The Central Bank of Nigeria has admitted opening two foreign-currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council, despite the Presidency’s position that the body was not a legitimate government agency. These PFIPC domiciliary accounts have sparked significant debate regarding regulatory oversight and legitimacy.
According to The Punch, the disclosure came on Monday during a public hearing organised by the House of Representatives Ad-hoc Committee investigating the existence and activities of the PFIPC.
The hearing also coincided with the appearance of the Chief of Staff to the President, Femi Gbajabiamila, at the headquarters of the Independent Corrupt Practices and Other Related Offences Commission in Abuja.
Gbajabiamila reportedly testified as part of the commission’s investigation into how the disputed agency accessed government facilities and administrative privileges.
CBN says accounts had zero balances
Representing the CBN at the hearing, Director of the Banking Services Department, Hamisu Ibrahim, said the bank received a mandate from the Office of the Accountant-General of the Federation to open the accounts.
He said the CBN received the mandate on July 30, 2025, a day after the Accountant-General’s office issued it.
“On July 30, 2025, we received a mandate dated July 29, 2025 from the Office of the Accountant-General,” Ibrahim told the committee.
“We received the mandate to authorise two accounts, one a US dollar domiciliary account, the other a pound domiciliary account, for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council.”
Ibrahim explained that the CBN verified that the directive came from the Accountant-General’s office before opening the accounts.
He added that the department responsible for receiving and verifying account mandates differed from the department that completed the account-opening process.
However, no representative of the council reportedly came forward to activate or operate the accounts.
“We did not receive any correspondence, mandate, signature or mandate cards. We were not introduced to the authorising or approving officers,” he said.
“Based on that, those accounts remain inactive, with zero balance. There have been no foreign exchange allocations.
“The accounts have maintained zero balance from inception to date and have never recorded any inflow or outflow.”
Ibrahim said the CBN submitted statements covering the accounts to the committee.
The disclosure appeared to contradict an earlier submission by the Accountant-General of the Federation, Shamseldeen Ogunjimi, who reportedly told the committee that no accounts were opened in the PFIPC’s name.
Head of Service denies allocating office
Head of the Civil Service of the Federation, Didi Walson-Jack, also appeared before the committee and denied allocating office space to the council.
She said records showed that the space associated with the PFIPC at the Federal Secretariat Phase III belonged to the Office of the Secretary to the Government of the Federation.
“There is speculation that the council occupied office space in the Federal Secretariat Phase III,” Walson-Jack said.
“We can state categorically that the Office of the Head of the Civil Service of the Federation did not allocate any office space to the council.”
She explained that the location formed part of the accommodation assigned to the Office of the SGF and presidential bodies.
However, Walson-Jack disclosed that the council submitted documents during the 2025 Annual Manpower Budget Defence Exercise through a woman identified as Patricia Akhigbe.
The documents reportedly included an appointment letter for the council’s Director-General and information about its proposed responsibilities.
Officials processed the request alongside submissions from 87 ministries, departments and agencies, leading to the approval of an establishment structure containing 314 positions.
A recruitment waiver reportedly followed shortly afterwards.
Walson-Jack said the police had invited Akhigbe for questioning.
She maintained that her office did not deploy workers to the PFIPC or directly approve recruitment into the council.
Reps summon SGF, ministers
Chairman of the committee, Yusuf Gagdi, directed the Secretary to the Government of the Federation, George Akume, and several senior government officials to appear before the panel on Thursday.
“In continuation of this assignment, the secretariat should invite the SGF to appear and brief this committee on the issues raised,” Gagdi said.
The committee also invited the Inspector-General of Police and the ministers responsible for foreign affairs, finance, justice, budget and national planning.
Other invited officials include the Accountant-General of the Federation and heads of the Budget Office, Revenue Mobilisation, Allocation and Fiscal Commission, and the National Salaries, Incomes and Wages Commission.
The lawmakers are investigating the administrative gaps that allegedly enabled the disputed council to secure government recognition, office accommodation, bank accounts, staffing approval and a budgetary allocation.
Gbajabiamila appears before ICPC
Gbajabiamila appeared at the ICPC headquarters at about 3pm on Monday and left approximately 30 minutes later.
His lawyer, Jiti Ogunye, confirmed that the Chief of Staff responded to the commission’s invitation and answered questions relating to the PFIPC investigation.
“My client gave his testimony, responded to questions accordingly, and has returned to his duty post,” Ogunye said.
Sources at the commission also said Gbajabiamila provided information that could assist the investigation.
President Bola Tinubu had directed the ICPC on July 7 to investigate the controversy and submit its findings within 30 days.
Gbajabiamila has also filed a N15bn defamation suit against the self-proclaimed Director-General of the council, Adeniyi Adeyemi.
The Chief of Staff is demanding N10bn in general damages, N5bn in aggravated damages and N200m in legal costs.
The action followed Adeyemi’s allegations that Gbajabiamila demanded a 48 per cent share of a purported N27.3bn take-off grant and received N400m through an intermediary.
Gbajabiamila denied meeting or communicating with Adeyemi and maintained that he never authorised anyone to act on his behalf.
Adeyemi gives conflicting accounts
Before his arrest, Adeyemi claimed he personally approached officials of the Budget Office to secure the council’s inclusion in the federal budget.
He said he first contacted the office in December 2024 but was informed that the process for the 2025 budget had closed.
Adeyemi claimed officials later told him that his submission could be considered for the 2026 budget.
“I went to that Budget Office for the 2025 budget. I submitted the letter and everything that I wanted, but I was told it was…
