PFIPC Scandal: CBN Says Accounts Were Opened but Never Activated

The Central Bank of Nigeria (CBN) has confirmed that it opened two foreign currency domiciliary accounts for the Presidential Foreign Investment Promotion Council (PFIPC), an agency currently under investigation over its legitimacy.

The disclosure was made during a public hearing by the House of Representatives ad hoc committee probing the council's existence and operations. A CBN official explained that the accounts, one in US dollars and the other in British pounds, were opened in July 2025 after the bank received an official mandate from the Office of the Accountant-General of the Federation.

According to the CBN, although the accounts were successfully created, they were never activated because the required signatories and supporting documents were not submitted. As a result, the accounts have remained inactive with no deposits, withdrawals or foreign exchange transactions since they were opened.

The testimony differed from an earlier position by the Accountant-General, who had stated that no accounts were opened in the agency's name.

Also appearing before the committee, the Head of the Civil Service of the Federation said her office did not allocate office space to the PFIPC. She explained that the address linked to the council was officially assigned to the Office of the Secretary to the Government of the Federation.

She, however, disclosed that the council had submitted documents during the 2025 manpower budget exercise, leading to the issuance of an authorised staff establishment and a recruitment waiver. She clarified that no staff were deployed to the council and no recruitment approval was granted. A representative who submitted the documents has reportedly been invited for questioning.

Following the hearing, the committee summoned the Secretary to the Government of the Federation, the Inspector-General of Police, the Attorney-General of the Federation, the Ministers of Finance, Foreign Affairs and Budget, as well as other senior government officials, to appear at its next sitting.

Meanwhile, the Chief of Staff to the President, Femi Gbajabiamila, honoured an invitation from the Independent Corrupt Practices and Other Related Offences Commission (ICPC) as part of its investigation into the PFIPC. His lawyer confirmed that he cooperated fully with investigators and returned to work after giving his statement.

The Chief of Staff has also filed a ₦15 billion defamation suit against the alleged promoter of the council over claims linking him to the agency's activities. He denied the allegations, insisting he never met or communicated with the individual.

The alleged promoter of the PFIPC is expected to appear before the Federal High Court later this month alongside two other suspects who remain at large, as investigations into the case continue.

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