A businessman, Gbenga Collins, has told the House of Representatives how he allegedly lost a staggering N400 million after falling for the elaborate scheme of the self-styled Director-General of the fake Presidential Foreign Investment Promotion Council (PFIPC), Adeniyi Adeyemi Mathew.
Gbenga Collins, who appeared before the House Ad-hoc Committee investigating the activities of the purported agency, said Adeyemi allegedly lured him with a juicy government contract to renovate and furnish an official residence.
But the businessman said the promised contract never materialised.
Instead, he was left battling huge debts and pressure from the people who provided the money.
Collins said what made him trust Adeyemi was the elaborate appearance of a genuine government operation.
He told lawmakers that official-looking vehicles, police escorts, security personnel, a Federal Secretariat office and visits by prominent personalities all convinced him that Adeyemi was a legitimate government official.
The businessman said his ordeal began in late 2024 after he met Adeyemi at a programme in Ogbomoso, Oyo State.
Collins, Managing Director of Divine Dopacy Nigeria Limited, said Adeyemi later invited him to Abuja to discuss what he described as a lucrative business opportunity.
When he arrived in Abuja, Collins said, an official-looking vehicle picked him up from the airport and took him to Adeyemi’s office at the Federal Secretariat.
He said the scene immediately strengthened his belief that he was dealing with a genuine government official.
According to him, Adeyemi was surrounded by security personnel and several prominent visitors seeking his attention.
The vehicle that conveyed him, he added, also carried Federal Government registration plates.
Collins said Adeyemi introduced himself as the Director-General of both the Presidential Economic Advisory Council (PEAC) and PFIPC.
With everything appearing official, the businessman said he never suspected that he was dealing with a fake agency.
The alleged scam, according to Collins, began when Adeyemi told him he wanted his official residence renovated and refurbished.
Adeyemi allegedly took him to inspect the property.
Collins said he travelled to the location with Adeyemi and his staff in a convoy of vehicles accompanied by security personnel.
He said photographs were taken during the inspection and that he still had copies of them.
Weeks later, Collins said, Adeyemi handed him what appeared to be a contract award letter, scope of work and agreement between PFIPC and his company.
Then came the shocker.
According to Collins, Adeyemi told him he had to raise N400 million to prove that his company had the financial capacity to execute the project.
The payment, he said, was also presented as a condition for fast-tracking mobilisation.
Believing he had secured a genuine government contract, Collins said he approached business associates and investors for funds.
He told them he had personally visited Adeyemi’s office and inspected the proposed project.
The money allegedly started flowing in May 2025.
Collins said N100 million was paid into a Guaranty Trust Bank account belonging to World Entrepreneurs Limited on May 16.
Another N100 million was allegedly transferred on May 22, followed by another N100 million on May 28.
On June 20, he said, another N80 million was paid into the same account.
That brought the amount transferred to the account to N380 million.
But Collins said Adeyemi still demanded the balance.
After struggling to raise more money, the businessman said he eventually paid the final N20 million on July 29, 2025, into an Access Bank account belonging to Sunshine Confectionery and Catering Services.
Total: N400 million.
Collins said Adeyemi repeatedly assured him that mobilisation for the project would begin in August.
But August came and went.
Nothing happened.
He said Adeyemi later shifted the promised payment to November, blaming what he described as security issues.
The businessman said he continued travelling to Abuja in an effort to get answers, but Adeyemi eventually stopped taking his calls.
It was at this point, Collins said, that he consulted a lawyer.
And then came the devastating revelation.
“My lawyer was the first person who told me that I had been scammed,” he told the committee.
Collins said his lawyer petitioned the Economic and Financial Crimes Commission (EFCC) on November 13, 2025.
He was subsequently invited to adopt the petition, while investigators began tracing the accounts into which the money was allegedly paid.
According to Collins, the EFCC also invited several individuals linked to the accounts.
He alleged that Adeyemi repeatedly failed to honour the anti-graft agency’s invitations, with his lawyer reportedly citing ill health.
The businessman said the financial fallout had become unbearable.
He told lawmakers that those who contributed the N400 million were now putting him under intense pressure.
“I have been frustrated. The people who contributed the money are mounting pressure on me. I have started selling my property. My business is no longer doing well,” he said.
Collins said he was particularly devastated because he had trusted Adeyemi as a fellow indigene of Ogbomoso.
He said their hometown connection, coupled with the official setting surrounding Adeyemi, made him believe the deal was genuine.
During questioning, committee chairman Yusuf Gagdi asked Collins whether the N400 million payment was a bribe.
The businessman said no.
He maintained that he believed it was a condition for the contract and its mobilisation.
However, lawmakers also asked whether he had followed the proper government procurement process before accepting the contract.
Collins admitted that he had not.
He further told the committee that he had earlier appeared before the Cybercrime Office, where he claimed Adeyemi admitted receiving the N400 million.
He urged the committee to help ensure that justice was served.
WHY FRSC BOSS WAS SUMMONED
The businessman’s testimony also opened another disturbing angle.
Lawmakers became concerned about how vehicles allegedly used by the fake agency were able to carry official Federal Government number plates.
The vehicles, according to the committee, were among the major factors that convinced Collins that PFIPC was genuine.
The panel consequently summoned the Corps Marshal of the Federal Road Safety Corps, Shehu Mohammed, to explain how the vehicles obtained the government registration plates.
The committee wants the FRSC boss to explain the procedure for issuing such plates and how vehicles allegedly linked to the purported agency got them.
FAKE DG STILL IN POLICE CUSTODY
Committee chairman Gagdi also explained why Adeyemi was not present at yesterday’s hearing.
He said Adeyemi remained in police custody under a valid court order and that the National Assembly would not interfere with the judiciary or breach the principle of separation of powers.
Gagdi, however, said the committee would still question Adeyemi.
But there will be no public announcement of where or when that meeting will take place.
He said Adeyemi would be questioned in the presence of his lawyers and the police.
The chairman explained that the EFCC, ICPC and other security agencies were also investigating the matter.
The committee, he said, would conclude its public hearing this week and make aspects of its findings public before the National Assembly resumes.
The sudden hearing came as a surprise because the committee had earlier announced that it had concluded its public sessions.
Reporters were later informed that the panel would reconvene at 4pm for yesterday’s sitting.
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