Nigeria PFIPC fraud scandal: Adeniyi Adeyemi linked to N400 million contract

Adeniyi Adeyemi, who styled himself as the Director‑General of the alleged Presidential Foreign Investment Promotion Council (PFIPC), is in police custody while a House of Representatives ad‑hoc committee investigates the council’s existence. Adeyemi’s lawyers argue that multiple federal ministries and agencies – including the Secretary to the Government, the Accountant‑General, the Central Bank of Nigeria, the Head of the Civil Service, the Budget Office, the EFCC and the National Assembly – processed documents, allocated budget codes and approved a ₦1.3 billion appropriation for the body, contending he is being made a scapegoat.

Businessman Gbenga Collins, Managing Director of Divine Dopacy Nigeria Ltd, testified that he paid ₦400 million to Adeyemi after being promised a contract to renovate and furnish an official residence purportedly belonging to the council’s chief. Collins described official‑looking vehicles, security personnel and government‑registered plates that convinced him the agency was genuine.

The committee, chaired by Hon. Yusuf Gagdi, has summoned other officials and is demanding a full judicial inquiry into the alleged fraud, the involvement of senior officials, and the misuse of public funds.