Adeyemi Created Fake Government Agencies and Opened Bank Accounts, ICPC

Adeniyi Adeyemi is accused of pretending to be the Director-General of the fake Presidential Foreign Intervention Promotion Council (PFIPC). He also created other fake government agencies and opened bank accounts for them using forged documents. This information comes from an investigation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

The ICPC said that besides PFIPC, Adeyemi also set up the FCT Investment Promotion Agency (FIPA) and the Foreign Investment Promotion Agency and Public-Private Partnership (FIPA-PPP). He used similar forged documents to make PFIPC look like a real federal government body.

He submitted these documents to Unity Bank to open two accounts for the fake agencies. The account numbers are 0059761787 and 0059761718.

This discovery shows how Adeyemi allegedly expanded the number of institutions he claimed were government agencies after founding PFIPC.

PREMIUM TIMES has reported how Adeyemi accessed government processes by showing documents that suggested PFIPC was approved by the presidency. The ICPC started its investigation after President Bola Tinubu ordered a probe into PFIPC. In its interim report to the President on 6 August, which PREMIUM TIMES obtained, the ICPC said that Adeyemi was never appointed by the federal government and that PFIPC was not created by any law or government order.

The commission recommended that he should be prosecuted for forgery, impersonation, and other related crimes. ICPC chairman Musa Aliyu spoke to the press about the findings. PREMIUM TIMES is now revealing details of the interim investigation for the first time.

How the Fake Agencies Were Created

According to the ICPC report, Adeyemi forged documents called 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 noted that these documents were versions of the same forged legislation used for the Presidential Economic Advisory Council (PEAC) and PFIPC. The PEAC was set up by former President Muhammadu Buhari to give him economic advice but does not exist anymore. Adeyemi used the council's name to carry out his activities.

Using the forged documents, Adeyemi presented the two organizations as federal government agencies and opened bank accounts in their names. The ICPC found that the documents for opening the accounts lacked the required approval from the Office of the Accountant-General of the Federation (OAGF). This approval is necessary for ministries and agencies to operate accounts in commercial banks.

The requests to open the accounts were supposedly made by someone called the chairman of the PEAC, Adekunle Ajayi, and a supposed secretary named Lovina Akabueze. The investigation found that Adeyemi was listed as the Director-General and sole signatory for the accounts.

The ICPC recommended that the managing director, chief compliance officer, and account officer from Unity Bank be invited for questioning, along with relevant OAGF officials, Ajayi, and Akabueze. They also suggested looking into all bank accounts connected to Adeyemi and how he claimed to have received loans.

Adeyemi Expanded Beyond PFIPC

The creation of these two fake agencies was part of Adeyemi’s wider plan to make PFIPC look like an established government body. The ICPC stated that he wrote to various government agencies seeking collaboration and trying to take on roles that belonged to existing institutions.

He aimed to get involved in the Federal Executive Council, collect stamp duties and excess bank charges, process visas for foreign investors, collect import duties, maritime revenue, and temporary import permits. These requests interfered with 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).

Adeyemi even tried to organize a World Investment Summit. He hosted members of the diplomatic community and international investors at the Wells Carlton Hotel and Apartment in Abuja on 10 October 2025 for a pre-summit dinner. The ICPC said this event was organized without proper coordination with the Ministry of Foreign Affairs.

N39 million was spent on the event: N2 million was for the venue, and N37 million was for catering. Braveicons Global Limited paid for the venue, while Queenlizzyking Supermarket, linked to Adeyemi, paid for the catering. This event 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 to clarify Mr Adeyemi's status after he engaged with diplomats. PREMIUM TIMES reported that the ministry was worried after Adeyemi approached it several times about the World Investment Summit. They sought to verify PFIPC's status and Adeyemi's role.

The checks led by the Office of the National Security Adviser revealed that PFIPC was not a federal government body and that Adeyemi was an impostor. This prompted the Chief of Staff to report to law enforcement, leading to an investigation that halted Adeyemi’s activities. PREMIUM TIMES reported that the Chief of Staff, Femi Gbajabiamila, reported Adeyemi’s activities to security agencies in October 2025. The police later charged him and two others with conspiracy, forgery, and impersonation.

World Investment Summit Continued After PFIPC Was Exposed

The ICPC investigation found that even after PFIPC was exposed, Adeyemi did not stop his efforts to organize the investment summit. After losing the PFIPC platform, he set up the “World Investment Summit Group” and opened an account with Moore Money Microfinance Bank in that name. The account number was 9300696687.

The investigation revealed that this account received a total of N71.7 million. None of the money came from the government. Even after the alleged scheme was uncovered in October 2025, Adeyemi continued using the World Investment Summit Group to communicate with the public.

As recently as 5 June 2026, he wrote letters in the name of the group using an address at the Federal Ministry of Health in Abuja. The use of this address made it seem like the organization was a legitimate government body. PREMIUM TIMES previously reported that Adeyemi promoted a 2026 World Investment Summit, and the websites related to the event became inaccessible amid scrutiny of his activities.

How the System Was Exploited

The ICPC investigation showed that PFIPC operated through lies, forgery, and compromised officials. This created the illusion that it was a recognized federal government body. The commission pointed out that this case revealed weaknesses in how some government institutions verify documents.

These weaknesses allowed the fake council access to government processes like budget consideration, office allocation, digital identity registration, and interaction with diplomatic stakeholders. PREMIUM TIMES reported that correspondence from Adeyemi’s supposed 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. This correspondence helped the organization secure office space and access banking processes despite the government's later denial that PFIPC existed.

At the National Assembly, the scandal is also being investigated. The House of Representatives committee looking into PFIPC has checked how the organization got office space at the Federal Secretariat and received a N1.32 billion allocation in the 2026 Appropriation Act, even though it was not legally established as a government agency.

The ICPC stated that Adeyemi was a key figure in presenting, promoting, and managing PFIPC, including its dealings with government institutions and outside stakeholders. The commission explained that the organization’s ability to operate relied on documents that made it look official.

Tinubu Orders Audit of Agencies

On Friday, President Tinubu ordered a forensic audit of federal government systems, including the Integrated Personnel and Payroll Information System (IPPIS). This is part of his efforts to implement the ICPC's recommendations. Presidential spokesperson Bayo Onanuga said this directive came after a Federal Executive Council resolution on 19 August 2026, based on the ICPC’s findings.

The audit has two main parts. The first will check IPPIS and related payroll and financial management systems, looking into ghost workers and payroll fraud. It will also examine access controls and how ineligible people were enrolled. The second part will cover all federal agencies to create a complete list of such bodies and verify their legal status. It will also review how these entities get official recognition and budget allocations.

President Tinubu wants the audit done with high standards of independence and professionalism.

ICPC Recommends Prosecution, Further Investigation

In its recommendations, the ICPC said Adeyemi should be prosecuted for forgery, impersonation, making false statements to public officers, and criminal misrepresentation. The commission also called for reforms in the affected agencies.

They suggested further investigation into the Ministry of Foreign Affairs and Ministry of Finance, as well as individuals and agencies that may have helped give PFIPC legitimacy. The commission specifically recommended looking into the Unity Bank accounts and the roles of bank officials, OAGF officials, Ajayi, and Akabueze.

They also recommended analyzing all bank accounts connected to Adeyemi and the sources of funds he claimed to have received as loans. The ICPC concluded that PFIPC had no valid legal basis as a federal government body. Despite this, the fake council managed to appear legitimate through documents and interactions with public institutions.

The commission emphasized the need for better document checks and coordination among institutions to stop organizations without legal backing from accessing government resources.

Another Fake Agency

The PFIPC investigation also led to the discovery of another suspected fake agency, the National Brands Development and Made in Nigeria Special Project Office. This agency allegedly operated within the Office of the Secretary to the Government of the Federation.

PREMIUM TIMES reported that Mr Tinubu suspended three permanent secretaries and ordered the arrest of the agency’s alleged promoter, George Buchi Nwabueze. ICPC Chairman Mr Aliyu said investigators found that Nwabueze used different names and had suspected accomplices within the OSGF.

The commission stated that forged legislative documents were used to give these entities a false sense of legitimacy and to open bank accounts in their names. This discovery has widened the scandal beyond PFIPC, raising more concerns about the verification processes that allow individuals and groups to act like legitimate government bodies.