A businessman, Mr. Gbenga Collins, has told the House of Representatives that he paid N400 million to Prince Adeniyi Adeyemi after being promised a contract to renovate and furnish what he believed was the official residence of the Director General of the Presidential Foreign Investment Promotion Council (PFIPC).
Collins, Managing Director of Divine Dopacy Nigeria Limited, spoke on Tuesday before the House Ad hoc Committee investigating the alleged establishment and activities of the PFIPC, chaired by Hon. Yusuf Gagdi.
He said he met Adeyemi in Ogbomoso in December 2024 before being invited to Abuja in early 2025 for a business discussion.
According to Collins, Adeyemi sent an official vehicle to pick him up from the airport and took him to an office at the Federal Secretariat. He said the office was guarded by security personnel and visited by prominent individuals, making him believe Adeyemi was a genuine government official.
Collins said Adeyemi introduced himself as the Director General of both the Presidential Economic Advisory Council (PEAC) and the Presidential Foreign Investment Promotion Council (PFIPC).
He added that Adeyemi later showed him a property said to be the official residence of the agency’s Director General and offered his company the contract to renovate and furnish it.
Collins said he was later given what appeared to be a contract award letter, scope of work and an agreement with his company.
According to him, Adeyemi demanded N400 million, saying the payment would prove the company’s financial capacity and speed up the release of funds for the contract.
Collins said he raised the money from business associates and paid the amount in five instalments between May and July 2025.
He told lawmakers that N380 million was paid 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.
After making the payments, Collins said Adeyemi assured him that contract mobilisation would begin in August 2025. However, no money was released.
He said Adeyemi later blamed the delay on security issues and promised payment in November, but eventually stopped answering his calls.
Collins said he later consulted a lawyer, who informed him that he had likely been scammed.
He told the committee that his lawyer petitioned the Economic and Financial Crimes Commission (EFCC) in November 2025, leading to an investigation.
According to Collins, EFCC investigators informed him that Adeyemi repeatedly failed to honour their invitations, allegedly citing health reasons through his lawyer.
He appealed to the committee to help ensure justice is done, saying he has suffered serious financial losses and has been forced to sell some of his property.
Collins insisted he acted in good faith because everything he saw, including government vehicles, security personnel and the office environment, convinced him that Adeyemi represented a legitimate government agency.
When asked whether the N400 million was a bribe, Collins denied the allegation, saying he believed it was a requirement for processing and mobilising the contract.
He also admitted that he did not go through the official public procurement process before accepting the contract.
During the hearing, lawmakers questioned how vehicles linked to the alleged council obtained official Federal Government number plates.
The committee therefore summoned the Corps Marshal of the Federal Road Safety Corps (FRSC) to appear on Thursday and explain how the number plates were issued.
Committee Chairman Yusuf Gagdi also explained why Adeyemi was absent from the hearing. He said the suspect is currently in police custody based on a court order, making it impossible for the committee to compel his appearance.
Gagdi said the committee would instead meet Adeyemi at an undisclosed date and location in the presence of his lawyers and the police to avoid interfering with ongoing investigations by the EFCC, the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the courts.
He added that the committee would continue its public hearing on Thursday before submitting its final report to the House of Representatives.
The committee is investigating the alleged establishment and operations of the Presidential Foreign Investment Promotion Council over claims of forgery, impersonation, financial misconduct and abuse of public institutions.
