The Central Bank of Nigeria (CBN) has disclosed that two foreign currency domiciliary accounts opened for the controversial Presidential Foreign Investment Promotion Council (PFIPC) have remained inactive since their creation.
The apex bank said the accounts, denominated in US dollars and British pounds sterling, were opened following a mandate from the Office of the Accountant-General of the Federation (OAGF), but were never activated because the council failed to complete the required documentation.
The disclosure was made on Monday during a public hearing of the House of Representatives Ad-hoc Committee investigating the existence and operations of the PFIPC.
Representing the CBN, Director of Banking Services, Hamisu Ibrahim, told the committee that the bank received a mandate dated July 29, 2025, from the OAGF on July 30, 2025, authorising it to open the two accounts for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council.
He said the CBN followed its standard procedures by verifying the mandate before opening the accounts.
According to him, however, the PFIPC never provided the necessary documents, including authorised signatories and signature mandate cards, required to activate the accounts.
Consequently, Ibrahim said both accounts had remained inactive with zero balances from inception and had never recorded any inflow or outflow.
He added that there had been no foreign exchange allocation, remittance or other transactions through the accounts, while account statements and other relevant records had been submitted to the investigative committee.
The CBN’s testimony comes amid a broader investigation into how the PFIPC, which the Presidency has described as a fictitious organisation with no legal existence, allegedly secured access to government structures and processes.
The committee is also examining how the council was able to secure a place in the 2026 Appropriation Act with an allocation reportedly amounting to N1.3 billion, despite questions surrounding its legal status and establishment.
The CBN’s account also contradicted an earlier submission by the Accountant-General of the Federation, Shamseldeen Ogunjimi, who had reportedly told the committee that no accounts were opened in the name of the PFIPC.
The House committee, chaired by Yusuf Gagdi, is expected to continue its investigation as it seeks to establish how the council operated within government circles and obtained access to official processes despite concerns over its legal status.
