Reps Probe: CBN Says Fake Agency Had Dollar, Pound Accounts

The Central Bank of Nigeria (CBN) has confirmed that it opened two foreign currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC), despite the agency now being the subject of an ongoing investigation over its legitimacy.

The revelation emerged on Monday during a public hearing of the House of Representatives Ad-hoc Committee investigating the existence and operations of the PFIPC.

Representing the apex bank, Director of Banking Services, Hamisu Ibrahim, told lawmakers that the accounts—one denominated in United States dollars and the other in British pounds sterling—were opened in July 2025 following a formal mandate from the Office of the Accountant-General of the Federation.

According to Ibrahim, the CBN acted in line with established procedures after verifying the authenticity of the request.

He, however, disclosed that the accounts were never activated because the required documentation, including mandate cards, authorised signatories and operational instructions, was never submitted.

“As a result, the accounts have remained inactive with zero balance from inception. There have been no inflows, outflows or foreign exchange allocations,” he told the committee.

The disclosure contradicted an earlier submission by the Accountant-General of the Federation, who had maintained that no accounts were opened in the name of the PFIPC.

The hearing also featured testimony from the Head of the Civil Service of the Federation, Didi Walson-Jack, who denied claims that her office allocated office accommodation to the council.

She explained that the office space reportedly occupied by the PFIPC at the Federal Secretariat was officially allocated to the Office of the Secretary to the Government of the Federation (OSGF), not to the council.

Walson-Jack acknowledged that the council had submitted documents during the 2025 Annual Manpower Budget Defence exercise through one Patricia Akhigbe, leading to the issuance of an authorised establishment for 314 positions and a recruitment waiver.

She stressed, however, that her office neither recruited personnel nor deployed staff to the council and advised investigators to direct further inquiries to the Office of the Secretary to the Government of the Federation.

Following the hearing, the committee summoned Secretary to the Government of the Federation, George Akume, alongside the Ministers of Finance, Foreign Affairs, Budget and Economic Planning, the Attorney-General of the Federation, the Inspector-General of Police and other key government officials to appear before it on Thursday as the investigation continues.

Meanwhile, Chief of Staff to the President, Femi Gbajabiamila, on Monday honoured an invitation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) over the PFIPC investigation.

His lawyer, Jiti Ogunye, confirmed that Gbajabiamila appeared before the anti-graft agency, answered questions relating to the probe and subsequently returned to his official duties.

The ICPC investigation followed President Bola Tinubu’s directive ordering the commission to investigate the controversial agency within 30 days after allegations surrounding its operations emerged.

The PFIPC scandal has triggered multiple investigations, with authorities seeking to establish how the council allegedly secured official recognition, budgetary provisions and other government privileges despite concerns over its legal status.