“ADENIYI Adeyemi should be prosecuted, while administrative sanctions should be imposed on public officers whose acts of commission, omission and negligence facilitated the illegal operation of PFIPC/PEAC,” Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Dr. Musa Aliyu, said on Thursday as he disclosed the commission’s key recommendation in its interim report to President Bola Ahmed Tinubu on the investigation into the alleged phantom Presidential Foreign Investment Promotion Council (PFIPC).
Aliyu spoke after briefing the President at the Presidential Villa, Abuja, exactly 30 days after Tinubu directed the anti-corruption agency to investigate the controversial organisation, which had presented itself as a government-backed investment promotion body.
The ICPC chairman said preliminary findings showed that Adeyemi, who paraded himself as the Director-General of the PFIPC, was never appointed by the Federal Government or any authorised government institution.
According to him, investigations also established that the PFIPC was never created through any law, executive order or other valid government instrument.
“Following the interim report, it has been established that Adeniyi Adeyemi was never appointed by the Federal Government or any authority of government,” Aliyu said.
He further disclosed that the appointment letter, gazette and other official documents presented by Adeyemi to validate his claim and the existence of the organisation were forged.
“The appointment letter presented by Adeyemi was completely forged alongside similar documents used to perpetuate the illegal activities of the fake agency,” he added.
Aliyu said investigators also uncovered that the PFIPC unlawfully appropriated the identity and office facilities of the defunct Presidential Economic Advisory Council (PEAC), allegedly gaining access to the premises after the office locks were broken.
According to him, the fake agency subsequently operated from the office while falsely presenting itself as a legitimate government institution.
The ICPC boss said the investigation further revealed widespread cases of impersonation and false representation allegedly carried out through the organisation.
He disclosed that the commission also uncovered two additional fictitious agencies allegedly created by Adeyemi as part of the scheme to broaden its activities.
The agencies were identified as the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency and Public Private Partnership.
Aliyu alleged that forged legislative instruments were used to give the agencies an appearance of legitimacy and to facilitate the opening of bank accounts for their operations.
He, however, clarified that the investigation found no evidence that Federal Government funds were approved or disbursed to the PFIPC or its operators.
“Our investigation found that no funds of the Federal Government were approved or disbursed to the fake PFIPC/PEAC,” he stated.
The ICPC chairman also said investigators found no indication that the fake appointment letter purportedly issued to Adeyemi originated from the Presidency.
He attributed the success of the alleged fraudulent scheme partly to weaknesses in verification procedures and inadequate inter-agency oversight, which he said created loopholes exploited by the suspect and his collaborators.
In view of the findings, Aliyu said the commission recommended administrative sanctions against public officials whose actions, omissions or negligence enabled the illegal operations of the fake organisation.
He added that the commission had also proposed institutional reforms aimed at strengthening internal controls, verification processes and oversight mechanisms across Ministries, Departments and Agencies (MDAs) to prevent similar incidents.
Aliyu noted that investigations were still ongoing to identify other collaborators and gather additional evidence before criminal charges are formally filed.
“We have continued with the investigation of the activities of Mr. Adeniyi Adeyemi Matthew and his collaborators so that we can unravel more and file criminal charges that can stand the test of time,” he said.
Earlier, the Special Adviser to the President on Media and Public Communications, Mr. Sunday Dare, said President Tinubu would study the interim report and hold further consultations with the Attorney-General of the Federation before taking any decision on the commission’s recommendations.
Dare added that all relevant government agencies, including law enforcement authorities, would continue their investigations to ensure every aspect of the matter is comprehensively addressed.
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