By Ayodele Quadri, Lagos Times Correspondent
A Nigerian businessman, Gbenga Collins, managing director of Divine Dopacy Nigeria Limited, has recounted to lawmakers how he was defrauded of N400 million by Prince Adeniyi Adeyemi, who paraded himself as the Director-General of the Presidential Foreign Investment Promotion Council (PFIPC).
Testifying before the House of Representatives Ad-hoc Committee investigating the alleged establishment and activities of the fake presidential council, Collins disclosed that he paid the funds under the pretext of securing a contract to renovate and furnish Adeyemi’s official residence in Abuja.
How the N400 Million Scheme Unfolded
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The Setup: Adeyemi operated out of an office at the Federal Secretariat in Abuja, used official Federal Government number plates, and maintained security personnel, convincing Collins that he was dealing with a legitimate government official.
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The Pitch: Adeyemi offered Collins’ firm a contract to renovate his assigned official residence and presented a contract award letter, scope of work, and formal agreement.
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The Financial Demand: Adeyemi demanded N400 million as a condition to prove financial capability and fast-track contract mobilization fees.
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The Payments: Between May and July 2025, Collins transferred N380 million into a Guaranty Trust Bank account belonging to World Entrepreneurs Limited and N20 million into an Access Bank account for Sunshine Confectionery and Catering Services.
EFCC Petition & Fallout
Collins revealed that after receiving the complete payment, Adeyemi repeatedly postponed mobilization dates, citing security concerns before completely halting communication.
“My lawyer was the first person who told me that I had been scammed,” Collins told the committee. “I collected money from my business colleagues who trusted me because I personally visited his office. I have now started selling my property to repay them.”
A formal petition was filed with the Economic and Financial Crimes Commission (EFCC) on November 13, 2025. EFCC investigators noted that Adeyemi repeatedly failed to honor invitations, citing ill health through his lawyers.
Lawmakers Intervene
The Ad-hoc Committee chairman, Hon. Yusuf Gagdi, questioned Collins on whether the N400 million constituted a bribe and why standard public procurement protocols were bypassed. Collins admitted to skipping the formal procurement process, maintaining that he acted strictly on trust given the convincing government protocols, official vehicles, and high-profile visitors surrounding Adeyemi.
Due to the involvement of official government registration plates on private luxury vehicles during the alleged fraud, the committee announced it would summon the Corps Marshal of the Federal Road Safety Corps (FRSC) for questioning.
