Reps Investigate N400m Allegations Against Fake Agency

The House of Representatives has initiated hearings regarding allegations against the purported Presidential Foreign Investment Promotion Council (PFIPC). Businessman Gbenga Collins testified that he paid N400 million to Prince Adeniyi Adeyemi, who claimed to be the council's Director-General, in exchange for a contract to renovate and furnish the agency's official residence.

Collins, who met Adeyemi in December 2024 and was invited to Abuja in early 2025, stated that he was convinced of the council's legitimacy due to Adeyemi's government associations. He paid the N400 million in five installments from May to July 2025 into accounts linked to World Entrepreneurs Limited.

However, after the payment, Adeyemi failed to mobilize for the project, citing security concerns, and eventually became unreachable. Following legal consultation, Collins petitioned the Economic and Financial Crimes Commission (EFCC), which began investigations.

During the hearing, lawmakers questioned the nature of the payment and the absence of a public procurement process, while also raising concerns about how vehicles associated with the council received official government registration.