The House of Representatives has begun hearing allegations surrounding the purported Presidential Foreign Investment Promotion Council (PFIPC), including claims that a businessman paid N400 million to secure a contract from the alleged agency.
Appearing before the House Ad-hoc Committee chaired by Mr. Yusuf Gagdi, the Managing Director of Divine Dopacy Nigeria Limited, Mr. Gbenga Collins, alleged that he paid the money to the council’s purported Director-General, Prince Adeniyi Adeyemi, after being promised a contract to renovate and furnish the agency’s purported official residence.
He said his familiarity with Adeyemi, whom he described as a fellow indigene of Ogbomoso, coupled with the trappings of government authority surrounding him, convinced him that the purported council was a legitimate government institution.
Collins told lawmakers that he first met Adeyemi in Ogbomoso in December 2024 before being invited to Abuja in early 2025 to discuss a business opportunity.
According to him, “an official vehicle picked him up from the airport and took him to Adeyemi’s office at the Federal Secretariat, where he met security personnel and several visitors, reinforcing his belief that the agency was genuine.”
He said Adeyemi presented himself as the Director-General of both the Presidential Economic Advisory Council and the Presidential Foreign Investment Promotion Council.
Collins said he was later invited back to Abuja, where Adeyemi allegedly presented him with a contract award letter, scope of work and an agreement for the refurbishment project.
According to him, “Adeyemi told him he would have to pay N400 million to demonstrate his company’s financial capacity and facilitate mobilisation for the contract.”
Collins said he raised the money from business associates and paid the N400 million in five instalments between May and July 2025 into accounts linked to World Entrepreneurs Limited.
However, he said the promised mobilisation never materialised, with Adeyemi repeatedly attributing the delay to security concerns before eventually becoming unreachable.
Collins told the committee that after consulting a lawyer, he petitioned the Economic and Financial Crimes Commission (EFCC), which subsequently commenced investigations into the matter.
Appealing to the committee for intervention, Collins said; “the incident had devastated him financially, forcing him to dispose of some of his property while his business suffered significant setbacks.”
He maintained that he acted in bold faith because everything he encountered during his visits to Abuja suggested that Adeyemi was a genuine government official.
During the hearing, lawmakers questioned whether the N400 million amounted to a bribe and whether he followed the prescribed public procurement process before accepting the purported contract.
Collins rejected the suggestion that the payment was a bribe, insisting it was presented as a condition for facilitating and mobilising the contract. He, however, admitted that he did not go through any procurement process.
Following his testimony, committee members raised concerns over how vehicles associated with the purported council obtained official Nigerian Government registration number plates.
Consequently, the committee summoned the Corps Marshal of the Federal Road Safety Corps (FRSC) to appear before it on Thursday to explain the procedure for issuing official government number plates and clarify how vehicles allegedly used by the purported agency came to bear them.
Responding to concerns over Adeyemi’s absence from the hearing, Committee Chairman Yusuf Gagdi said;”the committee was unable to compel his appearance because he remains in police custody under a subsisting court order.”
He said the National Assembly would respect the judicial process but disclosed that the committee would engage Adeyemi at an appropriate time and location without compromising ongoing investigations.
Gagdi added that the committee would continue its public hearing on Thursday as it investigates the circumstances surrounding the alleged establishment and operations of the Presidential Foreign Investment Promotion Council, including allegations of forgery, impersonation, financial impropriety and abuse of public institutions.”
