PFIPC scandal: ADC raps ICPC for covering up for government officials

By Kingston Magare 8.8.2026
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has been accused of covering up for government officials who may have aided and abetted the Presidential Foreign Investment Promotion Council (PFIPC) scheme.
According to the African Democratic Congress Adeniyi Adeyemi PFIPC director-general, was being made a scapegoat in scandal adding that the ICPC investigation outcome was predicted.
The ICPC had, on Thursday, recommended the prosecution of Adeyemi after concluding that the council had no legal backing and never existed as a government agency.
“It would be recalled that when President Bola Tinubu directed the ICPC to undertake investigation into this case, ADC had waved it off, insisting instead on a full investigation by an independent panel,” the ADC said in a statement signed by its national publicity secretary Bolaji Abdullahi.
“With the so-called interim report of the ICPC, our fears have come to pass as the report is not only predictable, it appears more concerned with exonerating government officials rather than providing clear answers to the serious questions that the scandal has raised.”
The political party stated that the ICPC’s conclusion that the incident resulted from procedural failures was inconsistent with the evidence already in the public domain.
“The ICPC report appeared to have given the impression that what happened was mere failure in government processes or procedures,” ADC said.
“This position is difficult to sustain in the light of publicly available evidence, which establishes that this is not an error of omission or a mere glitch in the system.
“Instead, what happened was a grand scam that could have been possible only with the active connivance of government officials and institutions at the highest level.”
The ADC questioned why the anti-graft agency recommended only Adeyemi for prosecution despite admitting that investigations were ongoing and that there could be accomplices within the government.
“If all that the commission had to present was a preliminary report, why not simply present it as confidential brief to the president instead of making a public drama of it in a manner that potentially prejudiced the overall investigation and cast Adeyemi as the principal culprit?”