A businessman, Mr. Gbenga Collins, has narrated before the House of Representatives Ad-hoc Committee investigating the activities of the alleged fake Presidential Foreign Investment Promotion Council (PFIPC) how he was allegedly defrauded of N400 million by the self-styled Director-General of the organisation, Adeniyi Adeyemi Mathew.
Collins, Managing Director of Divine Dopacy Nigeria Limited, told lawmakers that Adeyemi convinced him to part with the money by promising him a lucrative government contract to renovate what he claimed was the official residence of the agency’s Director-General.
According to Collins, he had no reason to doubt Adeyemi’s claims because every aspect of his visit to Abuja projected the image of a legitimate Federal Government institution.
He told the committee, chaired by Hon. Yusuf Gagdi, that he first met Adeyemi at a programme in Ogbomoso, Oyo State, in December 2024 before being invited to Abuja early in 2025 to discuss a business opportunity.
On arriving in the Federal Capital Territory, Collins said he was picked up from the airport in a Lexus SUV bearing official Federal Government registration plates and driven to an office at the Federal Secretariat.
“I met him in his office where several prominent individuals were waiting to see him. Security officers guarded the premises, and police escorts accompanied him. Everything suggested I was dealing with a genuine government official,” he testified.
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 informed him of plans to renovate and furnish his official residence and invited his company to execute the project.
According to the witness, he personally accompanied Adeyemi and members of his staff to inspect the property, further strengthening his belief that the contract was genuine.
Weeks later, Collins said he was handed what appeared to be a contract award letter, project scope and agreement between PFIPC and his company.
However, before mobilisation could commence, Adeyemi allegedly demanded N400 million as proof of his financial capacity to execute the project.
“He told me the payment would demonstrate that I had the financial strength to handle the contract and would fast-track mobilisation,” Collins said.
Believing the transaction was legitimate, Collins raised the money from business associates and investors who trusted his judgment because he had visited the agency’s office and inspected the proposed project.
The businessman disclosed that he paid the N400 million in five instalments between May and July 2025.
According to him, four payments totalling N380 million were transferred into a Guaranty Trust Bank account belonging to World Entrepreneurs Limited, while the remaining N20 million was paid into an Access Bank account operated by Sunshine Confectionery and Catering Services.
Despite repeated assurances that mobilisation would begin in August 2025, Collins said the promised contract never materialised.
“Whenever I called, he kept saying they were handling security issues. Later, he said payment would come in November, but nothing happened,” he told lawmakers.
As pressure mounted from those who contributed funds, Collins said he repeatedly travelled to Abuja in search of Adeyemi before eventually consulting a lawyer.
“My lawyer was the first person who told me that I had been scammed,” he said.
The businessman disclosed that his lawyer petitioned the Economic and Financial Crimes Commission (EFCC) in November 2025, prompting an investigation.
He said EFCC investigators informed him that Adeyemi repeatedly failed to honour invitations, allegedly citing ill health through his legal representatives.
Collins appealed to the committee to ensure justice is served, revealing that the financial loss had devastated his business.
“I have been frustrated. The people who contributed the money are mounting pressure on me. I have started selling my property, and my business is no longer doing well,” he lamented.
He maintained that he acted in good faith, stressing that his confidence in Adeyemi was reinforced by the official vehicles, security personnel, office environment and the fact that they both hailed from Ogbomoso.
During the hearing, lawmakers questioned whether the payment amounted to a bribe. Collins rejected the suggestion, insisting he believed it was a condition required to secure mobilisation for the contract.
He also admitted that he did not follow the standard public procurement process before accepting the purported contract.
Following his testimony, committee members expressed concern over how the alleged fake agency obtained official Federal Government vehicles and registration plates.
The committee subsequently summoned the Corps Marshal of the Federal Road Safety Corps (FRSC), Shehu Mohammed, to appear and explain the procedure for issuing official government number plates and how the vehicles allegedly used by the fake agency acquired them.
Responding to questions about Adeyemi’s absence from the hearing, Committee Chairman Yusuf Gagdi explained that the suspect remains in police custody under a valid court order.
He said the committee would question Adeyemi at a later date in collaboration with law enforcement agencies without jeopardising ongoing investigations by the EFCC, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and other security agencies.
Gagdi added that the committee would conclude its public hearing this week before submitting its findings to the House of Representatives upon resumption.
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