President Bola Tinubu has received the interim report of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) on its investigation into the alleged fake Presidential Foreign Investment Promotion Council (PFIPC). The report was presented to the President on Thursday at the Presidential Villa in Abuja, where the anti-graft agency recommended the immediate prosecution of Adeniyi Adeyemi Matthew over his alleged role in the case.
After submitting the report, ICPC Chairman Musa Adamu told journalists that the investigation found that Adeyemi was never appointed by the Federal Government. According to the commission, the PFIPC, which also appeared in some documents under another similar name, was not created through any law, executive order or any recognised government process.
The commission also reported that the appointment letter and other official documents used by the suspect were forged and did not originate from the Presidency. Investigators further discovered two other agencies allegedly created by Adeyemi using fake legal documents. They said the agencies were used to open bank accounts and carry out activities without government approval.
The ICPC stated that Adeyemi also took over the office previously occupied by the defunct Presidential Economic Advisory Council without authorisation. From that office, he allegedly presented the fake organisation as a legitimate government body to visitors, government officials and members of the diplomatic community.
According to the findings, no money from the Federal Government was approved or released to the fake agency, while investigators also found no security breach involving either the Presidency or the Central Bank of Nigeria during the period under review.
However, the commission said the investigation exposed weaknesses in the verification system and poor coordination among several Ministries, Departments and Agencies. It noted that failures in oversight by some public officials allowed the suspect to continue operating for a long period without being detected.
Based on its findings so far, the ICPC recommended the prosecution of Adeyemi, disciplinary action against public officers whose negligence made the operation possible, and reforms to improve internal control systems across the affected government institutions.
The commission explained that the report submitted to President Tinubu is only an interim report, adding that investigations are still ongoing to identify other people who may have been involved before criminal charges are fully concluded.
The investigation followed President Tinubu’s directive on July 7, 2026, instructing the ICPC to carry out a full investigation into the controversy surrounding the PFIPC after allegations linked the President’s Chief of Staff, Femi Gbajabiamila, to the suspect’s claims of appointment. Gbajabiamila later appeared before the commission to provide information and has also filed a N15 billion defamation lawsuit against Adeyemi.
Adeyemi is already facing criminal charges before the Federal High Court in Abuja over allegations of conspiracy, forgery and impersonation. He was rearrested in July after allegedly violating his bail conditions and failing to appear in court. Meanwhile, the House of Representatives has opened a separate investigation into how the fictitious agency reportedly secured a N1.3 billion allocation in the 2026 Appropriation Act.