CBN confirms opening PFIPC accounts on Accountant-General’s directive
The Central Bank of Nigeria (CBN) has confirmed that it opened two domiciliary accounts linked to the controversial Presidential Foreign Investment Promotion Council (PFIPC) following a directive from the Office of the Accountant-General of the Federation (OAGF), but insisted that the accounts were never funded or operated.
The disclosure was made on Monday by the Director of Banking Services at the CBN, Abdullahi Hamisu, while appearing before the House of Representatives Ad Hoc Committee investigating the legal basis, operations and budgetary allocation of the PFIPC, including the N1.3 billion appropriated to the council in the 2026 Appropriation Act.
Representing the Governor of the Central Bank, Olayemi Cardoso, Hamisu told lawmakers that the apex bank received a formal mandate dated July 29, 2025, from the Office of the Accountant-General directing it to open the accounts for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council.
He explained that the accounts, one denominated in United States dollars and the other in British pounds sterling, were opened after the bank carried out its standard account-opening procedures.
However, he stressed that the accounts remained dormant throughout their existence.
According to him, the accounts were neither funded nor used for any financial transactions.
Responding to questions from members of the committee on whether the CBN sought proof of an enabling law establishing the council before opening the accounts, Hamisu said the bank acted solely on the official instruction received from the Office of the Accountant-General.
“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 told the lawmakers.
The revelation comes amid conflicting positions by government institutions over the existence and operations of the PFIPC.
On July 1, the Presidency alleged that Adeniyi Adeyemi, who claims to be the Director-General of the council, used forged documents to facilitate the opening of a CBN account after allegedly misleading the Office of the Accountant-General.
The Presidency, in a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, also alleged that police investigations uncovered 34 bank accounts allegedly linked to Adeyemi, including nine accounts opened in the names of entities described as fictitious agencies.
However, the Office of the Accountant-General had maintained that the PFIPC had no operational account with the Central Bank.
Its Director of Public Relations, Bawa Mokwa, explained that although an application to open an account was initiated, the process was never completed because the required documentation to activate the account was not submitted.
The controversy surrounding the PFIPC intensified in June after the Presidency distanced itself from the council, insisting that no such body exists under the administration of President Bola Tinubu, despite the council having a budgetary allocation in the 2026 Appropriation Act, an office within the Federal Secretariat and reports that it recruited about 300 staff members.
The Chief of Staff to the President, Femi Gbajabiamila, also denied appointing Adeyemi to head the council.
Adeyemi has consistently maintained that his appointment was legitimate and has challenged the Presidency’s position, calling on President Tinubu to constitute an independent panel to investigate the controversy surrounding the PFIPC.
