ICPC Clears Presidency, Indicts Adeniyi Adeyemi in PFIPC Case

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has cleared the Presidency of any wrongdoing in the Presidential Foreign Investment Promotion Council (PFIPC) controversy, while recommending the prosecution of its promoter, Adeniyi Adeyemi. President Bola Tinubu received the interim investigation report on Thursday at the Presidential Villa, Abuja.

ICPC Chairman Musa Adamu (SAN) stated that Adeyemi was never appointed by the Federal Government and that the PFIPC was not established by any legal instrument. The investigation revealed that Adeyemi presented a forged appointment letter and created two fictitious agencies, the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency/Public-Private Partnership, to conduct unauthorized activities.

Adeyemi unlawfully occupied the office of the defunct Presidential Economic Advisory Council to lend legitimacy to the fake agency. The ICPC found no federal funds were approved or disbursed to the fake agency and identified weaknesses in verification processes across various government agencies.