The Central Bank of Nigeria (CBN) has confirmed that it opened two foreign currency domiciliary accounts for the Presidential Foreign Investment Promotion Council (PFIPC), an agency currently under investigation over allegations that it was fraudulently established.
The disclosure was made during a public hearing by the House of Representatives Ad-hoc Committee investigating the existence and operations of the council.
According to the CBN, the accounts—one in US dollars and the other in British pounds—were opened after receiving an official mandate from the Office of the Accountant-General of the Federation in July 2025.
A representative of the apex bank explained that the bank carried out the necessary verification process before creating the accounts. However, he stated that no authorised officials ever completed the activation process by submitting the required signatures and documentation.
As a result, both accounts have remained inactive since they were opened, with no deposits, withdrawals or foreign exchange transactions recorded.
The revelation contradicted an earlier submission by the Accountant-General of the Federation, who had informed the committee that no bank accounts were opened in the name of the council.
Also appearing before the committee, the Head of the Civil Service of the Federation, Didi Walson-Jack, stated that her office never allocated office space to the PFIPC. She clarified that the office address linked to the council actually belongs to the Office of the Secretary to the Government of the Federation.
She, however, disclosed that the council submitted documents during the 2025 manpower budget process, leading to the approval of an authorised staff establishment, although no recruitment or staff deployment was approved by her office. She added that one of the individuals involved has since been questioned by the police.
Following the hearing, the committee directed several top government officials, including the Secretary to the Government of the Federation, the Inspector-General of Police, the Attorney-General of the Federation and other key officials, to appear before it for further investigation.
Meanwhile, the Chief of Staff to the President, Femi Gbajabiamila, honoured an invitation from the Independent Corrupt Practices and Other Related Offences Commission (ICPC) as part of the ongoing investigation into the PFIPC.
His lawyer confirmed that Gbajabiamila cooperated fully with investigators, provided his statement and returned to his official duties after the session.
Separately, the Chief of Staff has filed a ₦15 billion defamation lawsuit against Adeyemi over allegations linking him to the PFIPC controversy. Gbajabiamila denied the allegations, insisting he never met or communicated with the defendant and is seeking damages, a public retraction and an apology.
The investigation into the alleged fake agency continues, with lawmakers and anti-corruption authorities working to determine how the council obtained official recognition and appeared in government processes.
