The Independent Corrupt Practices and Other Related Offences Commission (ICPC) says the appointment letter presented by Adeniyi Adeyemi Mathew, who claimed to be Director-General of the Presidential Foreign Investment Promotion Council (PFIPC), was forged and did not originate from the Presidency.
Speaking at a press conference in Abuja on Thursday, ICPC Chairman, Dr. Musa Adamu Aliyu, SAN, presented the findings of the commission's interim investigation into the activities of Adeyemi and the purported PFIPC.
Aliyu recalled that President Bola Tinubu had, on July 7, 2026, directed the ICPC to investigate the alleged Presidential Foreign Investment Promotion Council within 30 days. He said the commission has now submitted its interim report to the President and briefed him on its findings.
According to the ICPC chairman, investigators established that Adeniyi Adeyemi Mathew was never appointed by the Federal Government or any government authority. He added that the PFIPC was never created by any law, executive order, or other valid government instrument.
"The appointment letter presented by Adeniyi Adeyemi Mathew was completely forged alongside similar documents used to perpetuate the illegal activities of the fake agency," Aliyu said.
The commission also found that the purported PFIPC unlawfully appropriated the identity and operational framework of the former Presidential Economic Advisory Council (PEAC), while its operators engaged in false representation, impersonation, and other illegal activities.
Aliyu said the investigation revealed that weaknesses in verification procedures, inter-agency oversight, and government processes were exploited by Adeyemi, with some level of negligence and alleged connivance by certain public officials.
However, he stated that the investigation found no evidence that Federal Government funds were approved or disbursed to the fake PFIPC or PEAC. He also said no weaknesses were identified in the systems of the State House or the Central Bank of Nigeria (CBN), describing their processes as sound.
"The fake appointment letter of Adeniyi Adeyemi Mathew did not originate from the Presidency," the ICPC chairman said.
The commission further disclosed that Adeyemi allegedly created two additional fictitious government agencies: the FCT Investment Promotion Agency (FIFA) and the Foreign Investment Promotion Agency and Public Private Partnership (FIFA-PPP).
According to the ICPC, forged legislative documents presented as enabling acts were used to facilitate the creation of the entities and support the opening of bank accounts.
As part of its recommendations, the commission called for the full prosecution of Adeyemi, administrative sanctions against public officers whose negligence enabled the operations of the fake agency, and institutional reforms to strengthen verification and oversight processes.
Aliyu added that investigations are continuing into the activities, bank accounts, and collaborators linked to the fake PFIPC and Adeniyi Adeyemi Mathew.
