The Central Bank of Nigeria (CBN) has confirmed that it opened two domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC) at the request of the Office of the Accountant-General of the Federation (OAGF), but said the accounts were never funded or used.
According to TheCable, the disclosure was made on Monday by Abdullahi Hamisu, the CBN’s Director of Banking Services, while representing Governor Olayemi Cardoso before the House of Representatives ad hoc committee investigating the legal status, operations and budgetary allocation of the PFIPC.
Hamisu told lawmakers that the CBN received a formal directive from the OAGF on July 29, 2025, to open two domiciliary accounts, one in United States dollars and another in British pounds sterling, for the “Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council”.
He explained that the apex bank followed its standard account-opening procedures and acted solely on the mandate from the accountant-general’s office, adding that the CBN does not require an enabling Act before opening government accounts.
The clarification comes after conflicting statements from the Presidency and the OAGF over the existence and status of PFIPC accounts at the CBN.
On July 1, the Presidency alleged that Adeniyi Adeyemi, the embattled Director-General of the PFIPC, used forged documents to facilitate the opening of a CBN account. It also claimed police investigations uncovered 34 bank accounts allegedly linked to Adeyemi, including several opened in the names of fictitious agencies.
However, the OAGF had maintained that although an application to open a CBN account was submitted, the process was never completed because the required documentation to activate the accounts was not provided.
The PFIPC controversy emerged in June after the Presidency distanced itself from the council, insisting it was not established under the Tinubu administration despite receiving a ₦1.3 billion allocation in the 2026 Appropriation Act, operating from an office within the Federal Secretariat and reportedly recruiting about 300 staff members.
Chief of Staff to the President, Femi Gbajabiamila, has also denied appointing Adeniyi Adeyemi to head the council, while Adeyemi has challenged the disclaimer and called on President Bola Tinubu to constitute an independent panel to investigate the matter.
