The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has uncovered two additional agencies allegedly created by the detained Director-General of the purported Presidential Foreign Intervention Promotion Council (PFIPC), Adeniyi Adeyemi, using forged government documents.
The discovery was contained in an interim investigation report submitted to President Bola Ahmed Tinubu as part of a probe into the activities of the controversial organisation.
According to the report, Adeyemi allegedly created the FCT Investment Promotion Agency (FIPA) and the Foreign Investment Promotion Agency and Public-Private Partnership (FIPA-PPP) and presented them as legitimate government institutions.
The ICPC said Adeyemi subsequently used documents purportedly establishing the agencies to facilitate the opening of commercial bank accounts in their names.
ICPC: PFIPC was never established by government
The commission said its investigation established that Adeyemi was never appointed by the Federal Government and that the PFIPC was not created through legislation, an executive order or any other valid government instrument.
The ICPC recommended his prosecution for alleged impersonation, forgery, criminal misrepresentation and other related offences.
Adeyemi and other defendants have already been charged by the police over allegations arising from the controversy.
The commission said Adeyemi allegedly forged legislative instruments titled the Foreign Investment Promotion Agency and Public-Private Partnership Act (FIPA-PPP), Chapter N2117, Laws of the Federation of Nigeria, and the FCT Investment Promotion Agency Act.
According to the ICPC, the two documents were variants of forged legislation previously used in connection with the purported Presidential Economic Advisory Council (PEAC) and PFIPC.
The PEAC was established by former President Muhammadu Buhari to provide economic advice but ceased to exist after the end of his administration.
The ICPC alleged that Adeyemi used the name of the former council as part of efforts to give legitimacy to his activities.
Fake documents allegedly used to open bank accounts
Investigators also discovered that documents used to open accounts for the two purported agencies did not contain the mandatory authorisation of the Office of the Accountant-General of the Federation (OAGF), which is required for ministries, departments and agencies to operate accounts with commercial banks.
The instructions for opening the accounts were allegedly issued by individuals identified in the documents as the chairman and secretary of the PEAC, Adekunle Ajayi and Lovina Akabueze.
Adeyemi was listed as Director-General and Chief Executive Officer and was reportedly the sole signatory to the accounts.
The ICPC recommended that officials of Unity Bank responsible for the accounts, including the managing director, chief compliance officer and relationship or account officer, be invited for questioning.
It also recommended that relevant OAGF officials, Ajayi and Akabueze be interviewed.
The commission further called for a broader examination of bank accounts linked to Adeyemi and the sources of funds he allegedly claimed to have obtained as loans.
Adeyemi allegedly sought control of government functions
The ICPC said the creation of the two purported agencies formed part of Adeyemi’s wider efforts to make PFIPC appear to be an established government institution.
According to the commission, Adeyemi wrote to several government agencies seeking collaboration and attempting to assume responsibilities already assigned to existing institutions.
Among the areas he allegedly sought involvement were Federal Executive Council activities, collection of stamp duties and excess bank charges, processing of visas for foreign investors, import duties, maritime revenue and temporary import permits.
The ICPC said such requests encroached on the mandates of institutions including the Nigerian Investment Promotion Council, Nigeria Immigration Service, Nigeria Revenue Service and Nigerian Maritime Administration and Safety Agency.
Proposed World Investment Summit raises concerns
The commission also said Adeyemi attempted to organise a World Investment Summit as part of the activities of the purported organisation.
In preparation for the event, he reportedly hosted members of the diplomatic community accredited to Nigeria and international investors at the Wells Carlton Hotel and Apartment in Abuja on October 10, 2025.
The pre-summit dinner was allegedly organised without formal coordination with the Ministry of Foreign Affairs.
Six days later, on October 16, 2025, the ministry reportedly wrote to the Chief of Staff to the President and the National Security Adviser seeking clarification over Adeyemi’s status following his engagements with members of the diplomatic community.
Checks conducted by the Office of the National Security Adviser reportedly established that PFIPC was not a Federal Government entity and that Adeyemi had never been appointed by the government.
The development prompted the Chief of Staff to the President, Femi Gbajabiamila, to petition law enforcement agencies, leading to investigations into Adeyemi’s activities.
The police subsequently charged Adeyemi and two other defendants with offences including conspiracy, forgery and impersonation.
ICPC uncovers N71.7m inflow in new account
The disruption of PFIPC, however, did not immediately stop Adeyemi’s alleged activities.
According to the ICPC, he later operated under an organisation known as World Investment Summit Group and opened an account with Moore Money Microfinance Bank.
The account reportedly recorded total inflows of N71.7 million.
The commission said its investigation did not establish that any of the funds came from government sources.
The ICPC further alleged that Adeyemi continued corresponding with members of the public through the World Investment Summit Group even after the purported PFIPC scheme had been exposed and disrupted in October 2025.
The commission concluded that the activities of PFIPC involved a combination of alleged misrepresentation, forgery, compromised officials and administrative engagements designed to create the appearance of a recognised Federal Government institution.
It said the case had also exposed weaknesses in verification procedures across some government institutions.
According to the ICPC, those gaps enabled the purported council to gain access to government processes, including budget consideration, office allocation, digital identity registration and engagements with diplomatic stakeholders.
