The Central Bank of Nigeria (CBN) has confirmed that it opened two domiciliary accounts linked to the controversial Presidential Foreign Investment Promotion Council (PFIPC) on the directive of the Office of the Accountant-General of the Federation (OAGF), but maintained that the accounts were never funded or used.
The disclosure was made on Monday by the CBN Director of Banking Services, Abdullahi Hamisu, while appearing before the House of Representatives Ad Hoc Committee investigating the legal basis, operations and budgetary allocation of the PFIPC, including the N1.3 billion appropriated to the council in the 2026 Appropriation Act.
Representing CBN Governor Olayemi Cardoso, Hamisu told lawmakers that the apex bank received a formal mandate dated July 29, 2025, from the Office of the Accountant-General directing it to open the accounts for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council.
He explained that the bank subsequently opened two domiciliary accounts—one denominated in United States dollars and the other in British pounds sterling—after completing its standard account-opening procedures.
Hamisu, however, emphasised that the accounts remained inactive throughout their existence, noting that no funds were deposited into them and no transactions were carried out.
Responding to questions from members of the committee on whether the CBN requested proof of an enabling law establishing the council before opening the accounts, Hamisu said the bank acted strictly on the instruction it received from the Office of the Accountant-General.
“We don’t ask for an enabling Act. We received a mandate from the Office of the Accountant-General of the Federation to open the accounts for the council,” he told the lawmakers.
The clarification comes amid conflicting claims by government institutions over the existence and operations of the PFIPC.
On July 1, the Presidency alleged that Adeniyi Adeyemi, who claims to be the Director-General of the council, used forged documents to facilitate the opening of a CBN account after allegedly misleading the Office of the Accountant-General.
In a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the Presidency further alleged that police investigations uncovered 34 bank accounts linked to Adeyemi, including nine accounts reportedly opened in the names of entities described as fictitious agencies.
The Office of the Accountant-General, however, had maintained that the PFIPC had no operational account with the Central Bank.
Its Director of Public Relations, Bawa Mokwa, explained that although an application to open an account was initiated, the process was never completed because the required documentation to activate the account was not submitted.
The controversy surrounding the PFIPC intensified in June after the Presidency distanced itself from the council, insisting that no such body exists under President Bola Tinubu’s administration, despite the council receiving a budgetary allocation in the 2026 Appropriation Act, reportedly operating from an office within the Federal Secretariat and allegedly recruiting about 300 staff members.
Chief of Staff to the President, Femi Gbajabiamila, also denied appointing Adeyemi to head the council.
Adeyemi has consistently maintained that his appointment was legitimate and has called on President Tinubu to establish an independent panel to investigate the controversy surrounding the PFIPC.
