LATEST: ICPC Expands Investigation Into Alleged Fake PFIPC, Says More Discoveries May Emerge

Abuja, August 6, 2026 – The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has disclosed that its investigation into the alleged fake Presidential Foreign Investment Promotion Council (PFIPC) remains active, with officials indicating that further discoveries could emerge as investigators continue to scrutinise financial records, official documents and the activities of individuals linked to the organisation.

Speaking at a press conference in Abuja, ICPC Chairman, Dr. Musa Adamu Aliyu, SAN, said the commission's interim findings represent only the first phase of the investigation ordered by President Bola Ahmed Tinubu, stressing that inquiries into the operations of the alleged fake agency are still ongoing.

According to the commission, the investigation established that Adeniyi Adeyemi Mathew was never appointed by the Federal Government and that the purported PFIPC had no legal status as a government agency. The ICPC maintained that the organisation was not created by any Act of the National Assembly, Executive Order or other lawful instrument of government.

The commission further stated that the appointment letter and several other official documents allegedly presented by Adeyemi were forged and did not originate from the Presidency. It added that forensic examinations and document verification exercises found no evidence linking the State House to the issuance of the documents.

Dr. Aliyu said investigators also uncovered evidence suggesting that the alleged fake organisation adopted the identity and operational framework of the former Presidential Economic Advisory Council (PEAC), while presenting itself to members of the public and institutions as an official government body.

In addition, the commission alleged that two other fictitious organisations—the FCT Investment Promotion Agency (FIFA) and the Foreign Investment Promotion Agency and Public Private Partnership (FIFA-PPP)—were created using forged legislative documents. According to the ICPC, those documents were allegedly used to facilitate the opening of bank accounts and support the activities of the organisations.

The anti-corruption agency reiterated that no Federal Government funds were approved or disbursed to the alleged PFIPC and that its investigation found no operational weaknesses within the Presidency or the Central Bank of Nigeria. However, it noted that deficiencies in verification procedures across some institutions were allegedly exploited, prompting recommendations for stronger oversight and administrative accountability.

The commission said it has recommended the prosecution of Adeniyi Adeyemi Mathew, disciplinary action against public officials whose negligence may have contributed to the operation of the alleged fake agency, and the implementation of reforms to improve inter-agency cooperation, document authentication and institutional safeguards.

Dr. Aliyu assured Nigerians that investigators are tracing financial transactions, reviewing bank accounts and identifying all persons who may have participated in or benefited from the alleged activities. He emphasized that the commission remains committed to ensuring that the investigation is concluded thoroughly and that all those found culpable are brought before the courts in accordance with the law.

The ICPC added that it will continue to provide updates as the investigation progresses, reaffirming its commitment to promoting transparency, accountability and the protection of public institutions from fraud and impersonation.