The ICPC investigation provides further insight into how Mr Adeyemi allegedly expanded the network of institutions he presented as government agencies after establishing PFIPC.
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).
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.
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.
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.
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.
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.
