ICPC exonerates Presidency in fake agency scandal 

An interim report by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) has fully cleared the Presidency of involvement in the fraudulent creation of the Presidential Foreign Investment Promotion Council (PFIPC).

Instead, the anti-corruption agency has recommended the criminal prosecution of the council’s promoter, Adeniyi Adeyemi, for forgery, impersonation, and operating fictitious public bodies.

The findings were formally delivered to President Bola Tinubu on Thursday by ICPC Chairman Musa Aliyu (SAN).

Core findings of the ICPC investigation

Briefing State House correspondents following the presentation, Aliyu revealed that investigators confirmed the PFIPC was never established by any law, Executive Order, or legitimate official instrument. 

Appointment letters and supporting instruments presented by the promoter were found to be completely forged.

The ICPC boss explained that Adeyemi gained illegal physical access to the former office space of the defunct Presidential Economic Advisory Council. 

By operating from a legitimate government building, he projected an aura of authority to public officials, foreign diplomats, and unsuspecting visitors. 

He also created two other fake entities—the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency/Public-Private Partnership—to facilitate unauthorised activities.

While no federal funds were lost and no security perimeters were breached at the Presidency or the Central Bank of Nigeria, the ICPC highlighted severe oversight failures across key Ministries, Departments, and Agencies (MDAs)—including the Office of the Secretary to the Government of the Federation (SGF) and the Budget Office. 

The commission recommended administrative sanctions for negligent officials alongside broader systemic reforms.

It would be recalled that the embattled fake agency boss initially alleged that he worked in collusion with the President’s Chief of Staff, Femi Gbajabiamila. He accused him of collecting N400 million from him to issue him a letter of appointment as the  PFIPC boss.

He also suggested that Gbajabiamila should be investigated for the mysterious death of a certain Dolapo Babatunde Tanimola who he claimed was the intermediary between him and Gbajabiamila.

However, after Gbajabiala sued him for defamation, he recanted, claiming that he did not see Gbajabiamila and never communicated with him using his own personal phone.

He claimed he only spoke to him on Tanimola’s phone, and never for once did a video call to ascertain who was on the other side of the call to be sure it was Gbajabiamila.

Adeyemi also clarified that it was never proven that Tanimola was murdered and would therefore be wrong to accuse anyone of killing him.

House committee interrogation stalled

Simultaneously, the House of Representatives ad hoc committee investigating the scandal faced a standstill during its attempt to question Adeyemi.

Adeyemi refused to testify while in police custody, objecting to the panel’s decision to conduct the interrogation behind closed doors and without his legal counsel present. 

Speaking through his family and legal representative, Ademola Oyedokun, Adeyemi demanded that any session be open to media coverage, arguing that public accusations against him warrant a public defence.

Committee Chairman Yusuf Gagdi stated that questioning Adeyemi in custody was intended to avoid interfering with parallel probes by the Police, EFCC, and ICPC. The session has been rescheduled for Monday.

State House and FRSC testify on budget and registration breaches

During Thursday’s investigative hearing at the National Assembly, public institutions addressed how the illegitimate council managed to secure federal budget allocations and official assets.

Representing the Permanent Secretary of the State House, Director of Administration Abdulkadri Idris testified that the Presidency never authorised the PFIPC, nor did it request a budget code from the Accountant-General’s Office to secure the ₦1.3 billion allocation found in the 2026 Appropriation Act. Idris produced official records showing that “Akande Adewale”—the supposed signatory on setup documents—never worked at the State House, and the directorate listed on the paperwork does not exist.

Federal Road Safety Corps Marshal Shehu Mohammed defended the issuance of seven green official government license plates (PFIPC 01 to 07) to the fake entity. 

He explained that Adeyemi presented official-looking paperwork, operated from a physical office at the Federal Secretariat, and ran a website on an official government domain. 

The plates were assigned to high-end vehicles, including a bulletproof 2024 Lexus LX and two Toyota Land Cruisers.

The FRSC confirmed it has initiated steps to retrieve all seven number plates and has tightened its verification protocols. The House panel expects to conclude its inquiry next Wednesday.

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