ICPC Unmasks Two Additional Fake Agencies in PFIPC Fraud Probe

​The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has intensified its crackdown on a sprawling web of government impersonation, uncovering two additional fictitious agencies linked to the self-acclaimed Director-General of the Presidential Foreign Intervention Promotion Council (PFIPC), Adeniyi Matthew Adeyemi.

​This disclosure was made on Thursday by the ICPC Chairman, Dr. Musa Adamu Aliyu, following the submission of an interim investigation report to President Bola Tinubu at the Presidential Villa in Abuja. The report comes exactly 30 days after the President ordered a high-level inquiry into the activities of the PFIPC.

​A Sophisticated Web of Forgery

​According to the findings, the PFIPC was never created by any law, executive order, or legitimate government instrument. The ICPC confirmed that the appointment letter presented by Adeyemi was a total forgery. In a bold act of imposture, the suspect allegedly seized the office space and official facilities formerly occupied by the defunct Presidential Economic Advisory Council (PEAC) to serve as a base for his operations.

​The investigation further identified two other fabricated entities: the Foreign Capital and Wealth Investment Promotion Agency (FCWIPA) and the Foreign Investment Promotion Agency/Public-Private Partnership (FIPA-PPP). The ICPC revealed that the suspect used forged legislative documents to “create” these entities, which were subsequently used to open commercial bank accounts for illegal financial activities.

​Institutional Gaps and Accountability

​While the investigation revealed significant weaknesses in administrative and verification procedures across several Ministries, Departments, and Agencies (MDAs), the ICPC chairman clarified that there were no security breaches within the State House or the Central Bank of Nigeria that facilitated these operations.

​Dr. Aliyu stated that the investigation found no evidence that government funds were officially approved or released to the fake agency, despite its previous inclusion in the 2026 budget. The commission has recommended the prosecution of Adeyemi and called for immediate administrative sanctions against public officers whose negligence or failure to verify documentation enabled the fraud to persist.

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​Next Steps

​The ICPC has confirmed that it has already interviewed Adeyemi, who has been cooperating with investigators. The commission is now moving into the criminal prosecution phase while awaiting further feedback from the Presidency on its recommendations.

​The investigation, which spanned the Office of the Head of the Civil Service of the Federation, the Office of the Accountant-General, and the Budget Office, is expected to lead to systemic institutional reforms aimed at strengthening oversight and preventing similar impersonation schemes in the future.