A businessman, Gbenga Collins, has told the House of Representatives Ad-hoc Committee investigating the alleged Presidential Foreign Investment Promotion Council (PFIPC) that he paid ₦400 million in pursuit of a contract after believing the agency was a legitimate Federal Government institution.
Collins, Managing Director of Divine Dopacy Nigeria Limited, made the disclosure while testifying before lawmakers during the ongoing investigation into the alleged establishment and operations of the controversial agency.
According to him, he first met the alleged Director-General of the PFIPC, Prince Adeniyi Adeyemi, in December 2024 during an event in Ogbomoso before later receiving an invitation to Abuja to discuss a business opportunity.
Collins said he was picked up from the Abuja airport in an official-looking government vehicle and taken to an office inside the Federal Secretariat, where Adeyemi introduced himself as the head of both the PFIPC and the Presidential Economic Advisory Council (PEAC).
The businessman told lawmakers that the elaborate office setting, the presence of security personnel and visits by prominent individuals convinced him that he was dealing with a genuine government official.
He said Adeyemi later informed him that he had been allocated an official residence by the Federal Government and wanted his company to handle its renovation and furnishing.
Collins explained that he was taken to inspect the property alongside members of Adeyemi's staff and security personnel before discussions continued over several months.
According to his testimony, he eventually received what appeared to be an official contract award letter, a scope of work and a formal agreement authorising his company to execute the project.
He told the committee that Adeyemi subsequently requested ₦400 million as proof of his company's financial capacity and as a condition for facilitating mobilisation for the contract.
"I had to pay ₦400 million for the facilitation of that project," Collins told the lawmakers while recounting the events.
He said he raised the money from trusted business associates who believed in the opportunity because he had personally visited the office and was convinced the project was authentic.
Collins disclosed that the payments were made in five instalments between May and July 2025, with most of the funds transferred into bank accounts linked to private companies allegedly nominated by Adeyemi.
He said the promised mobilisation for the contract never materialised despite repeated assurances that work would commence in August 2025.
According to him, Adeyemi later blamed the delay on security-related issues before promising that payment and mobilisation would begin in November, a promise that was never fulfilled.
As pressure mounted from the colleagues who had contributed the funds, Collins said he repeatedly travelled to Abuja in search of Adeyemi but eventually stopped receiving responses to his calls.
He subsequently petitioned the Economic and Financial Crimes Commission (EFCC), which commenced investigations into the matter after inviting him to adopt his petition in November 2025.
Collins appealed to the House committee to assist in ensuring that justice is served, saying the incident had caused severe financial losses and affected both his business and the people who entrusted him with the money.
During the hearing, members of the committee also questioned how vehicles linked to the alleged agency obtained official Federal Government number plates and announced plans to summon the Federal Road Safety Corps (FRSC) over the matter.
The House committee is expected to continue its investigation into the alleged fake agency, while security and anti-corruption agencies pursue separate inquiries into claims of impersonation, forgery, financial impropriety and the unlawful use of government facilities.