ICPC says fake investment council never existed, appointment letter forged

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has concluded that the Presidential Foreign Investment Promotion Council (PFIPC) was never established by the Federal Government. It also says the appointment letter presented by its self-acclaimed Director-General, Adeniyi Adeyemi Mathew, was forged.

ICPC Chairman Dr. Musa Adamu Aliyu (SAN) disclosed the findings at a press conference in Abuja on Thursday, after submitting an interim investigation report to President Bola Tinubu. Presidential spokesperson Bayo Onanuga shared the details publicly. He recalled that President Tinubu directed the ICPC on July 7, 2026 to investigate the alleged fake council within 30 days. Thursday marked exactly 30 days since that directive.

What the investigation found

Aliyu said the investigation established that Adeyemi 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,” he said.

The commission found that the PFIPC was not created by any law, executive order or any other valid government instrument. It therefore had no legal existence as a federal agency. Aliyu added: “The appointment letter presented by Adeniyi Adeyemi Mathew was completely forged alongside similar documents used to perpetuate the illegal activities of the fake agency.”

The ICPC said the PFIPC appropriated the identity and operational instruments of the former Presidential Economic Advisory Council (PEAC). Its operators engaged in false representation, impersonation and other alleged illegal activities. The scheme exploited weaknesses in verification processes, inter-agency oversight and government administrative procedures. The commission said this involved negligence and possible connivance by some individuals.

However, the ICPC found no evidence that federal government funds were approved or disbursed to the PFIPC. It also said no weaknesses were identified in the systems of the State House or the Central Bank of Nigeria. The commission alleged that Adeyemi created two additional fictitious government agencies and used forged legislative documents to open bank accounts.

Recommendations and ongoing probe

The ICPC recommended the full prosecution of Adeyemi, administrative sanctions against public officers whose actions or omissions enabled the fake agency to operate, and broader institutional reforms to prevent similar incidents. Aliyu said investigations into the activities, bank accounts and collaborators linked to the PFIPC are still ongoing.

The controversy began after allegations emerged that forged appointment letters and other government documents were used to make the PFIPC look legitimate. President Tinubu directed the ICPC to trace any funds connected to the scheme, identify public officials, financial institutions or intermediaries that may have facilitated its activities, and recommend reforms. Ministries, departments and agencies were instructed to cooperate.

A reported N1.3 billion appropriation linked to the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council also raised questions. 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.

Adeniyi Adeyemi had publicly claimed he was appointed to head the organisation. In mid-July, he said he borrowed N400 million to finance what he described as the processing of his appointment. He alleged that payments were made through intermediaries and that additional money was later requested. He denied wrongdoing and attempted to link senior Presidency officials, including Chief of Staff Femi Gbajabiamila, to the controversy. In late July, the House of Representatives committee investigating the PFIPC directed the Inspector-General of Police to produce Adeyemi before it.

For Nigerian businesses and the public, the ICPC's findings mean the so-called council had no legal backing. The commission's recommendation for institutional reforms could help close the verification gaps that made the alleged fraud possible.