The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has recommended the prosecution of Adeniyi Adeyemi Mathew, alleging that he created two additional fake government agencies apart from the controversial Presidential Foreign Investment Promotion Council (PFIPC).
The anti-graft agency disclosed this after submitting an interim investigation report to President Bola Ahmed Tinubu, exactly 30 days after the President directed the commission to investigate the activities of the purported council.
Speaking to State House correspondents on Thursday, ICPC Chairman, Dr. Musa Adamu Aliyu (SAN), said the investigation established that the Presidential Foreign Investment Promotion Council was never created by law and operated using forged government documents.
According to Aliyu, the President also directed the commission to make the findings public in line with his administration’s commitment to transparency and accountability.
“Recall that the President, on July 7, 2026, gave ICPC 30 days to investigate the fake Presidential Foreign Investment Promotion Council, and today is exactly 30 days. I have just submitted the interim report and briefed Mr. President accordingly,” Aliyu said.
The ICPC boss revealed that investigations showed Adeyemi Mathew was never appointed by the Federal Government or any recognised authority, despite presenting himself as the Director-General of the council.
He added that investigators found no law, executive order or legal instrument establishing the PFIPC, contrary to the claims made by the suspect.
According to the commission, the appointment letter and several official documents used by Adeyemi to operate the fake council were completely forged.
Aliyu further disclosed that the suspect unlawfully took over the identity, office and operational structure of the defunct Presidential Economic Advisory Council (PEAC).
The investigation also revealed that the office previously occupied by the PEAC was allegedly broken into before the operators of the fake agency moved in.
The commission accused Adeyemi of engaging in false representation, impersonation and other fraudulent activities while posing as the head of a non-existent government institution.
Although investigators uncovered weaknesses in verification procedures and inter-agency oversight that may have aided the activities of the fake council, Aliyu stressed that there was no evidence that any money was approved or released to the organisation by the Federal Government.
He also stated that the investigation found no institutional weaknesses in the Presidency or the Central Bank of Nigeria (CBN), describing both institutions as operating above board.
According to the ICPC, the forged appointment letter used by Adeyemi did not originate from the Presidency.
The commission also uncovered two additional fictitious agencies allegedly established by the suspect. They include the FCT Investment Promotion Agency (FIPA) and the Foreign Investment Promotion Agency and Public-Private Partnership (FIPA-PPP).
Investigators said forged legislative documents presented as enabling Acts were used to create the fake agencies and facilitate the opening of bank accounts in their names.
The commission also discovered that the fake council at one point operated under the name Presidential Foreign Intervention Promotion Council, a move investigators believe was intended to expand its activities and create the impression of official government recognition.
Based on its findings, the ICPC recommended that Adeyemi Mathew face criminal prosecution.
“He should be fully prosecuted,” Aliyu declared.
The commission also recommended administrative sanctions against public officers whose negligence or failure to carry out proper due diligence allegedly enabled the illegal activities of the fake organisation.
It further called for institutional reforms aimed at strengthening verification systems, improving collaboration among government agencies and preventing similar incidents in the future.
Aliyu clarified that although the interim report had been submitted to the President, the criminal investigation is still ongoing.
He disclosed that investigators have already obtained statements from other individuals linked to the case but declined to reveal their identities because investigations are still in progress.
“Yes, they are among the persons that we have taken statements from. We have noted it and drawn our own findings. Because it is a criminal investigation, I don’t want to do that. Once we finish everything, people will see what has been discovered in our investigation,” he said.
The ICPC chairman explained that investigators are still examining Adeyemi’s activities, financial records, bank accounts and those of his alleged collaborators to gather sufficient evidence for prosecution.
“We have continued the investigation into the activities of Mr. Mathew and his collaborators so that we can unravel more and find criminal charges against him that can stand the test of time before a court of competent jurisdiction,” Aliyu added.
He also disclosed that the investigation exposed procedural weaknesses in agencies such as the Office of the Accountant-General of the Federation, the Budget Office and the Office of the Head of Service, which were allegedly exploited by the fake organisations.
However, he reiterated that the investigation found no operational lapses within the State House or the Central Bank of Nigeria.
Aliyu added that President Tinubu commended the ICPC for completing the interim report within the 30-day timeline while assuring that investigations into Adeyemi Mathew and everyone connected to the alleged fraud would continue until all those involved are brought to justice.
