The House of Representatives Ad-hoc Committee investigating the alleged establishment and operations of the Presidential Foreign Investment Promotion Council (PFIPC) has heard claims that a businessman was defrauded of N400 million by the council’s purported Director-General, Prince Adeniyi Adeyemi, under the guise of securing a government contract.
The committee, chaired by Hon. Yusuf Gagdi, also announced plans to privately interrogate Adeyemi, who is currently in police custody, while summoning the Corps Marshal of the Federal Road Safety Corps (FRSC) to explain how vehicles linked to the alleged agency obtained official Federal Government number plates.
Testifying before the lawmakers on Tuesday, Managing Director of Divine Dopacy Nigeria Limited, Gbenga Collins, said he paid Adeyemi N400 million after being convinced that the PFIPC was a legitimate Federal Government institution.
Collins told the committee he met Adeyemi in December 2024 in Ogbomoso before being invited to Abuja in early 2025, where he was received with an official vehicle and taken to an office at the Federal Secretariat.
According to him, Adeyemi introduced himself as Director-General of both the Presidential Economic Advisory Council (PEAC) and the PFIPC and later showed him an official residence allegedly allocated by the Federal Government for renovation.
Collins said he was subsequently issued what appeared to be a contract award letter, project scope and agreement before Adeyemi requested N400 million as proof of his company’s financial capacity to facilitate mobilisation for the contract.
The businessman said he raised the money from business associates and paid it in five instalments between May and July 2025, transferring N380 million into a Guaranty Trust Bank account belonging to World Entrepreneurs Limited and N20 million into an Access Bank account belonging to Sunshine Confectionery and Catering Services.
Despite repeated assurances that mobilisation would begin in August 2025, Collins said the promised contract never materialised.
He told lawmakers that after months of delays and excuses, he petitioned the Economic and Financial Crimes Commission (EFCC) in November 2025, leading to investigations into the bank accounts used for the payments.
Collins said investigators informed him that Adeyemi repeatedly failed to honour EFCC invitations, allegedly citing ill health through his lawyer.
Appealing for intervention, Collins said the incident had ruined his business and forced him to begin selling personal property to repay those who contributed to the funds.
He admitted under questioning that he did not follow the prescribed public procurement process before accepting the contract but insisted the payment was not a bribe, maintaining it was presented as a condition for processing mobilisation.
During the hearing, lawmakers raised concerns over how vehicles linked to the purported council carried official Federal Government registration plates, noting that the government-numbered vehicles contributed to Collins’ belief that the agency was genuine.
Consequently, the committee summoned the FRSC Corps Marshal to appear on Thursday to explain the procedure for issuing official government number plates and clarify how the vehicles in question obtained the registrations.
Addressing Adeyemi’s absence from the public hearing, Committee Chairman Yusuf Gagdi explained that the suspect remains in police custody under a valid court order, preventing the committee from compelling his appearance.
Gagdi said the committee would instead meet Adeyemi at an undisclosed date and location, with police and his legal representatives present, to avoid interfering with ongoing investigations by the EFCC, the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and pending court proceedings.
He stressed that the committee’s objective was to obtain necessary clarifications from the suspect while respecting the constitutional separation of powers and ongoing judicial processes.
The committee is expected to continue its public hearing on Thursday before presenting its findings to the House of Representatives after completing its investigation.
