The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has submitted an interim report to President Bola Tinubu on its investigation into the alleged fictitious Presidential Foreign Investment Promotion Council (PFIPC) and its purported Director-General, Adeniyi Adeyemi.

The ICPC recommended the prosecution of Adeyemi over allegations of forgery and impersonation linked to the creation and operation of the fake agency.

ICPC Chairman, Musa Aliyu, disclosed this on Thursday after a meeting with the President at the Presidential Villa in Abuja. He revealed that preliminary findings showed Adeyemi was never appointed by the Federal Government, while the documents used to establish the PFIPC, including an appointment letter and gazette, were forged.

The report was submitted exactly 30 days after President Tinubu directed the anti-corruption agency to conduct a comprehensive investigation into the matter.

According to Aliyu, the fake PFIPC unlawfully occupied offices and utilised official instruments previously used by the defunct Presidential Economic Advisory Council (PEAC). He explained that the syndicate behind the operation engaged in impersonation and false representation, exploiting lapses in verification processes and coordination among government agencies.

Aliyu further disclosed that Adeyemi later altered the name of the organisation from the Foreign Investment Promotion Council to the Foreign Intervention Promotion Council in a bid to expand its scope to revenue generation.

Investigations also uncovered two additional fictitious entities, the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency, allegedly linked to Adeyemi’s operations.

“These agencies were created using forged legislative instruments and were used to open bank accounts for illegal activities,” Aliyu stated.

He, however, clarified that no government funds were approved or disbursed to the fake PFIPC or the defunct PEAC.

The ICPC has also recommended disciplinary action against public officials suspected of aiding the operation, alongside reforms to strengthen internal controls within government institutions.

Aliyu noted that investigations are ongoing and described the report submitted to the President as interim.