The Independent Corrupt Practices and Other Related Offences Commission has recommended the prosecution of the promoter of the controversial Presidential Foreign Investment Promotion Council, Adeniyi Adeyemi Matthew, after concluding that neither he nor the organisation had any legal recognition from the Federal Government.
The Chairman of the commission, Dr Musa Adamu Aliyu (SAN), disclosed this on Thursday while presenting an interim report of the investigation to President Bola Tinubu at the Presidential Villa, Abuja. He said the report was submitted 30 days after the President directed the anti-graft agency to investigate the activities of the organisation.
Aliyu said investigations established that Adeyemi was never appointed by the Federal Government or any authorised institution and that the so-called Presidential Foreign Investment Promotion Council was not created by any law, executive order or other recognised government instrument.
According to him, the suspect relied on forged appointment letters and fabricated official documents to present himself as the head of the organisation and allegedly carry out its activities.
The ICPC chairman further disclosed that investigators uncovered two additional fictitious agencies allegedly floated by the suspect. They are the Foreign Capital and Wealth Investment Promotion Agency and the Foreign Investment Promotion Agency/Public-Private Partnership.
He said the commission also discovered forged legislative documents allegedly used to create the agencies and facilitate the opening of commercial bank accounts through which their operations were conducted.
Aliyu alleged that the suspect unlawfully occupied the office of the defunct Presidential Economic Advisory Council and used it as the operational base for the fake organisation while engaging in widespread impersonation and false representation.
He added that investigations had entered the criminal prosecution stage, noting that statements had been obtained from the suspect and other individuals linked to the matter.
"We have completed the investigative phase. We have interacted with Mr Adeniyi Adeyemi, obtained his statement and reached conclusions based on the available evidence. We are now preparing criminal charges for prosecution," Aliyu said.
The ICPC boss, however, declined to comment on allegations involving about N400 million reportedly connected to the case, saying the issue formed part of the ongoing criminal investigation.
He also stated that investigators found no evidence that Federal Government funds were approved or released to either the fake council or the defunct Presidential Economic Advisory Council.
Aliyu further cleared the Presidency of any involvement, stressing that the forged appointment letter did not originate from the Office of the President.
According to him, the investigation exposed lapses in verification procedures, inter-agency coordination and administrative processes across several Ministries, Departments and Agencies, which were allegedly exploited by the suspect.
He said the commission had recommended the prosecution of Adeyemi, administrative sanctions against public officers whose negligence aided the illegal operations, and reforms to strengthen internal control systems across government institutions.
Aliyu assured that all those found culpable would face the law, adding that the recommended reforms would help prevent a recurrence of similar fraudulent activities in public institutions.
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