Reported by: Oahimire Omone Precious | Edited by: Oravbiere Osayomore Promise.
The Central Bank of Nigeria has told the House of Representatives that two foreign currency accounts opened for the controversial Presidential Foreign Investment Promotion Council have remained dormant since their creation in July 2025, with no deposits, withdrawals or any form of financial transaction ever recorded. The disclosure was made on Monday, July 20, 2026, by a director at the apex bank, Hamisu Abdullahi, while appearing before the House of Representatives Ad-hoc Committee investigating allegations that the PFIPC was established and operated without a valid legal framework.
According to Abdullahi, who represented CBN Governor Olayemi Cardoso, the apex bank opened the accounts solely on the directive of the Office of the Accountant-General of the Federation, stressing that the CBN does not independently create or manage accounts for Ministries, Departments and Agencies without express approval from the OAGF. "As a banker to the Federal Government, the Central Bank has responsibility for opening all accounts for Ministries, Departments and Agencies, with the exception of those exempted from the Treasury Single Account," Abdullahi told the lawmakers. "We do not have any direct engagement with any ministry, department or agency for account opening, account closure or change of account nomenclature except through the Office of the Accountant-General of the Federation".
The CBN official disclosed that the OAGF issued a mandate dated July 29, 2025, instructing the CBN to open two domiciliary accounts—one denominated in United States dollars and the other in Pound Sterling—for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council. Both accounts were subsequently opened on July 30, 2025. However, Abdullahi informed the committee that the accounts never became operational because the council failed to submit the authorised signatories required to activate them. "Those two accounts remain inactive with zero balance and have never been operated," Abdullahi stated. "There have been no foreign exchange allocations, no remittances, no inflows and no outflows. The accounts have maintained zero balance from inception to date".
The CBN director also maintained that the bank never received any direct communication from the council concerning the management or operation of the accounts. "The council had no direct correspondence with the Central Bank of Nigeria regarding the operation of the accounts," he added. The CBN's testimony directly contradicted an earlier submission by Accountant-General Shamseldeen Ogunjimi, who had claimed that no accounts were opened in the PFIPC's name. The OAGF had initially said the PFIPC did have a CBN account but had not received any funds, while later clarifying that the account was never completed because the required documentation to activate it was not submitted. Bawa Mokwa, director of public relations at the OAGF, had previously stated that the council "cannot open an account at the CBN without authorization from the Accountant General," and noted that the process began based on documents presented but never reached completion.
Also appearing before the lawmakers, the Head of the Civil Service of the Federation, Mrs. Didi Esther Walson-Jack, distanced her office from the establishment of the PFIPC, insisting that creating government agencies does not fall within the constitutional responsibilities of the Office of the Head of the Civil Service of the Federation. "The approval and establishment of agencies is not within the purview of the Office of the Head of the Civil Service of the Federation. However, the OHCSF is responsible for approving the administrative structure of federal government agencies," Walson-Jack said. She revealed that the council submitted a request for approval of its organisational structure on August 6, 2025, but the application was rejected because it failed to provide the required legal documentation. She further disclosed that during the 2025 annual manpower budget defence exercise, officials of the council requested an authorised establishment and recruitment waiver, informing her office that the council already had 14 personnel, including a Director-General and Chief Executive Officer. The request was later approved under the fourth batch of manpower authorisations, covering 314 positions. However, she said subsequent scrutiny raised serious concerns over the authenticity of the document presented by the council as its enabling law. "It was observed that the document presented by the council as its enabling law did not carry the requisite features of a valid legal instrument," Walson-Jack told the lawmakers.
The PFIPC scandal has thrown the Tinubu administration into one of its most embarrassing controversies. The Presidency, through the Office of the Chief of Staff to the President, Femi Gbajabiamila, had earlier disowned the Presidential Foreign Investment Promotion Council and the Presidential Economic Advisory Council, declaring that neither body was established by the Federal Government or authorised by President Bola Tinubu. The Presidency identified Prince Adeniyi Adeyemi Matthew, who had been presenting himself as the Director-General of the council, as the principal promoter of the scheme and alleged that he used forged government documents, including a purported appointment letter bearing the forged signature of the Chief of Staff, to secure official recognition for the organisation. The scandal widened after investigations revealed that the council allegedly used the documents to engage several government institutions, including the Office of the Accountant-General of the Federation, the Central Bank of Nigeria and the Office of the Head of the Civil Service of the Federation.
Adeyemi had insisted that the PFIPC existed, arguing that the agency's appearance in official budget documents contradicted claims that it never existed. The 2026 Appropriation Act listed the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council under the presidency with a total budget of N1.3 billion, including N802,978,783 for personnel costs, N200,000,001 for overhead expenditure and N300,000,000 for capital projects. However, the OAGF maintained that no funds were ever released to the council.
President Tinubu had earlier directed the Independent Corrupt Practices and Other Related Offences Commission to investigate the circumstances surrounding the PFIPC scandal, giving the anti-corruption agency 30 days to conclude its probe. On Monday, Gbajabiamila appeared before the ICPC to testify in the ongoing investigation into the activities of the fictitious agency. The Chief of Staff, through his lawyer Jiti Ogunye, confirmed that he fully cooperated with investigators. The House Ad-hoc Committee, chaired by Yusuf Gagdi, has summoned the Secretary to the Government of the Federation, the Minister of Finance, the Accountant-General of the Federation, and other key agencies to appear over issues relating to the operations and funding of the controversial council. At the conclusion of the hearing, Chairman of the House Ad-hoc Committee, Hon. Abdulmalik Danga, directed the Central Bank of Nigeria to submit comprehensive records of all accounts linked to both the PFIPC and PEAC.
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