President Bola Tinubu has received the interim report of the Independent Corrupt Practices and Other Related Offences Commission on the investigation into the fictitious Presidential Foreign Investment Promotion Council, with the agency recommending the immediate prosecution of Adeniyi Adeyemi Matthew, the self-acclaimed Director-General.
ICPC Chairman Musa Adamu, SAN, disclosed this after briefing President Tinubu at the Presidential Villa on Thursday. He said the investigation had conclusively established that Adeyemi was never appointed by the Federal Government and that the PFIPC, also referred to in some documents as the Presidential Foreign Intervention Promotion Council, was never created by any law, Executive Order, or valid government instrument.
“The appointment letter presented by the suspect, along with other supporting documents, was completely forged and did not originate from the Presidency,” Adamu said.
Investigators also uncovered two additional fictitious agencies allegedly established by Adeyemi using forged legislative instruments: the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency/Public-Private Partnership, which the suspect used to open bank accounts and carry out unauthorised activities. Adeyemi had unlawfully taken over the office of the defunct Presidential Economic Advisory Council after gaining unauthorised access to the facility.
No federal government funds were approved or disbursed to the fake agency, and no security breach was found within the presidency or the Central Bank of Nigeria. However, the investigation identified institutional weaknesses in some MDAs that allowed Adeyemi to operate for an extended period without detection.
The commission recommended the prosecution of Adeyemi Matthew, administrative sanctions against public officers whose acts of omission facilitated the operation of the fake agency, and institutional reforms to strengthen internal controls across the affected MDAs.