BREAKING NEWS: ICPC Recommends Sweeping Reforms After Uncovering Alleged Fake Government Agency Scheme

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has called for comprehensive institutional reforms following its interim investigation into the alleged activities of the purported Presidential Foreign Investment Promotion Council (PFIPC), saying the case exposed vulnerabilities in verification procedures across some public institutions.

Speaking during a media briefing in Abuja, ICPC Chairman, Dr. Musa Adamu Aliyu, SAN, said the commission's investigation established that Adeniyi Adeyemi Mathew allegedly operated a fictitious government agency using forged documents and false claims of official recognition.

According to the commission, the interim report confirmed that Adeyemi was never appointed by the Federal Government and that the PFIPC was not created by any law, Executive Order or other recognised instrument of government. The report also stated that the appointment letter presented by the suspect did not originate from the Presidency and was among several documents alleged to have been forged.

The ICPC explained that investigators found the alleged fake agency had adopted the identity and operational framework of the former Presidential Economic Advisory Council (PEAC), enabling it to present itself as a legitimate government institution while allegedly carrying out unauthorised activities.

Dr. Aliyu disclosed that the investigation further uncovered two additional fictitious organisations allegedly established by the suspect—the FCT Investment Promotion Agency (FIFA) and the Foreign Investment Promotion Agency and Public Private Partnership (FIFA-PPP). He alleged that forged legislative documents presented as enabling Acts were used to support the registration and operation of the organisations, including the opening of bank accounts.

The commission emphasized that no evidence was found to suggest that the Presidency or the Central Bank of Nigeria authorised or supported the activities of the alleged fake agencies. It also clarified that no Federal Government funds were approved or disbursed to the organisations, contrary to widespread public speculation.

While noting that the investigation exposed shortcomings in document verification and coordination among some government institutions, the ICPC stressed that these weaknesses did not amount to institutional endorsement of the alleged fraud. Instead, the commission recommended stricter verification procedures, enhanced inter-agency collaboration, and improved oversight mechanisms to prevent similar incidents.

As part of its recommendations, the anti-corruption agency called for the prosecution of Adeniyi Adeyemi Mathew on offences arising from the investigation, disciplinary action against public officials found to have been negligent in the discharge of their duties, and the implementation of reforms aimed at safeguarding the integrity of government institutions.

Dr. Aliyu said investigators are continuing to analyse financial records, trace bank transactions and identify all individuals who may have assisted in the alleged operation. He assured Nigerians that the commission would pursue the investigation to its logical conclusion and ensure that anyone found culpable is prosecuted in accordance with the law.

The ICPC reaffirmed its commitment to strengthening public confidence in government institutions through accountability, transparency and sustained anti-corruption efforts, adding that further developments will be communicated as the investigation progresses.