The Central Bank of Nigeria (CBN) has told the House of Representatives that it opened two domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC) on the instruction of the Office of the Accountant-General of the Federation (OAGF), contrary to earlier claims that no such accounts existed.
The disclosure was made on Monday during the inaugural sitting of the House Ad Hoc Committee investigating the legal status, operations and budgetary inclusion of the PFIPC.
Representing the CBN Governor, Director of Banking Services, Hamisu Abdullahi, said the apex bank received a formal mandate from the OAGF on July 29, 2025, directing it to open one United States dollar account and one Pound Sterling account for the council.
He explained that after verifying the authenticity of the directive through the bank’s internal procedures, the accounts were opened on July 30, 2025.
According to Abdullahi, the accounts have remained inactive since their creation because the council never provided authorised signatories required for their operation.
“There have been no deposits, withdrawals, foreign exchange allocations, remittances or any other financial transactions. Both accounts have maintained a zero balance from inception,” he told lawmakers.
The revelation comes amid growing controversy surrounding the PFIPC, which received over ₦1.3 billion in the 2026 federal budget despite questions over its legal existence.
The alleged Director-General of the council, Prince Adeniyi Adeyemi, had claimed he paid ₦400 million to the President’s Chief of Staff, Femi Gbajabiamila, through a third party to secure his appointment and further alleged that Gbajabiamila demanded 48 per cent of the council’s proposed ₦27.3 billion take-off grant.
Gbajabiamila has denied the allegations, filed a ₦15 billion defamation suit against Adeyemi and has since honoured an invitation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) as part of the ongoing investigation.
Also appearing before the committee, the Head of the Civil Service of the Federation, Mrs Didi Esther Walson-Jack, said her office neither established the PFIPC nor deployed personnel or allocated office accommodation to the council.
She disclosed that although the council sought approval for its organisational structure and requested a recruitment waiver, the documents submitted as its enabling legal instrument failed to meet the required legal standards.
The House committee subsequently directed the CBN to submit detailed records relating to the accounts while expanding its investigation into the circumstances surrounding the council’s creation, funding and inclusion in the federal budget.
Inaugurating the panel, Speaker of the House of Representatives, Abbas Tajudeen, said the investigation was intended to establish the facts surrounding the PFIPC and ensure transparency, accountability and compliance with the law.
He stressed that the probe was not aimed at individuals but at safeguarding the integrity of public institutions, urging all invited officials to provide truthful and complete information.
Chairman of the committee, Rep. Yusuf Adamu Gagdi, assured Nigerians that the investigation would be conducted fairly, professionally and without bias, promising that all relevant stakeholders would be given a fair hearing before the panel submits its report to the House.
Meanwhile, the committee has invited several senior government officials and heads of key agencies, including the Ministers of Finance, Justice, Budget and Economic Planning, the Secretary to the Government of the Federation, the CBN Governor, the Auditor-General, the EFCC, ICPC, DSS and the Inspector-General of Police, to assist in the ongoing investigation.
