ICPC Uncovers Two More Fake Agencies In PFIPC Probe

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has pressed for the immediate trial of Adeniyi Adeyemi Matthew, the mastermind behind the counterfeit Presidential Foreign Investment Promotion Council (PFIPC), following findings proving that neither he nor the organization held any legitimate government authority.

Aside from the primary violation, investigators uncovered two additional fraudulent government bodies created by the individual, alongside systemic administrative weaknesses across various ministries.

ICPC Chairman Dr. Musa Adamu Aliyu revealed these updates on Thursday following an interim briefing with President Bola Tinubu at the Presidential Villa.

Aliyu confirmed that the preliminary findings were delivered exactly one month after the president ordered a comprehensive probe into the scam.

According to the anti-corruption head, checks confirmed that Matthew possessed no official appointment, while the supposed council lacked any legal establishment framework.

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

He noted that the official gazette presented to validate the operations was likewise fabricated without statutory backing.

Investigators further established that the suspect hijacked the facilities of the defunct Presidential Economic Advisory Council (PEAC) to utilize as an operating base for unlawful activities.

The anti-fraud investigation exposed two extra dummy entities floated by the suspect: the Foreign Capital and Wealth Investment Promotion Agency (FCWIPA) and the Foreign Investment Promotion Agency/Public-Private Partnership (FIPA-PPP).

Fabricated legislative instruments were reportedly deployed to legitimize these bodies and open corresponding commercial bank accounts.

Attempts to widen the illicit scope saw the promoter alter the primary title to the Presidential Foreign Intervention Promotion Council to overlap with genuine revenue-generating institutions.

With witness statements secured, the anti-graft agency confirmed that formal criminal proceedings are being wrapped up.

“We have interacted with Mr. Adeniyi Adeyemi. He is among the persons we interviewed. We took his statement, noted everything he told us and drew our conclusions from the evidence before us. The investigation has now progressed to the criminal stage. We are rounding it off and preparing to file charges in court,” he said.

While holding back comments on separate multi-million naira allegations pending the filing of formal charges, the chairman verified that no federal monies were ever disbursed to the fake entities.

He cleared the presidency of any involvement, emphasizing that security checks found no structural compromise within the State House itself.

“Our investigation found no weakness in the systems of the State House, and the purported appointment letter did not emanate from the Presidency,” he said.

Nonetheless, institutional audits pointed out procedural lapses within civil service structures that facilitated the fraud.

“We discovered weaknesses in some MDAs. We interacted with officials from the Office of the Head of the Civil Service of the Federation, the Office of the Accountant-General, the Budget Office and other agencies. These institutional gaps enabled Mr. Adeyemi to carry out the illegal activities under investigation,” he said.

Key recommendations from the report entail prosecuting the suspect, sanctioning negligent civil servants, and implementing stricter administrative checks.

“Our investigation found that some public officers failed to conduct due diligence and adhere to established procedures in their ministries, departments and agencies, thereby creating the opportunity for these illegal activities,” Aliyu said.

The commission remains in communication with the presidency regarding policy reforms while pushing forward with the court actions.

“We have already submitted our report and are awaiting feedback from Mr. President. However, we are continuing with the criminal investigation because there are still issues we need to tidy up before filing the charges,” he said.