The Office of the Accountant-General of the Federation (OAGF) has dismissed claims that public funds were released to the Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council (PFIPC), saying the agency never successfully opened an account with the Central Bank of Nigeria (CBN).
The clarification comes amid the ongoing investigation surrounding the controversial council and allegations linked to its operations.
Speaking on Monday, the Director of Information and Public Relations at the OAGF, Bawa Mokwa, explained that although efforts were made by Prince Adeyemi Adeniyi Matthew to open a CBN account for the council, the process was never completed because the required account signatories were not provided.
According to him, the absence of authorised signatories meant the account could not be activated, making it impossible for any government funds to be paid into it.
"The CBN account was not successfully opened because there have to be signatories to such an account, which were not provided. As such, no money was paid into the said account," Mokwa said.
He noted that while the PFIPC received an appropriation in the 2026 federal budget, implementation of the budget only commenced in July, adding that the current circumstances rule out any disbursement of funds to the council.
Mokwa also disclosed that the proposed account did not receive the mandatory approval of the Accountant-General of the Federation, further preventing its activation.
He explained that, apart from officials deployed from the Office of the Accountant-General, no other personnel were recruited by the council under its Director-General.
According to him, the officers who were deployed to the council are now expected to serve as prosecution witnesses in the ongoing legal proceedings.
The PFIPC was allocated ₦1.303 billion in the 2026 Appropriation Act, comprising ₦802.98 million for personnel costs, ₦200 million for overhead expenses and ₦300 million for capital expenditure.
The council has remained at the centre of controversy following allegations surrounding its legal status, financial operations and claims of forgery and impersonation, matters that are currently before the court.
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