By By Elizabeth Ugbo
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has confirmed that the appointment letter presented by Adeniyi Adeyemi Mathew did not originate from the Presidency. ICPC Chairman Dr. Musa Adamu Aliyu (SAN) disclosed this in Abuja on Thursday while presenting the agency’s interim report on the investigation into the fake Presidential Foreign Investment Promotion Council (PFIPC). The investigation followed President Bola Ahmed Tinubu’s directive of July 7, 2026, ordering the commission to probe the alleged fraudulent agency within 30 days.
ICPC Submits Interim Report to President Tinubu
Dr. Aliyu said the commission completed the initial phase of its investigation within the timeline approved by President Tinubu.
According to him, the President directed the ICPC to brief Nigerians after receiving the interim report. He noted that the investigation reflected the administration’s commitment to transparency and accountability.
Investigation Confirms PFIPC Was Never Established
The ICPC found that Adeniyi Adeyemi Mathew was never appointed by the Federal Government or any authorised government institution.
Furthermore, investigators established that the Presidential Foreign Investment Promotion Council (PFIPC) never existed under any law, executive order, or other lawful government instrument.
The commission also confirmed that the appointment letter used by Adeyemi was forged alongside several other official-looking documents.
Fake Agency Allegedly Took Over PEAC Identity
According to the report, the fake PFIPC unlawfully assumed the identity and operational structure of the former Presidential Economic Advisory Council (PEAC).
The investigation further revealed that Adeyemi allegedly engaged in false representation, impersonation, and other fraudulent activities while presenting himself as Director-General of the non-existent agency.
Verification Gaps Allegedly Exploited
The ICPC said its investigators discovered that weaknesses in verification procedures, inter-agency oversight, and administrative processes enabled the fraud.
The report also pointed to negligence and possible connivance by some public officials, which allegedly allowed the fake organisation to operate.
However, the commission stressed that no Federal Government funds were approved or released to the fake PFIPC or the former PEAC.
State House and CBN Systems Cleared
Dr. Aliyu stated that investigators found no weaknesses in the operational systems of the State House or the Central Bank of Nigeria (CBN).
He added that the fake appointment letter did not originate from the Presidency.
ICPC Discovers Two Additional Fake Agencies
The commission also uncovered two additional fictitious organisations allegedly created by Adeyemi:
- FCT Investment Promotion Agency (FIFA)
- Foreign Investment Promotion Agency and Public Private Partnership (FIFA-PPP)
According to the ICPC, Adeyemi allegedly forged enabling legislative documents to support the creation of the agencies and used them to facilitate the opening of bank accounts.
ICPC Recommends Prosecution and Institutional Reforms
Based on its interim findings, the commission recommended:
- Full prosecution of Adeniyi Adeyemi Mathew.
- Administrative sanctions against public officers whose negligence enabled the fraudulent operations.
- Institutional reforms to strengthen verification procedures and prevent similar incidents.
The ICPC added that investigations into the activities, bank accounts, collaborators, and financial transactions linked to the fake PFIPC remain ongoing.
