PFIPC probe: CBN confirms accounts opened for disputed agency had zero balance, no transactions

The Central Bank of Nigeria (CBN) has told the House of Representatives that the controversial Presidential Foreign Investment Promotion Council (PFIPC) had two foreign currency accounts opened in its name, but the accounts were never funded or operated.

The revelation was made on Monday during an investigative hearing by the House Ad-hoc Committee probing the activities of the disputed agency, where the Director of Banking Services at the CBN, Hamisu Ibrahim, represented the apex bank’s governor before lawmakers.

Ibrahim told the committee, chaired by Yusuf Gagdi, that the CBN opened the accounts following a formal directive from the Office of the Accountant General of the Federation (OAGF) dated July 29, 2025.

He explained that the accounts, which were domiciliary accounts denominated in United States dollars and British pounds, were created for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council World Investment Summit.

The CBN director, however, stressed that no foreign exchange allocation was made to the organisation and that no transaction was carried out on either account from the time they were created.

According to him, the accounts remained at zero balance throughout their existence, adding that statements submitted to the committee showed no inflows or withdrawals.

“The accounts can take a zero balance from inception, but they have never recorded any inflow. The statements of account submitted to the committee clearly show there were no transactions,” Ibrahim told lawmakers.

The development is part of a wider investigation into the PFIPC after the Presidency disowned the organisation, saying it was not established by President Bola Tinubu’s administration and that no individual was appointed to head such an agency.

The controversy surrounding the council intensified after Prince Adeniyi Adeyemi, who presented himself as its Director-General, was accused of using allegedly forged government documents to gain recognition and access official channels.

Documents examined during investigations showed that requests linked to the organisation passed through government offices, including the OAGF and the Central Bank, before the accounts were created.

The CBN told lawmakers that it only acted on the directive transmitted by the appropriate government authority and had no independent correspondence with the disputed council beyond processing the account-opening request.

The OAGF had earlier maintained that the PFIPC did not operate any active account with the CBN and that no public funds or salaries were released to the organisation.

The office explained that although the account-opening process was initiated, it was never completed because required documentation, including details of authorised signatories, was not submitted.

The House committee is expected to continue its investigation by examining how the disputed council obtained government recognition, office space and other institutional privileges despite questions over its legal status.

The lawmakers said the probe would help establish responsibility, identify gaps in government procedures and recommend measures to prevent similar incidents in the future.

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