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The Central Bank of Nigeria (CBN) has revealed that it opened two foreign-currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC) after receiving an official mandate from the Office of the Accountant-General of the Federation (OAGF). The disclosure was made during a House of Representatives hearing investigating the activities of the alleged fictitious agency, exposing how the council obtained privileges typically reserved for legitimate government institutions.
According to the CBN, the accounts—one in US dollars and the other in British pounds sterling—were opened in July 2025 after the bank verified the authenticity of the OAGF’s mandate. However, the apex bank stressed that the accounts were never activated, as no authorised signatories, mandate cards, or operating instructions were ever submitted. Consequently, the accounts have maintained zero balances, with no deposits, withdrawals, or foreign exchange transactions since they were created.
The revelation contradicted an earlier claim by the Accountant-General that no PFIPC accounts had been opened. Meanwhile, the House committee has summoned several top government officials, including the Secretary to the Government of the Federation, to clarify how the agency allegedly secured office space, manpower approvals, and a budget allocation despite questions surrounding its legal status. Separately, the ICPC confirmed that the President’s Chief of Staff, Femi Gbajabiamila, was invited to provide a statement as part of the ongoing investigation and was not arrested.
