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PFIPC Scandal: ICPC Uncovers Two More Phantom Agencies

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By David Torough, Abuja

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has uncovered two additional fictitious government agencies in its investigation into the controversial Presidential Foreign Investment Promotion Council (PFIPC), as President Bola Tinubu received the commission’s interim report recommending the prosecution of the alleged mastermind, Adeniyi Matthew Adeyemi.

Briefing State House correspondents after presenting the report at the Presidential Villa, Abuja, ICPC Chairman, Dr.

Musa Adamu Aliyu, said investigations established that Adeyemi was never appointed by the Federal Government and that the PFIPC, also referred to in some documents as the Presidential Foreign Intervention Promotion Council, had no legal backing, having neither been created by an Act of the National Assembly nor by an Executive Order.

Aliyu disclosed that the appointment letter and other documents used by Adeyemi were forged, while the syndicate unlawfully occupied the offices of the defunct Presidential Economic Advisory Council (PEAC), using the premises to project legitimacy and allegedly deceive government officials, foreign diplomats and other stakeholders.

The ICPC also uncovered two additional fake agencies, the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency/Public-Private Partnership, which were allegedly created with forged legislative instruments and used to open bank accounts for illegal activities.

According to the commission, Adeyemi later altered the name of the organisation from the Foreign Investment Promotion Council to the Foreign Intervention Promotion Council in a bid to broaden its operational scope.

Aliyu, however, stated that investigations found no evidence that Federal Government funds were approved or disbursed to the fake agency, while no security breach was detected within the Presidency or the Central Bank of Nigeria.

The commission identified weaknesses in verification processes, inter-agency coordination and oversight across several Ministries, Departments and Agencies (MDAs), including the Office of the Secretary to the Government of the Federation, the Office of the Head of the Civil Service of the Federation, the Office of the Accountant-General of the Federation, the Budget Office and the National Information Technology Development Agency (NITDA), saying the lapses enabled the syndicate to operate undetected.

The ICPC recommended the prosecution of Adeyemi, disciplinary action against public officials whose acts of omission facilitated the operation of the fake agency, and reforms to strengthen internal controls across government institutions, stressing that investigations remain ongoing to identify additional collaborators.

Meanwhile, the House of Representatives Ad-hoc Committee investigating the PFIPC uncovered fresh inconsistencies in documents used to establish the purported agency during its hearing on Thursday.

Representing the Permanent Secretary, State House, Director of Administration Abdulkadri Idris told lawmakers that the Presidency neither requested the Office of the Accountant-General of the Federation to create a budget code for the council nor authorised its establishment.

He described fraudulent documents purportedly issued by the State House, noting that the signatory identified as “Akande Adewale” had never served as Director of Administration and that no Directorate of Administration and Support Services existed within the Presidency.

Committee Chairman Yusuf Gagdi said the testimony exposed glaring discrepancies between documents obtained from the Accountant-General’s Office and authentic records submitted by the State House, raising further questions over how the council gained official recognition.

The Federal Road Safety Corps (FRSC), however, defended its decision to allocate seven official Federal Government number plates to the PFIPC, explaining that it acted on documents presented by the applicants, verification of a government-domain website and a physical inspection of the organisation’s office.

Corps Marshal Shehu Mohammed said the agency later discovered that the PFIPC was not a legitimate Federal Government body and had commenced steps to retrieve the official number plates while tightening its verification procedures.

Lawmakers directed the FRSC to provide details on the current location and status of all vehicles registered under the council and announced that the committee would conclude its investigation next week.

The House is also probing how the fictitious agency allegedly secured a N1.3 billion allocation in the 2026 Appropriation Act despite lacking any legal foundation. Meanwhile, Adeyemi, who is facing criminal charges bordering on conspiracy, forgery and impersonation, is expected to appear before the Federal High Court later this month.

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Suswam Leads Exco Members to Mourn Late Salifu, Condemns Killing as Barbaric

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By David Torough, Abuja

Former Benue State Governor, Senator Gabriel Suswam, has described the killing of former Secretary to the Benue State Government (SSG), Prof. David Salifu, as barbaric, cruel and undeserved, while calling for urgent action to address the country’s worsening security challenges.

Suswam made the remarks during a condolence visit to the family of the late Prof.

Salifu, where he was accompanied by his former deputy, Chief Steven Lawani, and members of the Benue State Executive Council who served under his administration between 2007 and 2015.

Paying tribute to the deceased, the former governor described Prof.

Salifu as a peaceful, humble and dedicated public servant whose contributions to governance and the development of Benue State would remain unforgettable.

He noted that Salifu served as Secretary to the State Government throughout his administration with integrity, professionalism and unwavering commitment to public service.

Suswam said he received news of the former SSG’s fatal shooting by suspected bandits with profound shock and grief, condemning the killing as a reprehensible act against a man who devoted his life to serving humanity.

He expressed concern over the deteriorating security situation across the country and urged security agencies to intensify efforts to protect lives and property, stressing that no Nigerian should have to live in fear of violent attacks.

The former governor prayed for God’s comfort and strength for Prof. Salifu’s immediate family, his community, the people of Benue State, and the management, staff and students of the Federal University Wukari, where the late academic served as Dean of the Faculty of Management Sciences.

He also encouraged the widow, Mrs. Elizabeth Salifu, to remain steadfast and preserve the unity of the family while taking solace in her husband’s legacy of integrity and service.

Responding on behalf of the family, Mr. Samuel Salifu and Mrs. Elizabeth Salifu thanked Suswam and the former members of the State Executive Council for their support and solidarity since the tragic death of Prof. Salifu.

They prayed for God’s continued blessings and protection upon the former governor and members of his delegation.

Among those who accompanied Suswam on the visit were former Head of the Civil Service, Terna Ahua; former Attorney General and Commissioner for Justice, Dr. Alex Ter Adum; former Chief Economic Adviser, Dr. Sebastian Agbinda; and several other former commissioners and officials who served in the Suswam administration.

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Nigerian Banks Remain Strong, Secure as Global Cyber Campaign Sweeps Across Sectors, Continents

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By David Torough, Abuja

Nigerian banks have moved swiftly to contain the effects of a sophisticated global cyber campaign sweeping across sectors and continents, with industry sources assuring the public that the nation’s financial system remains strong, resilient and secure.

The campaign, described by analysts as one of the most coordinated waves of attacks in years, is neither peculiar to Nigeria nor limited to finance.

Organisations in telecommunications, healthcare, government, energy, technology and corporate registries across Europe, Asia, the Americas and Africa have been targeted by the same wave of intrusions, underscoring the borderless nature of modern cybercrime.
The data is stark: CheckPoint, a leading international cybersecurity firm, reports a 115 per cent surge in attacks on the global financial sector last year, with organisations worldwide facing thousands of attempted intrusions weekly. The current campaign has been linked to threat actors that have struck more than 35 organisations across several countries and sectors.

Despite the onslaught, banking services and digital channels across Nigeria remain fully operational and customer deposits safe. Banks activated their incident response protocols as soon as reports emerged, working closely with regulators, law enforcement and international cybersecurity partners to investigate and strengthen their defences. Nigerian banks operate some of the most advanced cybersecurity infrastructure on the continent, backed by years of sustained investment in protecting customer information and assets. Experts note that resilience in an era of global cyber warfare lies not in immunity from attack, which no organisation can claim, but in the speed and rigour of response, and on that measure the industry has acted decisively and in full compliance with regulatory requirements.

The banking public is, however, urged to remain vigilant. Fraudsters often exploit moments of heightened attention with fake calls, text messages and emails. Customers should never divulge personal or banking information, including passwords, PINs, One-Time Passwords (OTPs), card details or Bank Verification Numbers (BVNs), to anyone over the telephone, however convincing the caller sounds; no bank will ever ask for these details. They should also avoid opening suspicious emails, clicking unfamiliar links or downloading attachments from unknown senders. Anyone who suspects foul play or unusual account activity should contact their bank immediately, and only through its dedicated official channels: verified customer care lines, official websites, mobile applications or branches.

As governments and corporations worldwide race to shore up their digital defences, the message from the Nigerian banking industry is one of calm and confidence: the system is safe, deposits are secure, and the institutions entrusted with the nation’s savings remain watchful and prepared.

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Dangote Refinery Cuts Petrol Price by N50, Diesel Sells N80

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By David Torough, Abuja

Dangote Petroleum Refinery has reduced the ex-depot prices of Premium Motor Spirit (PMS), popularly known as petrol, and Automotive Gas Oil (AGO), commonly known as diesel, in a move aimed at making petroleum products more affordable and supporting economic activities across Nigeria.

The new pricing, which takes effect on Thursday, August 6, sees the ex-depot price of petrol reduced by N50 per litre from N1,215 to N1,165, while diesel has been cut by N80 per litre, dropping from N1,650 to N1,570 per litre.

Announcing the adjustment in a statement on Wednesday, the refinery said the price review reflects its ongoing commitment to improving energy affordability, expanding access to refined petroleum products, and delivering value to consumers, businesses, and other stakeholders.

According to the company, the latest reduction underscores its resolve to provide affordable, high-quality petroleum products while ensuring a stable supply through improved operational efficiency.

“The price review reflects Dangote Refinery’s ongoing efforts to enhance energy affordability, improve access to refined petroleum products, and support economic activities across Nigeria,” the statement said.

The refinery added that it would continue to pass on the benefits of operational efficiencies to consumers whenever market conditions permit.

Dangote Petroleum Refinery also reaffirmed its strategic role in strengthening Nigeria’s energy security by reducing dependence on imported petroleum products and increasing the availability of locally refined fuels. As Africa’s largest refinery, the company said it remains committed to supporting the country’s economic development through the supply of world-class petroleum products.

The latest price reduction comes as the 650,000-barrels-per-day refinery continues to expand its footprint in the domestic market. The adjustment also follows recent fluctuations in global crude oil prices, which initially eased after a temporary truce between Iran and the United States before renewed tensions affected market stability.

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