ICPC Clears Presidency, State House, CBN in Fake Agency Scandal — Says Adeyemi's Appointment Letter Was Forged

ICPC Clears Presidency, State House, CBN in Fake Agency Scandal — Says Adeyemi's Appointment Letter Was Forged

By Olufemi Odeyemi

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has cleared the Presidency, the State House and the Central Bank of Nigeria (CBN) of any complicity in the scandal surrounding the fictitious Presidential Foreign Investment Promotion Council (PFIPC), even as it confirmed that the appointment letter presented by the council's self-styled Director-General, Adeniyi Adeyemi Mathew, was forged.

ICPC Chairman, Dr. Musa Adamu Aliyu, SAN, disclosed this on Thursday at a press briefing in Abuja, where he unveiled the interim findings of the Commission's 30-day investigation into the fake agency, exactly a month after President directed the probe on July 7, 2026.

Aliyu said he had submitted the interim report and briefed the President before addressing journalists, in what he described as a demonstration of the administration's commitment to transparency and accountability.

"The president took the right decision in the spirit of transparency and accountability and directed me to address the media for the benefit of Nigerians," he said.

No Federal Appointment, No Legal Backing

According to the ICPC boss, investigations established that Adeniyi Adeyemi Mathew was never appointed by the Federal Government or any government authority, and that PFIPC itself was never established by any law, executive order, or other valid instrument of government.

He said the appointment letter Adeyemi paraded, along with other documents used to sustain the agency's illegal operations, was entirely forged. Aliyu stated clearly that the fake appointment letter did not originate from the presidency.

PEAC Offices Hijacked

The Commission further found that the fake agency cannibalised the defunct Presidential Economic Advisory Council (PEAC), illegally taking over its offices and operational instruments to lend credibility to its activities.

Aliyu said Adeyemi engaged in false projection, false representation and widespread impersonation, exploiting weaknesses in verification processes, interagency oversight and government systems, aided in part by negligence and connivance from within the system.

However, he stressed that no federal funds were approved or disbursed to the fake PFIPC or PEAC, and that no weaknesses were found in the systems of the State House or the CBN, both of which he said operated above board throughout the episode.

Two More Fake Agencies Uncovered

In a further twist, the ICPC said it uncovered that Adeyemi had created two additional fictitious government bodies — the FCT Investment Promotion Agency (FIFA) and the Foreign Investment Promotion Agency and Public Private Partnership (FIFA-PPP) — forging legislative instruments styled as Enabling Acts to support the opening of bank accounts in their names.

Recommendations

The interim report recommended that Adeyemi be fully prosecuted, that administrative sanctions be imposed on public officers whose negligence or omissions enabled the fake agency's operations, and that institutional reforms be implemented to close the gaps exploited in the scheme.

Aliyu confirmed that investigations remain ongoing into all activities and bank accounts linked to PFIPC, Adeniyi Adeyemi Mathew and his collaborators.