ICPC: Adeyemi Created More Fake Agencies, Opened Bank Accounts With Forged Documents
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) says Adeniyi Adeyemi, the alleged promoter of the illegal Presidential Foreign Intervention Promotion Council (PFIPC), created additional fictitious government agencies and opened bank accounts for them using forged legislative documents.
According to the commission’s interim investigation report, obtained by PREMIUM TIMES, Adeyemi created the FCT Investment Promotion Agency (FIPA) and the Foreign Investment Promotion Agency and Public-Private Partnership (FIPA-PPP).
The ICPC said Adeyemi used variations of forged legislation previously presented to support the existence of PFIPC to portray the two organisations as legitimate federal government agencies.
The commission said he subsequently submitted the documents to Unity Bank to open two accounts for the purported agencies.
The accounts were identified as 0059761787 and 0059761718.
The development, according to the ICPC, provides further insight into how Adeyemi allegedly expanded the network of organisations he presented as government institutions after establishing PFIPC.
Forged laws used to create agencies
The ICPC said 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.
Investigators found that the documents were variants of the same forged legislation previously used in connection with the Presidential Economic Advisory Council (PEAC) and PFIPC.
Using the documents, Adeyemi allegedly presented the two organisations as federal government agencies and proceeded to open bank accounts in their names.
The commission said the account-opening documents it examined 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 with commercial banks.
The instructions for opening the accounts were purportedly issued by Adekunle Ajayi, described as chairman of the PEAC, and Lovina Akabueze, identified as secretary.
Adeyemi was listed as the Director-General and Chief Executive Officer and was reportedly the sole signatory to the accounts.
The ICPC recommended that Unity Bank’s managing director, chief compliance officer and relationship or account officer responsible for the accounts be invited for questioning.
It also recommended that relevant OAGF officials, Ajayi and Akabueze be interviewed.
The commission further called for a wider analysis of bank accounts linked to Adeyemi and the sources of funds he allegedly obtained as loans.
Adeyemi sought to expand PFIPC’s influence
The alleged creation of the two fictitious agencies formed part of what the ICPC described as Adeyemi’s broader efforts to make PFIPC appear to be a recognised government institution.
The commission said he wrote to several government agencies seeking collaboration and attempting to perform functions assigned to existing government institutions.
Among other activities, Adeyemi allegedly sought involvement in Federal Executive Council matters, collection of stamp duties and excess bank charges, visa processing for foreign investors, import duties, maritime revenue and temporary import permits.
According to the ICPC, the requests encroached on the mandates of the Nigerian Investment Promotion Council, Nigeria Immigration Service, Nigeria Revenue Service and Nigerian Maritime Administration and Safety Agency.
Adeyemi also attempted to organise a World Investment Summit.
As part of preparations for the event, he hosted members of the diplomatic community and international investors at the Wells Carlton Hotel and Apartment in Abuja on October 10, 2025.
The pre-summit dinner was organised without formal coordination with the Ministry of Foreign Affairs, the ICPC said.
The commission put the cost of the event at N39 million, comprising N2 million for venue expenses and N37 million for catering.
Braveicons Global Limited reportedly paid for the venue, while Queenlizzyking Supermarket, which the investigation linked to Adeyemi, paid for the catering.
The event subsequently attracted the attention of the Ministry of Foreign Affairs.
On October 16, 2025, the ministry wrote to the Chief of Staff to the President and the National Security Adviser seeking clarification on Adeyemi’s status following his engagements with members of the diplomatic community.
The ministry’s inquiry eventually led to verification of PFIPC’s status.
According to the ICPC, the Office of the National Security Adviser confirmed that PFIPC was not a federal government entity and that Adeyemi was an impostor who had never been appointed by the government.
The discovery prompted the Chief of Staff to petition security agencies, leading to an investigation into Adeyemi’s activities.
Police subsequently charged him and two others with offences including conspiracy, forgery and impersonation.
Summit continued after PFIPC was exposed
The ICPC said Adeyemi continued pursuing the investment summit even after PFIPC was exposed.
Investigators found that he created an organisation called the World Investment Summit Group and opened an account with Moore Money Microfinance Bank in the name of World Investment Summit.
The account, numbered 9300696687, reportedly received total inflows of N71.7 million.
The commission said none of the funds came from a government source.
According to the investigation, Adeyemi continued corresponding with members of the public through the World Investment Summit Group even after his activities had been disrupted.
The ICPC said that as recently as June 5, 2026, Adeyemi authored letters on behalf of the group using an address at Room 213, Second Floor, Phase III, Federal Ministry of Health, Federal Secretariat Complex, Abuja.
The commission said the use of the address could create the impression that the organisation was a legitimate government entity.
ICPC identifies weaknesses in government systems
The commission said its investigation showed that PFIPC operated through alleged misrepresentation, forged documents and engagements with government officials that helped create an appearance of official recognition.
According to the ICPC, weaknesses in verification procedures across some government institutions allowed the purported council to gain access to government processes.
These included budget consideration, office allocation, digital identity registration and engagements with diplomatic stakeholders.
The House of Representatives is also investigating how PFIPC secured office space at the Federal Secretariat and obtained N1.32 billion in the 2026 Appropriation Act despite not being legally established as a government agency.
The ICPC identified Adeyemi as the central figure in the creation, promotion and operation of PFIPC.
Tinubu orders forensic audit
Following the ICPC’s findings, President Bola Tinubu directed the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, to lead a comprehensive forensic audit of federal government systems.
The audit will cover the Integrated Personnel and Payroll Information System (IPPIS), as well as administrative and internal controls across federal agencies.
Presidential spokesperson Bayo Onanuga said the directive followed a Federal Executive Council resolution of August 19, 2026.
The audit will examine payroll, personnel, pension and financial-management systems, including reported cases of ghost workers and payroll fraud.
It will also examine access controls, biometric systems, bank-account controls and the links between IPPIS and platforms such as GIFMIS, Remita and the Treasury Single Account.
The second phase will focus on federal ministries, departments, agencies, commissions and parastatals.
It will seek to establish a definitive inventory of federal government bodies and verify their legal foundations, while examining how agencies obtain official recognition, budgetary allocations, office facilities and access to government systems.
ICPC recommends prosecution
The ICPC recommended that Adeyemi be prosecuted for alleged forgery, impersonation, making false statements to public officers and criminal misrepresentation.
The commission also recommended further investigations into the Ministry of Foreign Affairs, Ministry of Finance and individuals or agencies whose actions may have helped PFIPC gain an appearance of legitimacy.
It specifically called for further investigation into the Unity Bank accounts and the roles allegedly played by bank officials, OAGF officials, Ajayi and Akabueze.
The commission also recommended an analysis of all bank accounts linked to 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.
However, the purported council allegedly gained administrative visibility through documents presented as official, access to government facilities, dealings with public institutions and participation in government processes.
Another alleged fake agency uncovered
The PFIPC investigation also led to the discovery of another suspected fictitious 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.
President Tinubu subsequently ordered the suspension of three permanent secretaries and the arrest of the agency’s alleged promoter, George Buchi Nwabueze.
ICPC Chairman Musa Aliyu said investigators found that Nwabueze operated under different variations of his name and that suspected collaborators existed 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 widened the scandal beyond PFIPC and raised fresh concerns about weaknesses in the verification and oversight systems governing the creation and recognition of government institutions.
