ICPC Clears Presidency in Fake Agency Probe, Recommends Prosecution of Alleged PFIPC Promoter

ICPC Submits Interim Report to Tinubu

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has submitted an interim report to President Bola Tinubu following its investigation into the alleged fake Presidential Foreign Investment Promotion Council (PFIPC).

According to the commission, its investigation found no evidence linking the Presidency to the creation or operation of the controversial organisation.

Presidency Cleared of Wrongdoing

ICPC Chairman Musa Aliyu said the investigation established that the Federal Government neither created nor funded the PFIPC.

The commission also stated that:

• No Federal Government funds were approved or disbursed to the organisation.

• No security breach was found within the Presidency or the Central Bank of Nigeria.

• The alleged appointment documents used to legitimise the agency were forged.

ICPC Recommends Adeyemi's Prosecution

The commission recommended the prosecution of Adeniyi Adeyemi, who allegedly presented himself as the Director-General of the PFIPC.

According to the ICPC, investigators believe Adeyemi used forged appointment letters, gazettes and other official-looking documents to create the impression that the organisation was a legitimate government agency.

He is expected to face charges including:

• Forgery.

• Impersonation.

• Fraudulent misrepresentation.

• Related criminal offences.

Two More Alleged Fake Agencies Discovered

The investigation also uncovered two additional organisations allegedly linked to Adeyemi.

According to the ICPC, the agencies are:

• FCT Investment Promotion Agency (FIPA).

• Foreign Investment Promotion Agency and Public Private Partnership (PIPA-PPP).

Investigators believe these entities may have been created to expand the alleged fraudulent operation. The commission says investigations are continuing to determine the full extent of their activities.

House of Representatives Also Investigating

The controversy remains the subject of a separate investigation by the House of Representatives, which is examining how the non-existent agency reportedly appeared in the 2026 Appropriation Act with a budget allocation.

Lawmakers are also investigating the documents and processes that allowed the alleged agency to operate while presenting itself as an official government institution.

Investigation Continues

Although the ICPC has submitted an interim report, the commission says the investigation is not yet complete.

Officials say investigators are working to identify additional collaborators and gather more evidence before filing criminal charges capable of withstanding court scrutiny. Administrative sanctions have also been recommended for public officials whose negligence may have enabled the alleged scheme.

The Bottom Line

The ICPC has concluded that the Presidency was not involved in the alleged PFIPC scandal, while recommending the prosecution of the man accused of promoting the fake agency.

With additional fictitious agencies now uncovered and parallel investigations ongoing, the case is expected to remain a major anti-corruption story in Nigeria in the coming weeks.