A businessman, Gbenga Collins, has told the House of Representatives Ad-hoc Committee investigating the alleged operations of the Presidential Foreign Investment Promotion Council (PFIPC) how he paid N400 million to the council’s purported Director-General, Adeniyi Adeyemi, after being promised a contract to renovate and furnish what was presented as the official residence of the agency’s chief executive.
Collins, Managing Director of Divine Dopacy Nigeria Limited, said he believed the PFIPC was a genuine Federal Government institution because Adeyemi operated from an office in the Federal Secretariat, Abuja, moved with security personnel and official vehicles bearing government number plates, and regularly received prominent visitors in what appeared to be an authentic government office.
Testifying before the committee yesterday, Collins said he first met Adeyemi, whom he described as a fellow indigene of Ogbomoso, during a programme in their hometown in December 2024.
He said Adeyemi later invited him to Abuja in early 2025 to discuss what was presented as a business opportunity.
According to him, an official vehicle was sent to pick him up from the airport and take him to Adeyemi’s office at the Federal Secretariat, where everything about the environment reinforced his belief that he was dealing with a genuine government official.
“He sent an official car to pick me up from the airport to his office at the Federal Secretariat. When I got there, I met many dignitaries in his office and several security officers guarding the premises,” Collins told lawmakers.
He said Adeyemi introduced himself as the Director-General of both the Presidential Economic Advisory Council and the PFIPC, adding that the official setting gave him no reason to question the claim.
Collins said Adeyemi later informed him that he had been allocated an official residence and wanted Divine Dopacy Nigeria Limited to handle its renovation and furnishing.
According to the businessman, Adeyemi personally took him to inspect the property alongside members of his entourage.
“He told me he wanted to refurbish and renovate the official residence assigned to him as the DG and asked if my company could handle the contract. We visited the house the following day with several vehicles and security personnel. They opened the property and took us round, showing me everything they wanted to do,” he said.
Collins said discussions continued until April 2025, when Adeyemi allegedly handed him a contract award letter, scope of work and an agreement authorising his company to execute the refurbishment project.
He told the committee that Adeyemi subsequently informed him that he needed to pay N400 million to demonstrate his company’s financial capacity and facilitate mobilisation for the contract.
“He gave me the contract award letter, the scope of work and the agreement with my company. I had to pay N400 million to show that I had the financial strength to execute the project, and he said it would fast-track mobilisation,” Collins said.
The businessman said he raised the money from business associates who trusted him because he had personally visited Adeyemi’s office and believed the contract was genuine.
He disclosed that N380 million was paid 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 transferred on July 29, 2025, into an Access Bank account belonging to Sunshine Confectionery and Catering Services.
Collins said Adeyemi repeatedly assured him that mobilisation for the project would commence in August 2025, but the promise never materialised.
Instead, he said, Adeyemi blamed the delay on security concerns before giving fresh assurances that payment would be made in November.
He said repeated efforts to reach Adeyemi proved unsuccessful, prompting him to seek legal advice.
“My lawyer was the first person who told me that I had been scammed,” he said.
Collins disclosed that his lawyer petitioned the Economic and Financial Crimes Commission (EFCC) on November 13, 2025, and that he formally adopted the petition six days later.
He said investigators later informed him that Adeyemi repeatedly failed to honour invitations from the anti-graft agency, allegedly citing ill health through his lawyer.
Appealing to lawmakers, Collins said the incident had ruined his business and forced him to sell personal assets to offset debts.
“I have been frustrated, especially by those who gave me the money. I have started selling my property, and my business is no longer doing well again,” he lamented.
He maintained that he acted in good faith because everything surrounding Adeyemi suggested he was a genuine government official.
Responding to questions from the committee, Collins rejected suggestions that the N400 million amounted to a bribe to secure the contract, insisting that the payment was presented to him as a prerequisite for contract facilitation and mobilisation.
He, however, admitted that he did not comply with the provisions of the Public Procurement Act before accepting the purported contract.
Chairman of the committee, Yusuf Gagdi, said Adeyemi would be questioned at a later date and at an undisclosed location to avoid interfering with ongoing investigations by the EFCC, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Nigeria Police Force.