The Central Bank of Nigeria (CBN) has explained that it opened two domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC) based on a mandate by the Office of the Accountant General of the Federation.
The CBN, Director of Banking Services, Hamisu Ibrahim, stated this yesterday, when he appeared before the House Ad-hoc Committee probing the activities of the PFIPC. According to him, the apex bank received a mandate dated July 29, 2025, from the Office of the Accountant General of the Federation on July 30, 2025, authorising it to open the two accounts for the PFIPC.
However, he explained that the two accounts have not been operational, as no official has come forward with their mandate for the operation of the accounts.
The existence of the PFIPC has been a subject of controversy, with the Director General, Mathew Adeyemi and Femi Gbajabiamila, Chief of Staff to President Bola Tinubu trading words over the legality of the agency.
In the course the controversy, indications emerged that the PFIPC got an appropriation of N1.3 billion in the 2026 budget, opened accounts with the CBN, operated from an office space at the Federal Secretariat and allegedly has 300 staff deployed to it by the Office of the Head of Service
On July 8, the House adopted a motion to investigate how the agency, which the government said is not a legal entity, got appropriation in the 2026 budget.
Ibrahim informed the lawmakers that “the process of opening the account requires a mandate from the office of the accountant general of the federation. Once we receive that mandate, we perform all the necessary verification to confirm that this mandate is actually coming from the office of the accountant general. “Once we confirm that, we have some internal procedures which will be followed to open those accounts, including certification of duties. The department that handles the mandate is different from the department that actually does the actual account opening. There is a difference between opening them and operating them.
“After opening those accounts, before any agency operates any account, you must also submit it through the office of the accountant general. We do not have any direct engagement with any ministry, department or agency for account opening or closing of account or change of account nomenclature except through the office of the accountant general of the federation.
“So the Accountant General of the Federation receives the mandate from the agency, then sends us his own mandate authorising us to open account or to close account or to change the nomenclature of an account.
“Before an account is operated also, the agency will write to the office of the accountant general and request his signature mandate card so that the agency is ready to complete that mandate card and submit it to the office of the accountant general.
“The accounting officer who is also the chief executive officer of the agency will have to be introduced by the signatories of those accounts.
“Once he is introduced, he has to submit a copy of his appointment letter. He has to submit his identity card. He has to submit his passport photograph among other things before he can submit that account.
“On July 30, 2025, we received a mandate dated July 29, 2025, from the office of the accountant general authorising the Central Bank of Nigeria to open two accounts. One is a US dollar domiciliary account. The other one is GDP domiciliary account for Presidential Economic Advisory Council/ Presidential Loading Investment Promotions Council.
“Based on that mandate, we did the normal verification to confirm the genuineness of the mandate and also process the account opening. And two accounts were actually opened. Domiciliary account, one dollar account, one pound sterling account.
“Usually, when we open the account, we also inform the Accountant General that the account has actually been opened, so that he can inform the agency directly.
“So after opening this account, we did not receive any correspondence, mandate, signature or mandate cards.
“We were not introduced to who is the authorising officers or who is the approving officers. We were not introduced to that. Based on that, those accounts remain inactive, with zero balance and have never been opened. Those two accounts have never been operated.”
Head of Service of the Federation, Mrs. Didi Walson-Jack, while testifying before the panel, told the lawmakers that her office neither deployed staff to the phantom agency nor allocated any office space to it. According to her, the office occupied by the PFIPC at the Federal Secretariat was an office space allocated to the Office of the Secretary to the Government of the Federation. Walson-Jack explained that during the 2025 annual manpower budget defence exercise, representatives of the PFIPC, led by a lady, who described herself as deputy director of the council appeared before the team, to defend their request for 300 staff.
She noted that though the request was approved on July 18, 2025, alongside similar agencies, there was no deployment of staff by her office to the agency. The HoSF added that “that office space in question is part of the office allocated to the Office of the Secretary to the Government of Federation for use by the workers of the SGF and presidential aides. “
Furthermore, Walson-Jack added: “When all these problems came up, I said, bring the documents, and immediately I saw it as a lawyer with over 30 years’ experience, I said there is something wrong with this.
“At that point when I discovered it, I said we need to have another level of verification, and we need to have a lawyer on the team that will receive legal documents, so that the lawyer can access every legal document.
“And I like to share with you that we’ve already begun the process of reviewing our standard operating procedures to ensure that we have a lawyer working in that department, and that we have different layers of verification of documents.”
Earlier, the Speaker, Tajudeen Abbas, while inaugurating the probe panel, said the ad-hoc committee is expected to probe the existence and operation of the agency, which the Presidency has disowned, as well as its placement within the Federal Budget Framework. Abbas, who was represented by the House Leader, Julius Ihonbvere, said the probe is not about individuals, but about institutions and the integrity of public administration.
According to him, “for weeks now, discussions surrounding the Presidential Foreign Investment Promotion Council have dominated media reports, public commentary and policy debates. Questions have been raised about its legal status, institutional mandate, operational framework, relationship with existing agencies and importantly, its appearance within the Federal Budget Framework despite widespread uncertainty regarding its establishment.
“These questions deserve clear, factual and authoritative answers. The House of Representatives has, therefore, not constituted this Committee to validate speculation or amplify controversy; neither is this a political exercise. Our objective is simply to establish the facts.
“Democracy functions best when facts prevail over rumours, evidence over conjecture and accountability over opacity. Where legitimate public questions exist, parliament has both the authority and the obligation to seek answers in an open, fair and transparent manner.”
Meanwhile, the House has summoned Secretary to the Government of the Federation (SGF), George Akume; the CBN governor, Yemi Cardoso; Inspector-General of Police (IGP), Tunji Disu; Minister of Finance, Taiwo Oyedele and Minister of Foreign Affairs, Bianca Ojukwu.
Others also summoned include the Attorney-General of the Federation and Minister of Justice, Latef Fagbemi; Minister of Budget and National Planning, Atiku Bagudu; Accountant-General of the Federation, Shamseldeen Ogunjimi; Budget Office of the Federation, Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) and National Salaries, Incomes and Wages Commission (NSIWC).