The Central Bank of Nigeria (CBN) has confirmed that it opened two domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC) following an authorisation from the Office of the Accountant-General of the Federation (OAGF), despite growing questions over the council’s legal status.
The disclosure came during the inaugural sitting of the House of Representatives ad hoc committee investigating the legal basis, operations and budgetary inclusion of the council, which has been described by lawmakers as a “phantom” agency.
Representing the CBN Governor, Director of Banking Services Hamisu Abdullahi told the committee that the apex bank received a formal mandate from the OAGF on July 29, 2025, to open two foreign currency accounts—one in United States dollars and another in British pounds—for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council. The accounts were opened on July 30, 2025, but have remained inactive with zero balance because the council failed to submit authorised signatories.
Abdullahi also stated that there had been no foreign exchange allocations, remittances, inflows or outflows on either account since they were opened, adding that the CBN only acts on mandates received through the OAGF when opening accounts for government agencies.
The revelation contrasts with the OAGF’s earlier position that the disputed council had no account with the apex bank. It also comes amid allegations by the council’s purported Director-General, Prince Adeniyi Adeyemi, who claimed he paid ₦400 million to Chief of Staff to the President, Femi Gbajabiamila, through the late Babatunde Dolapo Tanimola to secure his appointment. Adeyemi further alleged that Gbajabiamila demanded 48 per cent of the council’s proposed ₦27.3 billion take-off grant. Gbajabiamila has denied the allegations and instituted a ₦15 billion defamation suit against Adeyemi.
The committee also heard from the Office of the Head of the Civil Service of the Federation, which denied establishing the council, deploying staff to it or allocating office space. The office said it only approves administrative structures for agencies after their lawful establishment and later discovered irregularities in the documents submitted by the council as its enabling legal instrument.
Speaker of the House of Representatives, Abbas Tajudeen, said the investigation was intended to establish facts regarding the council’s legal status, funding and inclusion in the federal budget, stressing that the exercise was not politically motivated. He urged all invited officials to provide truthful information to assist the committee.
Meanwhile, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) has questioned Chief of Staff Femi Gbajabiamila as part of its investigation into the disputed agency. His lawyer, Jiti Ogunye, confirmed that Gbajabiamila honoured the commission’s invitation, responded to questions and returned to his official duties after the session.
