaden its claimed scope and facilitate revenue generation.
The syndicate operated from offices previously used by the defunct Presidential Economic Advisory Council (PEAC), unlawfully taking over space and official instruments at the Federal Secretariat in Abuja. This allowed the operation to project an appearance of legitimacy to visitors, officials, and others while exploiting gaps in verification procedures, inter-agency coordination, and internal controls across several Ministries, Departments, and Agencies (MDAs).
The ICPC confirmed that no Federal Government funds were approved or disbursed to the fake PFIPC or the appropriated PEAC offices. No systemic weaknesses were identified in the State House or Central Bank of Nigeria systems.
However, the commission faulted lapses elsewhere, including at the Budget Office of the Federation, which onboarded the purported council into the 2026 Appropriation Act (with a reported allocation around ₦1.3 billion) without adequate due diligence or independent verification of its legal basis.
Officials from the Office of the Secretary to the Government of the Federation (OSGF), Office of the Head of the Civil Service of the Federation, Office of the Accountant-General of the Federation, Budget Office, and National Information Technology Development Agency (NITDA) were identified as linked in various capacities through negligence or facilitation.
Aliyu recommended the prosecution of Adeyemi on charges including forgery, impersonation, making false statements to public officers, and criminal misrepresentation.
The commission also recommended administrative and disciplinary action against a number of public officials (reports have referenced around 13 individuals across the implicated offices) and called for further investigation into the roles of certain ministries, as well as engagement with bank officials connected to related accounts. Investigations into bank accounts linked to the PFIPC, Adeyemi, and collaborators remain ongoing.
The scandal has expanded beyond the original PFIPC. Investigators separately uncovered another suspected fake entity, the National Brands Development and Made in Nigeria Special Project Office, allegedly operating within the OSGF.
President Tinubu ordered the suspension of three permanent secretaries and the arrest of its alleged promoter, George (Buchi) Nwabueze, who is said to have used variations of his name, with suspected collaborators inside the OSGF. Forged instruments were again cited as a means of creating an appearance of legitimacy and facilitating bank accounts.
Adeyemi has maintained his innocence, denied wrongdoing, and indicated he will prove his case in court. He faces criminal charges (reports indicate an eight-count charge sheet related to forgery and impersonation), with proceedings pending or adjourned.
The ICPC has cleared the Presidency of involvement in any appointment and found no evidence linking Chief of Staff Femi Gbajabiamila to the forged appointment letter, which Adeyemi allegedly created on fake State House letterhead attributing a signature to the Chief of Staff.
The episode has exposed significant vulnerabilities in how individuals can fabricate government entities, secure office space, correspondence, administrative codes, budget inclusion, and banking facilities by exploiting weak verification and oversight.
The ICPC continues its work to identify further collaborators, strengthen the criminal case, and recommend systemic reforms to prevent recurrence. President Tinubu received the interim findings and has been briefed on the commission’s recommendations for prosecution, disciplinary measures, and institutional safeguards.
The full scope of financial flows, additional associates, and any residual activities continues under investigation as the anti-graft agency presses its inquiry into one of the more elaborate recent cases of impersonation and document fraud involving purported federal institutions.
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