The Central Bank of Nigeria (CBN) has disclosed that it opened two domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC) following a formal directive from the Office of the Accountant-General of the Federation (OAGF), insisting that the accounts have remained inactive since their creation.
The disclosure was made on Monday before the House of Representatives ad hoc committee investigating the legal status, operations and budgetary allocation of the council, whose existence has generated widespread controversy.
Representing the CBN Governor, Director of Banking Services, Hamisu Abdullahi, told lawmakers that the apex bank merely complied with an official mandate from the Accountant-General's office after carrying out its internal verification procedures.
"On the 30th of July 2025, we received a mandate dated 29 July 2025 from the Office of the Accountant-General of the Federation to the Central Bank of Nigeria to open two domiciliary accounts for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council," Abdullahi said.
He explained that the bank subsequently opened a United States dollar account and a Pound Sterling account for the council.
"Based on that mandate, we did the normal verification to confirm the genuineness of the mandate and also processed the account opening. Two accounts were actually opened... Those two accounts remain inactive with zero balance and have never been operated," he added.
According to him, no financial transaction has taken place on either account since they were opened.
"There have been no foreign exchange allocations, no remittances, no inflows and no outflows. The accounts have maintained zero balance from inception to date," Abdullahi told the committee.
He also stressed that the CBN deals with Ministries, Departments and Agencies only through the Office of the Accountant-General in matters relating to the opening, closure or modification of government accounts.
The House committee directed the apex bank to submit comprehensive records relating to the accounts as part of its ongoing investigation.
Head of Service distances office from council
Also testifying before the panel, Head of the Civil Service of the Federation, Mrs Didi Esther Walson-Jack, said her office neither established the council nor deployed personnel to it.
She explained that while the Office of the Head of the Civil Service approves administrative structures for government agencies, it has no constitutional responsibility for creating such bodies.
"The approval and establishment of agencies is not within the purview of the Office of the Head of the Civil Service of the Federation," she said.
Walson-Jack disclosed that the council submitted a request for approval of its organisational structure in August 2025, but the application was rejected because the required legal documents were not provided.
She, however, revealed that during the 2025 manpower budget exercise, officials of the council applied for an establishment approval and recruitment waiver, claiming they already had 14 officers, including a Director-General.
According to her, approval was eventually granted for 314 positions, but subsequent scrutiny raised concerns over the authenticity of the council's legal documents.
"It was observed that the document presented by the council as its enabling law or legal instrument did not really carry the requisite features," she said.
She equally denied reports that her office allocated office accommodation at the Federal Secretariat or posted civil servants to the council.
House seeks answers
Earlier, Speaker of the House of Representatives, Tajudeen Abbas, said the investigation was intended to establish the truth behind the controversial council and not to fuel political controversy.
"The House of Representatives has therefore not constituted this committee to validate speculation or amplify controversy. Neither is this a political exercise. Our objective is simply to establish the facts," Abbas said.
He noted that the panel would examine whether the council was legally established, how it found its way into the federal budget and whether its responsibilities overlap with those of existing government agencies.
The Speaker urged all invited officials to cooperate fully with the investigation.
"This House expects the truth, not rehearsed scripts or defensive posturing. Nigerians deserve candour. They deserve explanations that withstand scrutiny," he stated.
Chairman of the ad hoc committee, Rep. Yusuf Gagdi, assured Nigerians that the investigation would be thorough, impartial and evidence-based.
"Our mandate is to objectively examine the circumstances surrounding the alleged establishment and operations of the Presidential Foreign Investment Promotion Council... and submit appropriate findings and recommendations to the House," he said.
The committee has invited several senior government officials and heads of agencies, including the Ministers of Finance, Budget and Economic Planning, Justice, Industry, Trade and Investment, the Secretary to the Government of the Federation, the CBN Governor, EFCC, ICPC, DSS and the Inspector-General of Police.
ICPC grills Gbajabiamila
Meanwhile, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) has questioned the Chief of Staff to the President, Femi Gbajabiamila, over allegations made by the self-acclaimed Director-General of the PFIPC, Prince Adeniyi Adeyemi.
Adeyemi had alleged that he paid N400 million through a third party to secure his appointment and claimed that a percentage of the council's proposed take-off grant was demanded from him. Gbajabiamila has denied the allegations and filed a N15 billion defamation suit against Adeyemi.
Confirming the Chief of Staff's appearance before investigators, his lawyer, Jiti Ogunye, said Gbajabiamila honoured the invitation in compliance with President Bola Tinubu's directive that the ICPC investigate the matter.
"My client gave his testimony, responded to questions accordingly, and has returned to his duty post," Ogunye said.
The PFIPC came under public scrutiny after more than N1.3 billion was allocated to it in the 2026 Appropriation Act despite questions over its legal status, prompting investigations by the National Assembly and anti-corruption agencies.
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