The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has uncovered two additional fake government agencies linked to the alleged multi-billion-naira Presidential Foreign Intervention Promotion Council (PFIPC) fraud, widening its ongoing investigation into the scandal.
ICPC Chairman, Dr. Musa Adamu Aliyu, disclosed the development on Thursday after presenting the commission’s interim investigation report to President Bola Tinubu at the Presidential Villa in Abuja.
Aliyu said investigations established that the alleged mastermind, Adeniyi Matthew Adeyemi, was never appointed by the Federal Government and that the PFIPC had no legal status, as it was neither established by an Act of the National Assembly nor created through an Executive Order.
According to him, investigators also discovered two other fictitious agencies—the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency—which were allegedly created using forged legislative instruments and used to open bank accounts for illegal financial activities.
The ICPC chairman said Adeyemi initially operated under the name Foreign Investment Promotion Council before changing it to Foreign Intervention Promotion Council in an apparent attempt to broaden the organisation’s mandate to include revenue generation.
Aliyu further revealed that the appointment letter presented by Adeyemi was forged and that the fake PFIPC unlawfully occupied offices and used official materials belonging to the defunct Presidential Economic Advisory Council (PEAC).
He explained that the syndicate exploited lapses in verification procedures and inter-agency coordination to impersonate government officials and carry out fraudulent activities.
The commission, however, said its investigation found no evidence that funds were approved or disbursed to the fake PFIPC or PEAC, adding that it also found no weaknesses in the systems of the State House or the Central Bank of Nigeria.
The ICPC has recommended the prosecution of Adeyemi, disciplinary action against public officials alleged to have aided the operation of the fake agency, and reforms to strengthen internal controls across government institutions.
Officials from the Office of the Secretary to the Government of the Federation, the Office of the Head of the Civil Service of the Federation, the Office of the Accountant-General of the Federation, the Budget Office of the Federation, and the National Information Technology Development Agency were identified as collaborators whose roles are still being investigated.
Aliyu stressed that the report submitted to President Tinubu is interim, noting that investigations are continuing to uncover additional evidence and identify all those involved before criminal charges are filed.
The ICPC launched the probe after questions emerged over the existence and activities of the PFIPC, which allegedly presented itself as a federal agency despite lacking any legal foundation. Earlier findings had shown that Adeyemi allegedly used forged appointment documents and unlawfully occupied facilities belonging to the former Presidential Economic Advisory Council while operating the fake organisation.