The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has uncovered two additional fake government agencies allegedly operated by the self-styled Director-General of the Presidential Foreign Investment Promotion Council (PFIPC), Adeniyi Matthew Adeyemi.

ICPC Chairman, Dr. Musa Adamu Aliyu (SAN), disclosed this on Thursday while briefing State House correspondents after submitting the commission’s interim report on the existence and operations of the fake agency to President Bola Tinubu at the Presidential Villa, Abuja.

Aliyu said investigations established that Adeyemi was never appointed by the Federal Government and that the Presidential Foreign Investment Promotion Council was neither created by an Act of the National Assembly nor established through an executive order.

According to the interim report, the appointment letter presented by Adeyemi was forged, while the fake PFIPC unlawfully appropriated the offices and official instruments of the defunct Presidential Economic Advisory Council (PEAC).

He said the illegal organisation used the former PEAC office to carry out false representation, impersonation and other unlawful activities by exploiting gaps in verification processes and inter-agency oversight.

The ICPC chairman further revealed that investigators uncovered two more fictitious 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,” Aliyu said.

He added that Adeyemi altered the name of the fake organisation from the Foreign Investment Promotion Council to the Foreign Intervention Promotion Council in an attempt to expand its purported mandate to include revenue generation.

Aliyu also stated that investigators found no evidence that public funds were approved or disbursed to the fake PFIPC or the former PEAC, stressing that there were no weaknesses in the systems of the State House or the Central Bank of Nigeria that enabled the alleged fraud.

Among the committee’s recommendations are the prosecution of Adeyemi, administrative sanctions against public officials who allegedly facilitated the illegal operations, and institutional reforms to strengthen internal controls across government agencies.

The ICPC said officials 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 Office of the Accountant-General of the Federation, the Budget Office of the Federation and the National Information Technology Development Agency (NITDA) are being investigated for their alleged roles in the matter.

Aliyu stressed that the report remains interim, noting that investigations are continuing to uncover additional evidence and identify other collaborators before criminal charges are filed.

He added that President Bola Tinubu has taken note of the findings and reaffirmed his administration’s commitment to transparency, accountability and ensuring that all those found culpable are brought to justice.