The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has said that the Director General of the controversial Presidential Foreign Investment Promotion Council (PFIPC), Adeniyi Adeyemi, relied on private individuals and companies to finance the organisation’s operations.
The commission said Mr Adeyemi told investigators that he obtained hundreds of millions of naira in loans to run the office and organise the World Investment Summit, an event he promoted through the controversial agency.
The findings provide another glimpse into how the organisation operated despite the federal government’s position that it was never legally established and that Mr Adeyemi was never appointed its Director-General.
The ICPC said Mr Adeyemi claimed that he secured a N400 million loan from Divine Dopacy Nigeria Limited, owned by Oyekunle Oluwagbemiga, for personal engagements and the running of his office.
He also claimed to have obtained another N200 million loan from Sparrow Nigeria Limited, owned by Alhaji Habib, to finance the World Investment Summit.
