Adeniyi Adeyemi, the man accused of falsely parading himself as the Director-General of the illegal Presidential Foreign Intervention Promotion Council (PFIPC), created more fictitious government agencies and used forged legislative documents to open bank accounts in their names, according to an investigation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
The ICPC said that apart from PFIPC, Mr Adeyemi also created the FCT Investment Promotion Agency (FIPA) and the Foreign Investment Promotion Agency and Public-Private Partnership (FIPA-PPP), using variants of the forged legislation he had previously relied on to present PFIPC as a legitimate federal government institution.
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He subsequently submitted the documents to Unity Bank to open two accounts for the fictitious agencies, according to the commission.
The accounts were 0059761787 and 0059761718.
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The discovery provides further insight into how Mr Adeyemi allegedly expanded the network of institutions he presented as government agencies after establishing PFIPC.
PREMIUM TIMES has reported how Mr Adeyemi gained access to government institutions and processes by presenting documents that purported to show that PFIPC had been created and recognised by the presidency.
The ICPC’s investigation followed President Bola Tinubu’s directive for a probe into PFIPC. In its interim report submitted to the President on 6 August, which PREMIUM TIMES obtained, the commission said Mr Adeyemi was never appointed by the federal government and that PFIPC was not established by any law, executive order or other valid government instrument.
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The commission recommended his prosecution for alleged forgery, impersonation and related offences.
ICPC chairman Musa Aliyu recently briefed the press about the report and the findings of the commission. PREMIUM TIMES is now reporting details of the interim investigation for the first time.
How the fictitious agencies were created
According to the ICPC report, Mr Adeyemi forged legislative instruments titled the Foreign Investment Promotion Agency and Public-Private Partnership Act (FIPA-PPP), Chapter N2117, Laws of the Federation of Nigeria, and the FCT Investment Promotion Agency Act.
The commission said the two documents were variants of the same forged legislation previously used in relation to the Presidential Economic Advisory Council (PEAC) and PFIPC. The PEAC was established by former President Muhammadu Buhari to advise him on economic matters but has ceased to exist since he left office. Mr Adeyemi is believed to have used the name of the council to further his nefarious activities.
Using the forged documents, Mr Adeyemi allegedly presented the two organisations as federal government agencies and proceeded to open bank accounts in their names.
The ICPC found that the account-opening documents reviewed by investigators did not contain the mandatory authorisation of the Office of the Accountant-General of the Federation (OAGF), which is required for ministries, departments and agencies to operate accounts in commercial banks.
The instructions to open the accounts were purportedly issued by a person referred to as the chairman of the PEAC, Adekunle Ajayi, and a supposed secretary, identified in the documents as Lovina Akabueze.
Mr Adeyemi was designated as Director-General and Chief Executive Officer and listed as the sole signatory to the accounts, the investigation found.
The ICPC recommended that the managing director, chief compliance officer and relationship or account officer responsible for the Unity Bank accounts be invited and interviewed, alongside relevant OAGF officials, Mr Ajayi, and Ms Akabueze.
It also recommended a broader analysis of bank accounts linked to Mr Adeyemi and other sources of funds he claimed to have obtained as loans.
Adeyemi expanded his reach beyond PFIPC
The creation of the two fictitious agencies came amid Mr Adeyemi’s broader efforts to make PFIPC appear to be an established government institution.
The ICPC said he wrote to several government agencies seeking collaboration and attempting to assume functions that fell within the mandates of existing institutions.
Among other things, he sought involvement in the Federal Executive Council, collection of stamp duties and excess bank charges, processing of visas for foreign investors, collection of import duties, maritime revenue and temporary import permits.
The commission said those requests encroached on the functions of the Nigerian Investment Promotion Council (NIPC), the Nigeria Immigration Service (NIS), the Nigeria Revenue Service (NRS) and the Nigerian Maritime Administration and Safety Agency (NIMASA).
Mr Adeyemi also attempted to organise a World Investment Summit.
As part of that effort, he hosted members of the diplomatic community accredited to Nigeria and international investors at the Wells Carlton Hotel and Apartment in Abuja on 10 October 2025 for a pre-summit dinner.
The event was organised without formal coordination with the Ministry of Foreign Affairs, according to the ICPC.
The commission said N39 million was spent on the event: N2 million was paid for the venue, while N37 million went to catering.
Braveicons Global Limited paid for the venue, while Queenlizzyking Supermarket, which the investigation linked to Mr Adeyemi, paid for the catering.
The event later became one of the developments that raised questions about PFIPC.
On 16 October 2025, the Ministry of Foreign Affairs wrote to the Chief of Staff to the President and the National Security Adviser seeking clarification about Mr Adeyemi’s status following his engagement with members of the diplomatic community.
PREMIUM TIMES reported that the ministry became concerned after Mr Adeyemi approached it several times over the proposed World Investment Summit. The ministry subsequently sought verification of the status of PFIPC and its purported director-general.
The verification eventually unravelled the claims surrounding the organisation.
According to the ICPC report, the Office of the National Security Adviser conducted checks and informed the Ministry of Foreign Affairs that PFIPC was not a federal government entity and that Mr Adeyemi was an impostor who had never been appointed by the government.
The discovery prompted the Chief of Staff to petition law enforcement agencies, setting in motion the investigation that disrupted Mr Adeyemi’s activities.
PREMIUM TIMES reported that the Chief of Staff, Femi Gbajabiamila, petitioned security agencies in October 2025 over Mr Adeyemi’s activities. The police later charged him and two other defendants with offences including conspiracy, forgery and impersonation.
World Investment Summit continued after PFIPC was exposed
The ICPC investigation found that the collapse of PFIPC did not immediately end Mr Adeyemi’s efforts to organise the investment summit.
After losing the PFIPC platform, he created what the commission described as the “World Investment Summit Group” and opened an account with Moore Money Microfinance Bank in the name of World Investment Summit.
The account number was 9300696687.
According to the investigation, the account received total inflows of N71.7 million. None of the funds came from a government source, the commission said.
Even after the alleged scheme had been exposed and disrupted in October 2025, Mr Adeyemi continued using the World Investment Summit Group to correspond with members of the public.
The ICPC said that as recently as 5 June 2026, he authored letters in the name of the group using an address at Room 213, Second Floor, Phase III, Federal Ministry of Health, Federal Secretariat Complex, Abuja.
The use of the address, the commission said, further created the impression that the organisation was a legitimate government entity.
PREMIUM TIMES had earlier reported that Mr Adeyemi promoted a 2026 World Investment Summit and that websites associated with the event became inaccessible amid growing scrutiny of his activities.
How the system was exploited
The ICPC investigation concluded that PFIPC operated through a combination of misrepresentation, alleged forgery, compromised officials and administrative engagements that created the appearance of a recognised federal government institution.
The commission said the case exposed weaknesses in verification procedures across some government institutions.
Those weaknesses enabled the purported council to gain access to government processes, including budget consideration, office allocation, digital identity registration and engagement with diplomatic stakeholders.
PREMIUM TIMES previously reported how correspondence from Mr Adeyemi’s purported PFIPC was acted upon by government institutions, including the Office of the Secretary to the Government of the Federation and the Office of the Accountant-General of the Federation. The correspondence helped the organisation secure office space and gain access to banking processes despite the government’s later denial that PFIPC existed.
At the National Assembly, the scandal has also come under investigation.
The House of Representatives committee probing PFIPC has examined how the organisation secured office space at the Federal Secretariat and obtained a N1.32 billion allocation in the 2026 Appropriation Act despite not being legally established as a government agency.
The ICPC said Mr Adeyemi was the central figure in presenting, promoting and operating PFIPC, including its engagements with government institutions and external stakeholders.
According to the commission, the organisation’s ability to operate depended on documents and representations that created an appearance of official recognition.
Tinubu orders audit of agencies
On Friday, as part of his efforts to implement the ICPC’s recommendations, President Tinubu directed the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, to lead a comprehensive forensic audit of federal government systems, including the Integrated Personnel and Payroll Information System (IPPIS), and the administrative and internal controls of federal agencies.
Presidential spokesperson Bayo Onanuga said the directive follows a Federal Executive Council resolution of 19 August 2026, prompted by the ICPC’s findings and recommendations.
The audit has two major components. The first will scrutinise IPPIS and related payroll, personnel, pension and financial-management platforms, examining reported cases of ghost workers and payroll fraud, reconciling figures identified by the ICPC, and tracing how ineligible persons were enrolled. It will also probe access, biometric and bank-account controls, as well as interfaces between IPPIS and other platforms such as GIFMIS, Remita, and the Treasury Single Account, to determine whether the fraud stemmed from system defects, process failures, poor segregation of duties, or deliberate manipulation.
The second component will cover all federal agencies, departments, commissions and parastatals, aiming to produce a definitive inventory of such bodies and verify their legal basis. It will also examine how entities secure official recognition, budgetary allocations, office facilities and access to government systems, alongside a review of governance, procurement and internal-audit controls to close loopholes exploited by irregular entities.
President Tinubu directed that the exercise be carried out with the highest standards of independence, professionalism and forensic integrity.
ICPC recommends prosecution, further investigation
In its recommendations, the ICPC said Mr Adeyemi should be prosecuted for forgery, impersonation, making false statements to public officers and criminal misrepresentation.
The commission also recommended institutional reforms within the affected agencies.
It called for further investigation into the Ministry of Foreign Affairs and Ministry of Finance, as well as individuals and agencies whose actions may have helped give PFIPC legitimacy.
The commission specifically recommended further investigation into the Unity Bank accounts and the roles of bank officials, OAGF officials, Adekunle Ajayi and Lovina Akabueze.
It also recommended an analysis of all bank accounts linked to Mr Adeyemi and the sources of funds he claimed to have obtained as loans.
The ICPC concluded that PFIPC had no valid legal instrument establishing it as a federal government institution.
Despite that, the purported council acquired administrative visibility through documents presented as official, access to government facilities, dealings with public institutions and participation in government processes.
The commission said the case demonstrated the need for stronger document authentication, institutional coordination and verification mechanisms to prevent organisations without valid legal status from gaining access to government resources, facilities, financial systems and administrative privileges.
Another fake agency
The discovery of the alleged PFIPC also led investigators to uncover another suspected fake agency, the National Brands Development and Made in Nigeria Special Project Office, which allegedly operated within the Office of the Secretary to the Government of the Federation.
PREMIUM TIMES reported how Mr Tinubu ordered the suspension of three permanent secretaries and the arrest of the agency’s alleged promoter, George Buchi Nwabueze.
ICPC Chairman Mr Aliyu said investigators also found that Mr Nwabueze operated under several variations of his name and that there were suspected collaborators within the OSGF.
The commission said forged legislative instruments were allegedly used to give the entities an appearance of legitimacy and facilitate the opening of bank accounts in their names.
The emergence of another purported agency within a federal government office has expanded the scandal beyond PFIPC, raising fresh questions about weaknesses in the verification and oversight mechanisms that allow individuals and organisations to present themselves as legitimate government entities.
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