Fresh details have emerged in the controversy surrounding the Presidential Foreign Investment Promotion Council after the Central Bank of Nigeria confirmed it opened two domiciliary accounts for the body on the directive of the Office of the Accountant-General of the Federation.
The disclosure came as officials of the apex bank appeared before the House of Representatives ad hoc committee investigating the legal foundation, operations and budgetary allocation of the PFIPC, including the N1.3 billion earmarked for the council in the 2026 Appropriation Act.
CBN confirms accounts were created
The Director Of Banking Services, Abdullahi Hamisu, who represented the Governor Of The Central Bank Of Nigeria, Olayemi Cardoso, told lawmakers that the CBN opened two domiciliary accounts for the council after receiving a formal mandate from the OAGF dated July 29, 2025.
He explained that one account was denominated in United States dollars while the other was opened in British pounds sterling.
Hamisu, however, maintained that although the accounts were created, they were neither funded nor operated.
Apex bank cites OAGF directive
Responding to questions from members of the committee, Hamisu said the CBN followed its standard account-opening procedures after receiving the directive from the accountant-general’s office.
He also clarified that the bank did not request any legislation establishing the council before opening the accounts because it acted solely on the mandate issued by the OAGF.
“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 said.
Conflicting official positions
The latest testimony contrasts with earlier public statements from government officials over the existence and operational status of accounts linked to the PFIPC.
On July 1, the Presidency disclosed that investigations by the Nigeria Police Force indicated that the embattled Director-General of the PFIPC, Adeniyi Adeyemi, allegedly relied on forged documents to facilitate the opening of a CBN account through the OAGF.
A statement issued by the Special Adviser To The President On Information And Strategy, Bayo Onanuga, further alleged that police investigations uncovered 34 bank accounts allegedly operated by Adeyemi, including nine reportedly opened in the names of fictitious organisations identified as the FCT Investment Promotion Agency and the Public Private Partnership (FIPA-APP) and the FCT Investment Promotion Act.
OAGF denied operational account
The Office of the Accountant-General of the Federation had also offered a different account of events through its Director Of Public Relations, Bawa Mokwa.
Mokwa stated that although an application had been submitted to open a CBN account, the process was never completed because the documentation required to activate the account was not provided.
PFIPC remains under scrutiny
Public attention shifted to the PFIPC in June after the Presidency distanced itself from the organisation, insisting it was not recognised under the current administration despite having a budgetary allocation in the 2026 Appropriation Act, office accommodation within the Federal Secretariat and about 300 recruited personnel.
The Chief Of Staff To The President, Femi Gbajabiamila, subsequently stated that his office did not appoint Adeyemi to head the council.
Adeyemi has rejected that position and called on President Bola Tinubu to establish an independent panel to investigate the controversy surrounding the PFIPC.
As the House of Representatives investigation continues, the differing accounts presented by the CBN, the OAGF and the Presidency have added another layer of complexity to questions surrounding the legal status, operations and financial activities of the disputed council.
