Musa Aliyu, ICPC chairman, disclosed the development on Thursday while briefing State House correspondents after presenting an interim investigation report to President Bola Tinubu at the Presidential Villa, Abuja.
The briefing followed a 30-day investigation ordered by the president on July 7 into allegations surrounding the purported Presidential Foreign Investment Promotion Council.
Aliyu said investigations established that Adeyemi was never appointed by the federal government and that the PFIPC had no legal existence.
“The ICPC also discovered that Adeniyi Adeyemi created two additional fictitious government agencies apart from the one already known in the public domain,” he said.
“To facilitate the creation of these agencies, he used fake legislative instruments styled as enabling Acts and relied on them to open bank accounts.”
He said the suspect allegedly opened two commercial bank accounts to support the operations of the fake organisations.
Aliyu said the commission had recommended prosecuting Adeyemi, disciplining public officials whose negligence enabled the fraud, and implementing reforms to strengthen internal controls across MDAs.
He added that investigations were continuing to identify other collaborators and build a stronger criminal case before charges are filed in court.
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