Abuja, Nigeria – The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has submitted an interim report to President Bola Ahmed Tinubu on its investigation into the controversial Presidential Foreign Investment Promotion Council (PFIPC), recommending the prosecution of the council’s alleged Director-General, Adeniyi Adeyemi.
The report was presented exactly 30 days after President Tinubu directed the anti-corruption agency to investigate the circumstances surrounding the establishment and operations of the PFIPC following allegations that it was operating without legal backing.
According to ICPC Chairman, Dr. Musa Aliyu, preliminary findings revealed that Adeyemi was never officially appointed by the Federal Government. Investigators also concluded that the appointment letter, gazette, and other documents allegedly used to legitimize the PFIPC were forged
The commission further stated that the PFIPC was not created through any law, executive order, or valid government instrument. Despite claims surrounding the agency's operations, the investigation found no evidence that Federal Government funds were approved or disbursed to the organization.
However, the ICPC identified weaknesses in verification procedures, inter-agency coordination, and administrative oversight across several government institutions. These lapses, the commission said, created opportunities for the alleged fraudulent activities to continue undetected for a period of time.
As part of its recommendations, the anti-corruption agency called for the immediate prosecution of Adeniyi Adeyemi. It also advised that disciplinary measures be taken against public officials whose negligence may have contributed to the situation and urged the Federal Government to strengthen institutional controls to prevent similar incidents in the future.
The ICPC noted that investigations are still ongoing to identify any collaborators and gather additional evidence before filing criminal charges. The commission emphasized that the report submitted to the President is interim and that further findings may emerge as the investigation progresses.
The PFIPC controversy has attracted nationwide attention in recent weeks, with parallel investigations by the House of Representatives and other relevant authorities into the alleged establishment and activities of the disputed agency.
