The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has confirmed that the appointment letter presented by Adeniyi Adeyemi Mathew, who paraded himself as the Director-General of the purported Presidential Foreign Investment Promotion Council (PFIPC), was forged and did not originate from the Presidency.
ICPC Chairman, Dr. Musa Adamu Aliyu (SAN), disclosed this on Thursday while briefing journalists in Abuja on the outcome of the Commission’s investigation into the activities of the self-styled government agency.
Aliyu said the briefing followed President Bola Tinubu’s directive of July 7, 2026, which gave the anti-corruption agency 30 days to investigate the existence and operations of the PFIPC.
“Today is exactly 30 days. I have submitted the interim report and briefed Mr. President accordingly,” the ICPC chairman said.
Presenting the findings of the investigation, Aliyu stated that Adeniyi Adeyemi Mathew was never appointed by the Federal Government or any recognised government authority.
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“It has been established that Adeniyi Adeyemi Mathew was never appointed by the Federal Government or any authority of the government,” he said.
The Commission also found that the Presidential Foreign Investment Promotion Council was never created by any law, executive order or other valid instrument of government.
According to the ICPC chairman, the appointment letter and other official documents used by Adeyemi to operate the organisation were completely forged.
“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 stated.
He explained that the fake organisation unlawfully appropriated the identity and operational structure of the former Presidential Economic Advisory Council (PEAC), using them to create the impression of legitimacy.
Aliyu further alleged that Adeyemi engaged in widespread impersonation, false representation and other illegal activities while presenting himself as the head of the non-existent agency.
The investigation also revealed that weaknesses in verification procedures, inter-agency oversight and government processes were exploited by the suspect, with some level of negligence and alleged connivance by certain public officials.
However, the ICPC chairman clarified that no Federal Government funds were approved or released to the fake agency.
“Our investigation found that no fund of the Federal Government was approved or disbursed to the fake PFIPC/PEAC,” he said.
He also dismissed claims that the Presidency or the Central Bank of Nigeria played any role in the alleged fraud, stressing that investigators found no weaknesses in the systems or processes of either institution.
“The fake appointment letter of Adeniyi Adeyemi Mathew did not originate from the Presidency,” Aliyu added.
ICPC prosecution recommendations
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, he allegedly forged documents presented as enabling laws for the two organisations and used them to facilitate the opening of bank accounts.
As part of its recommendations, the Commission called for the full prosecution of Adeyemi, disciplinary action against public officers whose negligence allegedly enabled the fraudulent operations, and broad institutional reforms to strengthen government verification and oversight systems.
Aliyu added that investigations into the financial activities of the fake agency, its bank accounts, Adeyemi and his alleged collaborators are still ongoing.
