The Central Bank of Nigeria (CBN) has disclosed that it opened two foreign currency accounts linked to the controversial Presidential Foreign Investment Promotion Council (PFIPC) on the directive of the Office of the Accountant-General of the Federation (OAGF).
The apex bank, however, said one account was denominated in US dollars and the other in British pounds sterling, adding that neither was ever funded or operated
Director of Banking Services at the CBN, Abdullahi Hamisu, made the disclosure on Monday 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 earmarked for the council in the 2026 Appropriation Act.
Representing CBN Governor Olayemi Cardoso, Hamisu told lawmakers that the bank received a formal directive dated July 29, 2025, from the OAGF requesting the opening of accounts for the “Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council.”
He said the CBN followed its standard account-opening procedures before creating the accounts, stressing that the bank acted solely on the directive issued by the Accountant-General’s office.
Responding to questions from lawmakers on whether the CBN requested an enabling law establishing the council before opening the accounts, Hamisu said the bank’s role was limited to processing the mandate it received from the OAGF.
“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,” he said.
The disclosure comes amid conflicting claims by the presidency and the OAGF over the status of the PFIPC and its accounts with the CBN.
Earlier this month, the presidency said the Nigeria Police Force uncovered evidence alleging that Adeniyi Adeyemi, the suspended Director-General of the PFIPC, used forged documents to facilitate the opening of a CBN account.
In a statement, Special Adviser to the President on Information and Strategy, Bayo Onanuga, said police investigations also revealed that Adeyemi allegedly operated multiple bank accounts linked to organisations believed to be fictitious.
However, the OAGF maintained that the PFIPC had no operational account with the CBN, explaining that although an application to open the accounts was submitted, the process was never completed because the required documentation was not provided.
The controversy surrounding the council intensified in June after the presidency distanced itself from the PFIPC, insisting that the body was not established under the current administration, despite its inclusion in the 2026 budget, allocation of office space at the Federal Secretariat, and recruitment of about 300 staff members.
Chief of Staff to President Bola Tinubu, Femi Gbajabiamila, also said his office did not appoint Adeyemi to lead the organisation.
Adeyemi has since rejected the presidency’s position and called on President Tinubu to establish an independent panel to investigate the allegations surrounding the council.
Enome Boluwatife
Follow us on:
