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 maintained that the accounts were never funded or used.
The disclosure was made on Monday by the CBN’s Director of Banking Services, 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 allocated to the council in the 2026 Appropriation Act.
Representing CBN Governor Olayemi Cardoso, Hamisu told the committee that the apex bank received a formal directive dated July 29, 2025, from the Office of the Accountant-General instructing it to open two domiciliary accounts for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council.
He said one account was denominated in United States dollars while the other was in British pounds sterling, adding that both were opened after the bank completed its standard account-opening procedures.
Hamisu, however, stated that the accounts remained dormant throughout their existence and were never funded or used for any financial transactions.
Addressing questions from lawmakers on whether the CBN requested evidence of an enabling law establishing the council before opening the accounts, he said the bank acted on the directive 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,” Hamisu told the committee.
The development comes amid conflicting claims 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.
In a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the Presidency also alleged that police investigations uncovered 34 bank accounts linked to Adeyemi, including nine accounts opened in the names of entities described as fictitious agencies.
However, the Office of the Accountant-General has maintained that the PFIPC has no operational account with the CBN.
Its Director of Public Relations, Bawa Mokwa, said that while an application to open an account was initiated, the process was not completed because the required documentation needed to activate the account was never 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 receiving a budgetary allocation in the 2026 Appropriation Act, occupying an office within the Federal Secretariat and reportedly recruiting about 300 staff members.
Chief of Staff to the President, Femi Gbajabiamila, also denied appointing Adeyemi as Director-General of the council.
Adeyemi has continued to insist that his appointment was legitimate and has called on President Tinubu to establish an independent panel to investigate the controversy surrounding the PFIPC.