ICPC Uncovers 3 Alleged Fake Agencies, Recommends Prosecution of Suspect

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has recommended the prosecution of Mr Adeniyi Adeyemi Matthew over the alleged creation and operation of the fictitious Presidential Foreign Investment Promotion Council (PFIPC).

ICPC Chairman, Dr Musa Adamu Aliyu, disclosed this on Thursday after presenting an interim investigation report to President Bola Ahmed Tinubu at the Presidential Villa, Abuja, 30 days after the President directed the commission to probe the organisation.

According to Aliyu, the investigation established that neither Adeyemi nor the purported PFIPC had any legal backing from the Federal Government. He said Adeyemi was never appointed by the government or any authorised institution, while the organisation was not established by any law, executive order or other valid government instrument.

The ICPC chairman said the appointment letter presented by Adeyemi, as well as a gazette allegedly used to legitimise the organisation, were forged. He added that investigators found evidence of impersonation, false representation and other activities allegedly carried out in the name of the fictitious agency.

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The investigation also uncovered two other alleged fictitious agencies linked to the suspect, the Foreign Capital and Wealth Investment Promotion Agency (FCWIPA) and the Foreign Investment Promotion Agency/Public-Private Partnership (FIPA-PPP).

Aliyu said forged legislative instruments were allegedly used to create the agencies and facilitate the opening of commercial bank accounts for their activities.

He further disclosed that Adeyemi allegedly appropriated the identity and office of the defunct Presidential Economic Advisory Council (PEAC), using its former office as the operational base of the purported agency.

The ICPC chairman said the commission had concluded the main investigative phase after interviewing Adeyemi and other persons connected to the case and was now preparing criminal charges.

He, however, declined to comment on allegations involving about ₦400 million, saying the matter formed part of the ongoing criminal investigation and would be made public when the case reaches court.

Aliyu said the investigation found no evidence that Federal Government funds were approved or disbursed to the purported PFIPC or the defunct PEAC. He also said the Presidency was not involved in the alleged activities, noting that the purported appointment letter did not originate from the Office of the President.

Beyond the alleged activities of the suspect, the investigation identified weaknesses in verification procedures, inter-agency oversight and administrative processes across several Ministries, Departments and Agencies (MDAs).

The commission consequently recommended the prosecution of Adeyemi, administrative sanctions against public officers whose alleged negligence or omissions facilitated the activities, and institutional reforms to strengthen internal controls and prevent similar incidents.

Aliyu said the interim report had been submitted to President Tinubu and that the commission was awaiting feedback on its recommendations while completing outstanding aspects of the criminal investigation.

He assured that the ICPC would pursue accountability for those found culpable and implement measures aimed at preventing a recurrence of similar cases.