The Central Bank of Nigeria (CBN) on Monday stated it had opened two foreign-currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council, PFIPC.
This comes as Femi Gbajabiamila, the president’s chief of staff, came to the Independent Corrupt Practices and Other Related Offences Commission’s headquarters to testify in the continuing investigation into the phoney agency’s activities.
The admission occurred at a public hearing held at the National Assembly Complex by the House of Representatives ad hoc committee on the existence and functioning of the PFIPC, chaired by Yusuf Gagdi and inaugurated by Speaker Tajudeen Abbas.
Chronicle NG gathered that Monday’s hearing revealed critical gaps in the bureaucratic processes that allowed the fictitious agency to obtain the functional perks accorded to real government agencies.
The CBN, represented by Hamisu Ibrahim, director of its Banking Services Department, stated that the accounts, one in US dollars and the other in British pounds sterling, were opened in response to a mandate from the Office of the Accountant-General of the Federation.
“On July 30, 2025, we received a mandate dated July 29, 2025, from the Office of the Accountant-General. We received the mandate to authorise two accounts, one a US dollar domiciliary account and the other a pound domiciliary account, for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council,” Ibrahim told the committee.
He explained the CBN’s verification process, saying, “The process of opening an account requires a mandate from the Office of the Accountant-General of the Federation.
“Once we receive that mandate, we perform all the necessary verifications to confirm that this mandate is actually coming from that office.
“The department that handles the mandate is different from the department that actually does the account opening,” he said.
Nevertheless, he mentioned that no one came to activate the accounts after they were opened.
“We did not receive any correspondence, mandate, signature or mandate cards. We were not introduced to the authorising or approving officers.
“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, adding that a statement of account had been attached to the committee’s records.
However, the CBN’s account directly contradicted an earlier statement made by Accountant-General Shamseldeen Ogunjimi, who claimed that no accounts were opened in the PFIPC’s name.
Didi Walson-Jack, Head of the Federation’s Civil Service, also testified before the committee, claiming that her office had never provided any space to the PFIPC.
According to records available to the Office of the Head of the Civil Service, the alleged council’s office space at the Federal Secretariat Phase III was officially allocated to the Office of the Secretary to the Government of the Federation, not the fictitious council.
“There is speculation that the council occupied office space in the Federal Secretariat Phase III. 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.
“The office space indicated as the council’s official address forms part of the office accommodation allocated to the Office of the Secretary to the Government of the Federation for the use of the OSGF and presidential bodies,” she said.
Walson-Jack informed the committee that during the 2025 Annual Manpower Budget Defence Exercise, the council submitted additional documents through Patricia Akhigbe, including the director-general’s appointment letter and mandate details.
The council’s request was processed alongside those of 87 other ministries, departments, and agencies, resulting in an authorised establishment for 314 positions and a recruitment waiver.
According to Walson-Jack, Akhigbe has subsequently been summoned for questioning by police officers.
She emphasised that her office had not deployed staff to the council or approved any recruitments, and she advised the committee to address any additional enquiries to the SGF’s office.
Following the day’s hearing, committee chairman Gagdi directed the secretary to the government of the Federation, George Akume, and other key government officials to appear before the panel on Thursday.
He stated, “In continuation of this assignment, the secretariat should invite the SGF to appear and brief this committee on the issues raised.
“Also to appear on Thursday are the inspector-general of police, the minister of foreign affairs, the minister of finance, the attorney-general of the federation and the minister of justice as well as the minister of budget and national planning.”
“Also invited are the accountant-general of the Federation, heads of the budget office of the Federation, the revenue mobilisation, allocation and fiscal commission, and the national salaries, incomes and wages commission.”
