₦600m PFIPC Scandal: ICPC Reveals How Adeyemi Allegedly Raised Funds

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has uncovered details of how the embattled Director-General of the purported Presidential Foreign Investment Promotion Council (PFIPC), Adeniyi Adeyemi, allegedly obtained ₦600 million from private individuals and companies to operate the organisation and fund its activities.

According to the anti-corruption agency, Adeyemi told investigators that he received ₦400 million from Divine Dopacy Nigeria Limited for personal engagements and the running of his office, while another ₦200 million from Sparrow Nigeria Limited was reportedly used to finance the World Investment Summit organised by the purported agency.

The findings were contained in the ICPC’s interim investigation report submitted to President Bola Tinubu on August 6 and obtained by Premium Times.

The report provides further details about the operations of the organisation, which the Federal Government has declared was never legally established and whose purported director-general was not appointed by the government.

How Adeyemi Allegedly Obtained ₦400m

According to the ICPC report, Adeyemi told investigators that the ₦400 million received from Divine Dopacy Nigeria Limited, owned by Oyekunle Oluwagbemiga, was a loan intended to cover his personal expenses and the activities of his office.

However, Oluwagbemiga reportedly presented a different version of events when he appeared before the House of Representatives committee investigating the PFIPC controversy.

He told lawmakers that the money was paid after Adeyemi allegedly presented himself as a legitimate Federal Government official and offered his company a contract to renovate and furnish an official residence.

Oluwagbemiga said Adeyemi’s occupation of an office at the Federal Secretariat, the use of vehicles bearing government number plates and the presence of security personnel and individuals he regarded as dignitaries convinced him that Adeyemi was a genuine government representative.

According to him, Adeyemi also provided a contract award letter, scope of work and an agreement concerning the proposed renovation project before requesting the ₦400 million payment.

The conflicting accounts have raised questions about the actual purpose of the transaction, prompting the ICPC to recommend further examination of the payment and financial accounts associated with Adeyemi.

₦200m Linked to Investment Summit

Adeyemi also reportedly told investigators that he obtained ₦200 million from Sparrow Nigeria Limited, owned by Alhaji Habib, to organise the World Investment Summit.

The summit was among the major initiatives promoted by Adeyemi while presenting himself as the head of PFIPC.

He had marketed the 2026 edition as a major investment event and reportedly claimed that it could attract as much as ₦5 trillion in foreign direct investment.

A pre-summit dinner was also organised, attracting individuals from the diplomatic community, development organisations and the private sector.

However, websites associated with the summit were subsequently taken down.

The ICPC’s finding that private funds were allegedly used to finance the event has raised further questions about the scale of Adeyemi’s activities while operating under the name of an organisation the government says had no legal existence.

Company Linked to Adeyemi Under Investigation

The ICPC also discovered that World Entrepreneurship University Limited, a company registered by Adeyemi, was involved in financial transactions connected to his activities.

The commission therefore recommended a detailed analysis of bank accounts linked to Adeyemi and the various sources of funds he claimed to have received as loans.

According to the ICPC, the examination would help investigators determine how the funds were transferred, received and ultimately utilised.

How Purported Agency Accessed Government Institutions

The investigation further shed light on how the purported PFIPC allegedly gained access to government institutions despite lacking a recognised legal foundation.

The ICPC established that the organisation was not created through an Act of the National Assembly, an executive order or any other valid government instrument.

Despite this, it reportedly occupied an office on the second floor of the Federal Secretariat Complex, Phase III, Abuja, where civil servants were allegedly deployed to work.

The organisation also communicated with ministries, departments and agencies, sought government approvals and attempted to gain access to public financial systems.

A significant development in the investigation was the discovery that the purported agency gained access to accounts at the Central Bank of Nigeria (CBN) after the Office of the Accountant-General of the Federation acted on a request attributed to Adeyemi.

The CBN subsequently confirmed the creation of dollar and pound accounts linked to the organisation.

Prominent Nigerians Allegedly Listed Without Authorisation

The ICPC also found that the names of several prominent Nigerians appeared in documents and invitations connected to the World Investment Summit without their knowledge or authorisation.

One of those affected was the National Chairman of the All Progressives Congress, Nentawe Yilwatda.

The commission said Yilwatda and other individuals whose names appeared in materials relating to the summit neither authorised their inclusion nor took part in the purported event.

Similarly, Deputy Speaker of the House of Representatives, Benjamin Kalu, said he unknowingly interacted with individuals associated with PFIPC and appeared in photographs with Adeyemi.

Kalu described himself as a victim of what he regarded as a sophisticated impersonation scheme.

ICPC Identifies Government Loopholes

While identifying Adeyemi as the principal figure behind the presentation and operation of PFIPC as a Federal Government institution, the ICPC also highlighted institutional weaknesses that allegedly allowed the scheme to gain traction.

The commission said some government agencies relied on documents and representations presented by Adeyemi without independently verifying whether the organisation had a valid legal foundation.

It identified weaknesses in the authentication of official documents, allocation of government offices, approval of manpower and coordination among government institutions as some of the loopholes allegedly exploited.

The ICPC also cited negligence, petty corruption and what it described as undue deference to the State House as factors that contributed to the purported agency gaining access to government systems.

According to the commission, these weaknesses eventually contributed to the inclusion of PFIPC in the 2026 national budget.

The 2026 Appropriation Act reportedly contained a ₦1.3 billion provision for the Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council under the Presidency.

Adeyemi, however, has denied preparing or defending the budget.

ICPC Recommends Prosecution

The ICPC has recommended the prosecution of Adeyemi over alleged forgery, impersonation, false representation and related offences.

The commission also recommended further investigation into his financial dealings, including the funds he claimed to have received as loans from private entities.

Adeyemi has denied the allegations and maintained that he would prove his innocence in court.