The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has uncovered two additional fictitious government agencies allegedly created by Adeniyi Adeyemi Mathew, the Director-General of the controversial Presidential Foreign Investment Promotion Council (PFIPC).

ICPC Chairman, Dr. Musa Adamu Aliyu (SAN), disclosed this on Thursday in Abuja while presenting the commission’s interim report on the investigation ordered by President Bola Tinubu into the activities of the fake agency.

Aliyu said the probe, which was concluded within the 30-day timeline directed by the President on July 7, established that neither Adeyemi nor the PFIPC had any legal backing or recognition by the Federal Government.

According to him, investigations revealed that Adeyemi was never appointed by the Federal Government or any authorised institution, while the PFIPC was never established by any law, executive order or any other valid instrument of government.

“The appointment letter presented by Adeniyi Adeyemi Mathew was completely forged alongside similar documents used to perpetuate the illegal activities of the fake agency,” Aliyu said.

He added that the commission also established that the fake PFIPC unlawfully took over the identity and operational instruments of the former Presidential Economic Advisory Council (PEAC), using them to project legitimacy while engaging in widespread impersonation and other illegal activities.

The ICPC chairman further disclosed that investigators uncovered two additional fictitious agencies allegedly created by Adeyemi to expand the operation.

The agencies were identified as the FCT Investment Promotion Agency (FIFA) and the Foreign Investment Promotion Agency and Public Private Partnership (FIFA-PPP).

According to Aliyu, Adeyemi allegedly forged legislative instruments purportedly establishing the agencies and used the fake documents to facilitate the opening of bank accounts.

“The investigation found that he forged legislative instruments styled as enabling Acts to support the creation of these agencies and the opening of bank accounts,” he said.

Aliyu also stated that the investigation found weaknesses in verification procedures, inter-agency oversight and government processes, which were allegedly exploited by Adeyemi with “some level of negligence and connivance.”

However, he stressed that the probe did not uncover any weaknesses in the systems of the State House or the Central Bank of Nigeria (CBN), describing their processes as “above board.”

He further clarified that the forged appointment letter did not originate from the Presidency.

“The fake appointment letter of Adeniyi Adeyemi Mathew did not originate from the Presidency,” he said.

The ICPC chairman noted that no Federal Government funds were approved or disbursed to the fake PFIPC or the PEAC throughout the period of its illegal operations.

As part of its recommendations, the commission called for the full prosecution of Adeyemi, administrative sanctions against public officers whose negligence enabled the activities of the fake organisation, and comprehensive institutional reforms to prevent similar incidents.

Aliyu said investigations were continuing into all activities linked to the fake PFIPC, including its bank accounts, those of Adeyemi and his alleged collaborators.

[20:45, 8/6/2026] Damilare Adeleye: