Businessman Tells Reps Panel He Lost ₦400m to Embattled PFIPC DG

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) that he was defrauded of ₦400 million after paying the money to the council's embattled Director-General, Adeniyi Adeyemi, in anticipation of securing a government contract.

Collins, Managing Director of Divine Dopacy Nigeria Limited, said he believed the agency was legitimate because Adeyemi operated from the Federal Secretariat in Abuja, used official vehicles bearing government number plates and was accompanied by security personnel. He explained that he first met Adeyemi in late 2024 before being invited to Abuja to discuss what was presented as a business opportunity.

According to the businessman, Adeyemi later offered his company a contract to renovate and furnish an official residence allegedly allocated to him as Director-General of the council. Collins said he was issued a contract award letter and related documents before being asked to pay ₦400 million as proof of his company's financial capacity and to facilitate mobilisation for the project.

He told lawmakers that the money was raised from business associates and paid in several instalments into corporate bank accounts provided by Adeyemi. However, despite repeated assurances that mobilisation would commence, the promised contract never materialised. Collins said he only realised he had been deceived after consulting a lawyer, who subsequently petitioned the Economic and Financial Crimes Commission (EFCC).

The businessman appealed to the committee to help ensure justice is served, lamenting that the incident had crippled his business and forced him to sell personal assets. The House panel, which is probing the activities of the controversial council, is expected to question Adeyemi separately while he remains in police custody under an existing court order.