Independent Corrupt Practices and Other Related Offences Commission (ICPC) has cleared the Presidency of any involvement in the appointment of Adeniyi Adeyemi Mathew, declaring that the appointment letter he presented as Director-General of the purported Presidential Foreign Investment Promotion Council (PFIPC) was forged.
ICPC Chairman, Dr. Musa Adamu Aliyu (SAN), disclosed this on Thursday while briefing journalists in Abuja on the outcome of the Commission’s interim investigation into the activities of Adeyemi and the controversial agency.
Aliyu said the investigation followed President Bola Tinubu’s directive of July 7, 2026, which gave the Commission 30 days to probe the alleged establishment and operations of the PFIPC.
According to him, the interim report has already been submitted to the President.
“Recall the President on 7th July, 2026 gave ICPC 30 days to investigate into the fake Presidential Foreign Investment Promotion Council and today is exactly 30 days. I have just submitted the interim report and briefed Mr. President accordingly.
“The president took the right decision in the spirit of transparency and accountability and directed me to address the media for the benefit of Nigerians.”
Presenting the Commission’s findings, the ICPC Chairman said investigations established that Adeniyi Adeyemi Mathew was never appointed by the Federal Government or any authorised government institution.
He further revealed that the PFIPC itself had no legal backing, saying it was neither created by legislation, executive order nor any other valid government instrument.
Aliyu stated: “It has been established that Adeniyi Adeyemi Mathew was never appointed by the Federal Government or any authority of the government.
“The PFIPC was never established by any law or executive order or 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.”
According to the ICPC boss, the investigation also found that the fake organisation unlawfully took over the identity and operational structure of the former Presidential Economic Advisory Council (PEAC).
“The PFIPC cannibalized the former Presidential Economic Advisory Council (PEAC) and illegally appropriated offices and instruments of operation.”
He alleged that Adeyemi used false representations, impersonation and other unlawful means to operate the fictitious agency.
“False projection, false representation, wide spread impersonation and a wide range of illegal activities were perpetrated by the fake DG of the fake agency Adeniyi Adeyemi.
“The interim report found that weaknesses in verification, interagency oversight and government processes was exploited by Adeyemi Adeniyi with some level of negligence and connivance.”
Despite the alleged fraudulent activities, the ICPC Chairman said investigations confirmed that no Federal Government funds were approved or released to the fake agency.
“Our investigation found that no fund of the Federal Government was approved or disbursed to the fake PFIPC/PEAC.”
He also dismissed suggestions that the Presidency or the Central Bank of Nigeria (CBN) had system failures that enabled the operation.
“No weaknesses were found in the systems of the State House or CBN and the processes are above board.
“The fake appointment letter of Adeniyi Adeyemi Mathew did not originate from the presidency.”
Aliyu further disclosed that investigators uncovered two additional fictitious agencies allegedly created by Adeyemi.
They are the FCT Investment Promotion Agency (FIFA) and the Foreign Investment Promotion Agency and Public Private Partnership (FIFA-PPP).
According to him, forged legislative documents described as enabling Acts were used to facilitate the opening of bank accounts for the fake organisations.
“The ICPC discovered Adeyemi Adeniyi created two additional fictitious government agencies namely:-
“(a) FCT Investment Promotion Agency (FIFA)
“(b) Foreign Investment Promotion Agency and Public Private Partnership (FIFA-PPP).
“To facilitate their creation he forged legislative instrument styled as Enabling Acts and used them to support the opening of Bank Accounts.”
The Commission recommended that Adeyemi be prosecuted while disciplinary measures should be taken against public officials whose negligence allegedly enabled the operations of the fake agency.
Aliyu added that the ICPC has also proposed institutional reforms to prevent similar incidents in the future.
> “He should be fully prosecuted.
> “Administrative sanctions be imposed on public officers whose acts of omission and negligence facilitated the illegal operations of PFIPC/PEAC.
> “Institutional reforms have been recommended by the ICPC.”
He noted that investigations are continuing into the activities, bank accounts and associates linked to the fake PFIPC.
> “There is an ongoing investigation into all activities, bank accounts of PFIPC, Adeniyi Adeyemi Adeyemi and his collaborators.”