Lawmakers to Question Adeyemi in Custody, Summon FRSC Over Government Number Plates
ABUJA – A businessman has told the House of Representatives that he allegedly lost N400 million after paying the money to the self-acclaimed Director-General of the controversial Presidential Foreign Investment Promotion Council (PFIPC), Prince Adeniyi Adeyemi, for a contract that never materialised.
The disclosure emerged during a public hearing conducted by the House of Representatives Ad-hoc Committee investigating the alleged establishment, operations and activities of the purported council.
The committee, chaired by Hon. Yusuf Gagdi, also announced plans to interrogate Adeyemi while he remains in police custody and summoned the Federal Road Safety Corps (FRSC) to explain how vehicles allegedly linked to the organisation obtained official Federal Government registration plates.
Businessman Recounts Alleged N400m Loss
Testifying before lawmakers, Gbenga Collins, Managing Director of Divine Dopacy Nigeria Limited, said he became convinced that PFIPC was a legitimate government institution because of the official environment surrounding Adeyemi and their prior acquaintance as indigenes of Ogbomoso.
According to Collins, he first met Adeyemi during a programme in Ogbomoso in December 2024 before being invited to Abuja in early 2025 to discuss what was presented as a business opportunity.
He told lawmakers that upon arriving in Abuja, a government-branded vehicle allegedly picked him up from the airport and transported him to Adeyemi’s office within the Federal Secretariat.
Collins claimed Adeyemi introduced himself as the head of both the Presidential Economic Advisory Council (PEAC) and the Presidential Foreign Investment Promotion Council (PFIPC).
The businessman said Adeyemi later informed him about plans to renovate and furnish what he described as an official government residence allocated to him.
According to Collins, he was taken to inspect the property alongside members of Adeyemi’s staff and security personnel before negotiations eventually led to what appeared to be a contract award.
How the Payments Were Made
Collins told the committee that he was later presented with a contract document, scope of work and an agreement relating to the project.
He alleged that Adeyemi demanded N400 million as proof of financial capacity and a prerequisite for securing mobilisation funds for the contract.
Believing the arrangement was genuine, Collins said he sourced the money from business associates and investors who trusted him because he had physically visited the office and interacted with Adeyemi.
According to his testimony, the money was paid in five instalments between May and July 2025.
He stated that N380 million was transferred into a Guaranty Trust Bank account belonging to World Entrepreneurs Limited, while the remaining N20 million was paid into an Access Bank account linked to Sunshine Confectionery and Catering Services.
Collins explained that after receiving the funds, Adeyemi repeatedly assured him that mobilisation for the contract would begin in August 2025.
However, the promised mobilisation never took place.
Promises, Delays and EFCC Petition
The businessman said he continued to seek updates after August passed without any progress.
According to him, Adeyemi initially attributed the delay to security-related concerns and later assured him that payments would commence in November.
As months passed and pressure mounted from associates who had contributed funds, Collins said he repeatedly travelled to Abuja to meet Adeyemi but eventually found it difficult to reach him.
“I kept calling him and he kept assuring me that things were being sorted out. Later, he stopped responding,” Collins told lawmakers.
Faced with growing demands from investors who entrusted him with the funds, Collins said he sought legal assistance.
He disclosed that his lawyer submitted a petition to the Economic and Financial Crimes Commission (EFCC) in November 2025.
According to him, the petition was filed on November 13, while he was invited by investigators to formally adopt the complaint six days later.
The case has since become one of several allegations surrounding the activities of the purported PFIPC.
Committee to Question Adeyemi
During the hearing, Committee Chairman Yusuf Gagdi confirmed that lawmakers would interact with Adeyemi despite his current detention by law enforcement authorities.
He explained that the committee would adopt a procedure that would not interfere with ongoing investigations being conducted by security agencies and anti-corruption bodies.
According to Gagdi, the interaction may take place at a secure location and in accordance with legal requirements.
He stressed that the objective of the committee is to obtain clarifications directly from Adeyemi regarding issues that have emerged during the investigation.
The lawmaker assured stakeholders that the process would be transparent and conducted in the presence of legal representatives where necessary.
“Whether he appears before the committee or the committee meets him at another location, what is important is obtaining answers to critical questions before us,” Gagdi said.
FRSC Summoned Over Government Number Plates
In a related development, the committee has summoned the Corps Marshal of the Federal Road Safety Corps to appear before lawmakers.
The FRSC is expected to explain procedures governing the issuance of official Federal Government number plates and clarify allegations that vehicles associated with the purported PFIPC carried government registration numbers.
Lawmakers are seeking to determine whether due process was followed and whether any official authorisation existed for the use of such plates.
The issue has become a key focus of the investigation as the committee examines claims that the organisation operated with symbols and trappings commonly associated with recognised government institutions.
Public Hearing Continues
The House committee indicated that additional witnesses and stakeholders would appear before it as investigations continue.
Gagdi said public hearings would proceed throughout the week, after which lawmakers would compile their findings and recommendations.
He added that portions of the committee’s findings may be made public before the House formally reconvenes to consider the final report.
The PFIPC controversy has generated widespread public interest, with lawmakers, anti-corruption agencies and security institutions examining allegations surrounding the purported agency’s activities, funding arrangements, official recognition and operational structure.
As investigations deepen, attention is increasingly focused on determining how the organisation allegedly operated, the extent of its activities and whether public or private individuals suffered financial losses as a result.
DGR News understands that findings from ongoing investigations by the police, EFCC and other relevant agencies are expected to play a significant role in shaping future actions relating to the case.
