Businessman tells Reps he lost N400m to alleged fake PFIPC DG

A businessman, Mr Gbenga Collins, has told the House of Representatives Ad-hoc Committee investigating the Presidential Foreign Investment Promotion Council (PFIPC) that he was allegedly defrauded of N400 million by the council’s purported Director-General, Adeniyi Adeyemi.

Collins, the Managing Director of Divine Dopacy Nigeria Limited, made the disclosure while appearing before the committee during its ongoing probe into the alleged establishment and operations of the PFIPC.

He explained that he believed Adeyemi was a genuine government official because he operated from an office within the Federal Secretariat in Abuja, moved with security personnel, used official vehicles bearing government registration numbers, and regularly received prominent visitors.

According to Collins, he first met Adeyemi in December 2024 during a programme in Ogbomoso, Oyo State, where they both hail from. He said Adeyemi later invited him to Abuja in early 2025 to discuss a business opportunity.

Collins told lawmakers that he was picked up from the airport in an official government vehicle and taken to Adeyemi’s office, where the environment further convinced him that the agency was legitimate.

He alleged that Adeyemi later informed him that he had been allocated an official residence and wanted his company to handle the renovation and furnishing of the property. Collins said he was taken to inspect the building alongside members of Adeyemi’s team before receiving what appeared to be a contract award letter, project scope and agreement.

The businessman said he was instructed to pay N400 million as proof of his company’s financial capacity and to facilitate mobilisation for the contract.

He disclosed that N380 million was transferred in four instalments between May and June 2025 into a Guaranty Trust Bank account belonging to World Entrepreneurs Limited, while the remaining N20 million was paid into an Access Bank account belonging to Sunshine Confectionery and Catering Services in July 2025.

Collins said he sourced the funds from business associates who trusted him because he had personally visited Adeyemi’s office and believed the contract was genuine.

He added that despite repeated assurances that mobilisation would begin in August 2025, the project never commenced. According to him, Adeyemi continued to offer different explanations until he eventually became unreachable.

The businessman said he later consulted a lawyer, who informed him that he had likely fallen victim to fraud. A petition was subsequently submitted to the Economic and Financial Crimes Commission (EFCC) in November 2025.

He told the committee that investigators later informed him that Adeyemi repeatedly failed to honour EFCC invitations, allegedly citing health reasons through his lawyer.

Appealing to the lawmakers, Collins said the incident had crippled his business, forcing him to sell personal assets to meet financial obligations.

Responding to questions from committee members, he insisted the payment was not a bribe but was presented to him as a condition for facilitating and mobilising the contract. However, he admitted that he did not follow the procedures outlined in the Public Procurement Act before accepting the contract.

Chairman of the committee, Yusuf Gagdi, disclosed that Adeyemi would be questioned at a later date and in a separate location to avoid interfering with ongoing investigations being conducted by the EFCC, the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Nigeria Police Force.