Adeyemi Indicted: ICPC Labels PFIPC Illegal, Orders Prosecution

An interim ICPC investigation has cleared the way for the prosecution of Adeniyi Adeyemi Mathew, who allegedly operated a fraudulent government agency using forged documents and a fake federal appointment.

ICPC Chairman Dr. Musa Adamu Aliyu (SAN) revealed the findings Thursday at the Presidential Villa in Abuja while presenting an interim report to President Bola Tinubu.

The report comes exactly 30 days after President Tinubu ordered a probe into the activities of the self-styled Presidential Foreign Investment Promotion Council (PFIPC).

According to Aliyu, the investigation confirmed that Adeyemi held no valid Federal Government appointment and that the PFIPC lacked any backing in law, executive order, or official mandate.

He added that the appointment letter and supporting documents used to run the bogus council were entirely forged.

The ICPC also found that the PFIPC unlawfully appropriated the identity, offices and operational instruments of the former Presidential Economic Advisory Council (PEAC) while engaging in widespread impersonation, false representation and other illegal activities.

The commission, however, said no Federal Government funds were approved or disbursed to the fake PFIPC or the PEAC, adding that investigators found no weaknesses in the operational systems of the State House or the Central Bank of Nigeria.

Aliyu further disclosed that the fake appointment letter did not originate from the Presidency.

He also revealed that Adeyemi allegedly established two additional fictitious government agencies-the FCT Investment Promotion Agency (FIPA) and the Foreign Investment Promotion Agency and Public Private Partnership (FIPA-PPP), using forged legislative instruments presented as enabling Acts to facilitate the opening of bank accounts.

While the investigation uncovered weaknesses in verification processes, inter-agency oversight and administrative procedures, the ICPC chairman said there were also acts of negligence and possible connivance that enabled the fraudulent operation.

Apart from recommending Adeyemi’s prosecution, the commission called for administrative sanctions against public officers whose omissions facilitated the illegal operations and proposed far-reaching institutional reforms to prevent a recurrence.

Aliyu added that investigations are continuing into the activities, bank accounts and alleged collaborators linked to Adeyemi and the fake agencies.