By Ajibola Olaide, JKNewsMedia Reporter
ECONOMIC FRAUD involving the purported Presidential Foreign Investment Promotion Council (PFIPC) has established that the agency never existed and that its alleged Director General, Adeniyi Adeyemi Mathew, was never appointed by the Federal Government or any government authority, Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC-ORCC), Dr Musa Adamu Aliyu (SAN), said on Thursday.
JKNewsMedia.com reports that addressing a press conference in Abuja, Aliyu said President directed the ICPC on July 7, 2026, to investigate the fake PFIPC within 30 days and that he had submitted the interim report and briefed the President.
“The fake appointment letter of Adeniyi Adeyemi Mathew did not originate from the Presidency,” Aliyu said.
He said the President directed him to address the media in the spirit of transparency and accountability.
Presenting findings from the interim report, the ICPC chairman said investigations established that Adeniyi Adeyemi Mathew was never appointed by the Federal Government or any authority of government.
He said the commission also established that the Presidential Foreign Investment Promotion Council was never established by any law, executive order or other valid instrument of government.
Aliyu said the appointment letter presented by Adeniyi Adeyemi Mathew was completely forged alongside similar documents used to perpetuate the illegal activities of the fake agency.
He added that the fake PFIPC cannibalised the former Presidential Economic Advisory Council (PEAC) and illegally appropriated its offices and instruments of operation.
The interim report also found that false projection, false representation, widespread impersonation and a wide range of illegal activities were perpetrated by the fake Director General of the fake agency, Adeniyi Adeyemi.
Aliyu said the investigation found that weaknesses in verification, interagency oversight and government processes were exploited by Adeyemi Adeniyi with some level of negligence and connivance.
He said the investigation also established that no Federal Government fund was approved or disbursed to the fake PFIPC or PEAC.
JKNewsMedia.com also reports that the ICPC chairman said no weaknesses were found in the systems of the State House or the Central Bank of Nigeria and that their processes were above board.
Aliyu further disclosed that the investigation discovered Adeyemi Adeniyi created two additional fictitious government agencies, the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency and Public Private Partnership.
He said forged legislative instruments styled as enabling Acts were used to facilitate their creation and support the opening of bank accounts.
Among its recommendations, the commission said Adeyemi should be fully prosecuted.
It also recommended administrative sanctions against public officers whose acts of omission and negligence facilitated the illegal operations of PFIPC and PEAC.
Aliyu said the ICPC also recommended institutional reforms and disclosed that investigations into all activities and bank accounts linked to PFIPC, Adeniyi Adeyemi Adeyemi and his collaborators were continuing.
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