Fake Agency Probe: Businessman Tells Reps How He Paid N400m for PFIPC Contract
A businessman, Mr. Gbenga Collins, has narrated before the House of Representatives Ad-hoc Committee investigating the alleged fake Presidential Foreign Investment Promotion Council (PFIPC) how he paid N400 million to the agency's purported Director-General, Prince Adeniyi Adeyemi, after being promised a lucrative government contract. (Premium Times Nigeria)
Collins, the Managing Director of Divine Dopacy Nigeria Limited, told lawmakers that he believed he was dealing with a genuine federal government agency because Adeyemi operated from an office within the Federal Secretariat in Abuja, moved around in vehicles bearing official government number plates and was accompanied by security personnel. (Premium Times Nigeria)
According to his testimony, he first met Adeyemi in Ogbomoso, Oyo State, in December 2024 before being invited to Abuja early in 2025 to discuss what was presented as a business opportunity.
On arrival in Abuja, Collins said an official vehicle picked him up from the airport and conveyed him to Adeyemi's office, where he met several prominent personalities and security operatives, reinforcing his confidence that the agency was authentic. (Premium Times Nigeria)
He further told the committee that Adeyemi later offered his company a contract to renovate and furnish what he described as the official residence allocated to him as Director-General of the PFIPC. Collins said he was personally taken to inspect the property alongside several staff members and security escorts.
Discussions reportedly progressed until April 2025, when Adeyemi allegedly presented him with a contract award letter, a scope of work and a formal agreement for the refurbishment project.
However, Collins said he was informed that before mobilisation could commence, he had to pay N400 million to demonstrate his company's financial capacity and facilitate the release of mobilisation funds.
"I had to pay N400 million for the facilitation of that project to show my strength that I would be able to handle the project. At the same time, he said it would fast-track the mobilisation," Collins told lawmakers. (Premium Times Nigeria)
The businessman explained that he raised the money from business associates who trusted his judgment because he had personally visited Adeyemi's office and believed the transaction was legitimate.
He disclosed that the money was paid in five instalments between May and July 2025. Three separate payments of N100 million each were transferred into a Guaranty Trust Bank account belonging to World Entrepreneurs Limited, followed by another payment of N80 million into the same account. The final N20 million was later paid into an Access Bank account belonging to Sunshine Confectionery and Catering Services, bringing the total payment to N400 million. (Premium Times Nigeria)
Collins said the promised mobilisation never came despite repeated assurances from Adeyemi that payment would commence in August 2025. According to him, the date was later shifted to November before communication eventually ceased.
Faced with mounting pressure from those who contributed funds, Collins said he sought legal advice and petitioned the Economic and Financial Crimes Commission (EFCC), which commenced an investigation into the matter. He added that investigators informed him Adeyemi repeatedly failed to honour invitations from the anti-graft agency, allegedly citing ill health through his lawyer. (The Nation Online)
During the hearing, the Chairman of the committee, Hon. Yusuf Gagdi, questioned whether the N400 million payment amounted to a bribe. Collins rejected the suggestion, insisting he believed the payment was a condition for processing and mobilising the contract rather than an illegal inducement. He nevertheless admitted that he did not follow the due procurement process before accepting the purported contract. (Premium Times Nigeria)
The testimony forms part of the House of Representatives' ongoing investigation into the controversial PFIPC, an entity alleged to have operated as a fake federal agency despite reportedly securing office space within the Federal Secretariat and appearing in the 2026 federal budget, raising serious questions about oversight within government institutions. (The Guardian)
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