ABUJA — The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has submitted its comprehensive interim report on the 30-day presidential directive to investigate Prince Adeniyi Adeyemi Mathew, the self-parading Director-General of the fictitious Presidential Foreign Investment Promotion Council (PFIPC).
Addressing a press conference in Abuja on Friday, ICPC Chairman Dr. Musa Adamu Aliyu, SAN, revealed that investigators established that Adeyemi was never appointed by the Federal Government or any authorized body. According to the anti-graft agency, the entire PFIPC framework was a fabrication that never existed under any law, executive order, or valid government instrument.
Anatomy of an Elaborate Scam
The ICPC probe uncovered that Adeyemi utilized forged appointment letters and fraudulent documentation to execute widespread impersonation and illegal activities. Investigators found that the phantom agency deliberately cannibalized the former Presidential Economic Advisory Council (PEAC), illegally seizing office space and operational instruments.
Further digging revealed that Adeyemi expanded his shadow network by manufacturing two additional bogus entities:
- FCT Investment Promotion Agency (FIFA)
- Foreign Investment Promotion Agency and Public Private Partnership (FIFA-PPP)
To legitimize these creations, he forged legislative instruments styled as enabling acts, utilizing them to open multiple unauthorized bank accounts.
Systemic Weaknesses and Clearance for State House Systems
The commission noted that Adeyemi exploited institutional gaps, interagency oversight lapses, and procedural weaknesses—compounded by degrees of negligence and connivance among certain public actors—to advance his scheme.
However, the ICPC cleared core state infrastructure, confirming that no vulnerabilities exist within the systems of the State House or the Central Bank of Nigeria (CBN), validating that their respective processes remain entirely above board. Crucially, the investigation confirmed that no public funds were approved or disbursed to the fake council or its associated fronts.
Key Recommendations
Concluding the briefing, Dr. Aliyu announced major institutional recommendations by the anti-graft agency:
- Full Prosecution: Immediate and comprehensive criminal prosecution of Prince Adeniyi Adeyemi Mathew and his collaborators.
- Administrative Sanctions: Enforcement of disciplinary measures against public officers whose omissions or negligence facilitated the impostor’s operations.
- Institutional Reforms: Implementation of tighter interagency verification protocols to prevent future systemic exploitation.
The ICPC stated that investigations into the full network of bank accounts and associates linked to Adeyemi remain active.
PFIPC Scandal: Embattled DG Adeyemi Adeniyi Vows to Cooperate With ICPC
This video provides additional context regarding the initial reactions and statements surrounding the disputed presidential promotion council controversy.
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