Tinubu Receives ICPC Report as Probe Uncovers Two More Fake Agencies, Recommends Prosecution of Adeyemi!

Reported by Musa Antiketu,| Journalist at Obaland magazine.

ABUJA — President Bola Ahmed Tinubu has received an interim report from the Independent Corrupt Practices and Other Related Offences Commission (ICPC) on the investigation into the controversial Presidential Foreign Investment Promotion Council (PFIPC), with the anti-graft agency recommending the prosecution of its alleged promoter, Adeniyi Matthew Adeyemi.

The development represents a significant escalation of the investigation into the organisation, which the ICPC says had no legal foundation and was not established by an Act of the National Assembly, an executive order or any other valid government instrument.

According to the ICPC Chairman, Dr Musa Adamu Aliyu, investigators also uncovered two additional fictitious government agencies allegedly linked to Adeyemi. They were identified as the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency/Public-Private Partnership.

The commission said the entities were allegedly created using forged legislative instruments and were used to open bank accounts and conduct activities without lawful government authority.

The ICPC further reported that Adeyemi was never appointed by the Federal Government and that the appointment letter he relied upon was forged and did not originate from the Presidency.

Investigators also found that the disputed PFIPC had unlawfully occupied offices and used official materials previously associated with the defunct Presidential Economic Advisory Council, allegedly giving the organisation an appearance of legitimacy.

Importantly, the ICPC said its investigation found no evidence that Federal Government funds were approved or disbursed to the fake agency, and it reported no security breach within the Presidency or the Central Bank of Nigeria arising from the scheme.

ICPC identifies institutional weaknesses

Beyond the alleged actions of Adeyemi, the investigation has raised broader questions about administrative controls within Nigeria’s federal bureaucracy.

The ICPC identified weaknesses in verification procedures, inter-agency coordination and oversight involving several government institutions, including the Office of the Secretary to the Government of the Federation, the Office of the Head of the Civil Service of the Federation, the Office of the Accountant-General of the Federation, the Budget Office and the National Information Technology Development Agency.

According to the commission, these institutional weaknesses, together with alleged negligence by some public officers, allowed the disputed organisation to operate for an extended period without being detected.

The commission recommended three broad measures: prosecution of Adeyemi, administrative sanctions against public officers whose omissions facilitated the operation, and institutional reforms designed to strengthen internal controls across the affected government institutions.

However, the ICPC stressed that its report remains interim and that criminal investigations are continuing to identify possible collaborators and gather additional evidence before further charges are filed.

Tinubu had ordered investigation in July

The latest development follows President Tinubu’s July 7 directive ordering the ICPC to conduct a comprehensive investigation into the PFIPC controversy.

The investigation was launched after questions emerged over the organisation’s claimed government status and allegations concerning its activities and documents. The House of Representatives subsequently opened its own inquiry into how the disputed organisation became associated with a ₦1.3 billion provision in the 2026 Appropriation Act.

The controversy has also involved the office of the President’s Chief of Staff, Femi Gbajabiamila. Gbajabiamila appeared before the ICPC on July 20 to provide information as part of the investigation. He has also instituted a defamation action against Adeyemi over allegations made against him.

Adeyemi is separately facing criminal proceedings relating to allegations including conspiracy, forgery and impersonation, according to reports on the matter.

Clarification on claims of suspension and arrest

Claims circulating that President Tinubu has suspended three permanent secretaries and ordered the arrest of George Buchi Nwabueze should be treated with caution.

The reputable reports reviewed by Obaland magazine on the latest ICPC interim report do not establish those claims. Rather, the documented ICPC recommendation is for administrative sanctions against public officers whose alleged omissions facilitated the disputed agency’s operation. The commission also recommended prosecution of Adeniyi Matthew Adeyemi, not George Buchi Nwabueze.

Obaland magazine therefore considers it necessary to distinguish verified developments from unsubstantiated claims as the investigation continues.

The ICPC’s findings have widened the controversy from the alleged activities of one individual to questions about the effectiveness of Nigeria’s public-sector verification, budgeting and administrative oversight systems.

For the Tinubu administration, the outcome of the investigation could become an important test of its stated commitment to accountability and institutional reform. For Nigerians, the central issue is whether the investigation will establish how an organisation described by authorities as fictitious was able to operate within government structures and interact with public institutions for an extended period.

As the investigation remains ongoing, definitive conclusions about individual culpability should await due process and the determination of competent courts.

Sources

• PUNCH Newspapers
• The Guardian Nigeria
• The ICIR
• Vanguard
• Pulse Nigeria

President Bola Tinubu receives the ICPC’s interim report on the PFIPC scandal as investigators uncover two more alleged fake agencies and recommend prosecution of Adeniyi Adeyemi.