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PFIPC Investigation: ICPC Uncovers Two More Bogus Agencies Allegedly Created by Adeyemi
ICPC says its investigation into the fake PFIPC has uncovered two more bogus agencies allegedly created by Adeniyi Matthew Adeyemi, with prosecution and reforms recommended.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has expanded its investigation into the alleged fake Presidential Foreign Intervention Promotion Council (PFIPC), uncovering two more fictitious government agencies allegedly established by Adeniyi Matthew Adeyemi.
ICPC Chairman Dr. Musa Adamu Aliyu (SAN) announced the development after presenting the commission’s interim findings on the controversial agency to President Bola Tinubu at the Presidential Villa in Abuja.
According to the anti-corruption agency, investigations confirmed that Adeyemi was never appointed by the Federal Government and that the Presidential Foreign Investment Promotion Council had no legal backing through legislation or an executive order.
The interim report also stated that the appointment letter presented by Adeyemi was forged and that the fake PFIPC illegally assumed the offices and official instruments of the former Presidential Economic Advisory Council (PEAC).
Aliyu said the organisation used the former PEAC office to carry out false representation, widespread impersonation and other unlawful activities by exploiting weaknesses in government verification and oversight systems.
The investigation further uncovered two additional fake agencies — the FCT Investment Promotion Agency (PIFA) and the Foreign Investment Promotion Agency (PIPA).
“These agencies were created using forged legislative instruments and were used to open bank accounts for illegal activities,” the ICPC chairman said.
He added that Adeyemi altered the agency’s name from the Foreign Investment Promotion Council to the Foreign Intervention Promotion Council and sought to expand its operations into revenue generation.
Aliyu maintained that investigators found no evidence that public funds were released to the fake organisation.
“The investigation found no funds were approved or disbursed for the fake PFIPC/PEAC, and there were no weaknesses in the State House or CBN system.”
The committee recommended the prosecution of Adeyemi, disciplinary action against public officials who allegedly enabled the scheme, and institutional reforms to strengthen internal controls.
Officials named as collaborators were drawn from the Office of the Secretary to the Government of the Federation, the Office of the Head of the Civil Service of the Federation, the Accountant-General’s Office, the Budget Office and the National Information Technology Development Agency (NITDA).
Aliyu said the investigation is still ongoing.
“The report is interim and the investigation continues to uncover more details to file criminal charges against Adeyemi and his collaborators,” he said.
He also disclosed that President Tinubu has taken note of the interim report and reaffirmed his commitment to ensuring transparency and accountability as the investigation progresses.
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