A businessman, Mr Gbenga Collins, has accused Adeniyi Adeyemi Mathew, the self-styled Director-General of the purported Presidential Foreign Investment Promotion Council (PFIPC), of defrauding him of N400 million through a fake government contract.

Collins made the allegation on Tuesday while appearing before the House of Representatives Ad-hoc Committee investigating the activities of the alleged fake agency.

He told the committee that Adeyemi lured him with a promise to award his company a contract to renovate and furnish an official residence allegedly allocated to him as a government official.

According to Collins, he paid the money in five instalments after being convinced that Adeyemi was a genuine public officer.

The businessman, who is the Managing Director of Divine Dopacy Nigeria Limited, said his confidence in Adeyemi was strengthened by the official-looking environment surrounding him, including government vehicles, security personnel and the presence of people seeking his attention at what appeared to be an office at the Federal Secretariat, Abuja.

“I believed I was dealing with a genuine Federal Government agency because everything I saw pointed in that direction,” Collins told the committee chaired by Yusuf Gagdi.

He said he first met Adeyemi in December 2024 during a programme in Ogbomoso, Oyo State, and was later invited to Abuja in early 2025 to discuss a business opportunity.

Collins said he was picked up from the airport in a Lexus SUV with Federal Government registration plates and taken to Adeyemi’s office.

“When I got there, I met him in his office. He is well known in Ogbomoso. I also saw prominent people waiting to see him, while security officers were guarding the office,” he said.

He added that Adeyemi introduced himself as the Director-General of both the Presidential Economic Advisory Council (PEAC) and PFIPC, claims he did not question because of the circumstances surrounding their meetings.

Collins said Adeyemi later told him he needed to renovate his official residence and asked if his company could handle the project.

He said Adeyemi personally took him to inspect the property alongside some staff members and security personnel.

“They opened the house and took me round, showing me the areas they wanted renovated,” he said.

After weeks of discussions, Collins said he returned to Abuja in April 2025, where Adeyemi presented him with what appeared to be a contract award letter, scope of work and agreement between the purported agency and his company.

According to him, Adeyemi demanded N400 million as proof of financial capacity before mobilisation could begin.

“He said I had to pay N400 million to demonstrate that I had the financial capacity to execute the contract. He also said the payment would fast-track mobilisation,” Collins said.

He explained that he raised the funds from business associates and investors who trusted his judgment because he had personally visited the office and inspected the proposed project.

Collins told lawmakers that the money was paid in five instalments.

He said N100 million was transferred on May 16, 2025, into a Guaranty Trust Bank account belonging to World Entrepreneurs Limited. Another N100 million was paid on May 22, while a third N100 million followed on May 28.

He added that N80 million was later transferred into the same account on June 20, bringing payments to N380 million.

The remaining N20 million was paid on July 29 into an Access Bank account belonging to Sunshine Confectionery and Catering Services, bringing the total amount paid to N400 million.

Collins said Adeyemi repeatedly assured him that mobilisation for the project would begin in August 2025 but later shifted the timeline to November, citing security issues.

He said the promised project never commenced and Adeyemi eventually stopped responding to his calls.

“My lawyer was the first person who told me that I had been scammed,” Collins said.

He added that his lawyer petitioned the Economic and Financial Crimes Commission (EFCC) on November 13, 2025, leading to an investigation.

According to him, the EFCC invited individuals linked to accounts that allegedly received the money, while Adeyemi failed to honour invitations, reportedly citing ill health through his lawyer.

Collins appealed to the committee to assist in ensuring justice, saying the financial pressure from those who contributed the money had affected his business and personal life.

“I have started selling my property. My business is no longer doing well,” he said.

The businessman maintained that he acted in good faith because he trusted Adeyemi as someone from the same hometown and because his actions appeared consistent with those of a government official.

“Besides, we are from the same town, Ogbomoso. I met him at a function there. I acted based on trust,” he said.

During questioning, committee members asked whether the payment was a bribe.

Collins rejected the description, saying he considered it a requirement for contract mobilisation rather than an inducement.

He also admitted that he did not follow the standard government procurement process before accepting the purported contract.

The testimony raised concerns among lawmakers over how the alleged fake agency obtained vehicles with Federal Government number plates.

The committee consequently summoned the Corps Marshal of the Federal Road Safety Corps (FRSC), Shehu Mohammed, to explain the process for issuing official registration plates and how vehicles allegedly used by the fake agency acquired government identification.

Gagdi also addressed questions over Adeyemi’s absence from the hearing, explaining that the suspect remained in police custody based on a valid court order.

He said the National Assembly would not interfere with judicial processes but would still engage Adeyemi at an appropriate time and location in the presence of his lawyers and security officials.

The chairman said the committee would not disclose details of the meeting because other agencies, including the EFCC and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), were conducting investigations.

The committee is expected to conclude its public hearing this week and submit its findings to the House of Representatives for consideration.