The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has recommended the prosecution of Adeniyi Adeyemi following its interim investigation into the alleged fictitious Presidential Foreign Investment Promotion Council (PFIPC).
ICPC Chairman Musa Aliyu presented the interim report to President Bola Tinubu at the Presidential Villa in Abuja on Thursday, 30 days after the President directed the anti-corruption agency to investigate the disputed council.
According to the commission, preliminary findings showed that Adeyemi was never appointed by the Federal Government as Director-General of the PFIPC. Investigators also concluded that the appointment letter, gazette and other documents used to establish the agency were forged.
Aliyu said the investigation uncovered weaknesses in government verification and oversight systems, which allegedly enabled Adeyemi to present the PFIPC as a legitimate government agency.
He stated that no Federal Government funds were approved or disbursed to the alleged fake PFIPC or the Presidential Economic Advisory Council (PEAC).
The ICPC also alleged that Adeyemi created two additional agencies, the FCT Investment Promotion Agency (FIFA) and the Foreign Investment Promotion Agency and Public Private Partnership (PIPA-PPP). According to the commission, forged legislative instruments were used to support the opening of bank accounts linked to the entities.
The commission recommended that Adeyemi be prosecuted and called for administrative sanctions against public officers whose negligence allegedly facilitated the operation of the disputed agency. It also urged reforms to strengthen internal controls across Ministries, Departments and Agencies (MDAs) to prevent similar incidents.
Aliyu stressed that the report is interim, noting that investigations are continuing to identify additional collaborators and gather more evidence for criminal charges.
The PFIPC controversy emerged after the Presidency disowned the council, describing it as a non-existent government agency despite its inclusion in the 2026 Appropriation Act with a ₦1.3 billion budget allocation.
The Federal Government has already filed criminal charges against Adeyemi over allegations including forgery, impersonation and fraudulent misrepresentation, while separate investigations by the House of Representatives and the ICPC remain ongoing.
