Abuja, August 6, 2026 – The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has announced that its interim investigation into the activities of the alleged fake Presidential Foreign Investment Promotion Council (PFIPC) has cleared the Presidency of any involvement in the controversial appointment letter presented by Adeniyi Adeyemi Mathew.
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Presenting the findings at a press briefing in Abuja, ICPC Chairman, Dr. Musa Adamu Aliyu, SAN, disclosed that the investigation, ordered by President Bola Ahmed Tinubu on July 7, 2026, established that the appointment letter did not originate from the Presidency and was among several forged documents allegedly used to sustain the operations of the fictitious agency.
According to the commission, investigators found no record showing that Adeniyi Adeyemi Mathew was ever appointed by the Federal Government or any recognised public authority. The report further confirmed that the Presidential Foreign Investment Promotion Council was never created through legislation, an Executive Order or any lawful instrument of government.
The ICPC said the alleged fake Director-General reportedly relied on forged official documents, false representations and impersonation to present the organisation as a legitimate government institution. Investigators also alleged that the group unlawfully adopted the identity and operational structure of the former Presidential Economic Advisory Council (PEAC) in an attempt to gain public confidence.
Dr. Aliyu explained that while the investigation uncovered weaknesses in verification processes and inter-agency coordination, there was no evidence linking the Presidency or the Central Bank of Nigeria to the alleged activities. He maintained that both institutions followed established procedures and that their operational systems remained secure.
The commission also disclosed that investigators uncovered two additional fictitious agencies allegedly established by Adeyemi, identified as the FCT Investment Promotion Agency (FIFA) and the Foreign Investment Promotion Agency and Public Private Partnership (FIFA-PPP). The ICPC alleged that forged legislative documents were used to support the creation of bank accounts and other operational activities linked to the organisations.
The anti-corruption agency further stated that no Federal Government funds were approved or disbursed to the alleged PFIPC, contrary to public speculation. Instead, investigators are focusing on tracing financial transactions, bank accounts and identifying individuals believed to have assisted in the operation of the organisations.
Based on its interim findings, the ICPC recommended the immediate prosecution of Adeniyi Adeyemi Mathew, disciplinary action against public officials whose negligence may have aided the activities of the fake agency, and comprehensive reforms to strengthen verification and oversight mechanisms across government institutions.
The commission assured Nigerians that investigations remain ongoing and that additional findings will be released as efforts continue to uncover the full extent of the alleged fraud and ensure that all those found culpable are brought to justice.