PFIPC Scandal Deepens: CBN Admits Opening Foreign Accounts for Alleged ‘Fake’ Presidential Agency as Top Officials Face Explosive Probe
By Bala Salihu Dawakin Kudu
Democracy Newsline Northern Bureau Chief
July 21, 2026.
Nigeria’s latest political controversy took another dramatic turn on Monday after the Central Bank of Nigeria (CBN) confirmed that it opened two foreign currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC), an agency currently under investigation over allegations that it operated without lawful establishment.
The revelation has intensified scrutiny over the circumstances surrounding the creation of the council and raised fresh questions about the level of due diligence exercised by government institutions before recognizing and processing official requests linked to the organization.
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The disclosure came during a public hearing organized by the House of Representatives Ad-hoc Committee investigating the existence, legality and operations of the PFIPC. The committee, chaired by Hon. Yusuf Gagdi, was constituted by Speaker Tajudeen Abbas following growing concerns over the activities of the council.
At the same time, another significant development unfolded in Abuja as the Chief of Staff to the President, Femi Gbajabiamila, appeared before investigators at the headquarters of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to provide testimony in the ongoing investigation into the affairs of the agency.
CBN Explains How the Accounts Were Opened
Representing the apex bank, the Director of Banking Services Department, Hamisu Ibrahim, informed lawmakers that the CBN acted after receiving an official mandate from the Office of the Accountant-General of the Federation.
According to Ibrahim, the bank received the directive on July 30, 2025, based on a mandate dated July 29, 2025, requesting the opening of two foreign currency accounts—one denominated in United States dollars and the other in British pounds sterling—for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council.
He explained that opening government accounts follows an established administrative process.
“The process of opening an account requires a mandate from the Office of the Accountant-General of the Federation. Once the mandate is received, the Central Bank carries out the necessary verification to ensure that the request genuinely originates from the appropriate government office before processing it,” Ibrahim told the committee.
He further clarified that the department responsible for verifying the authenticity of such mandates is separate from the department that actually opens the accounts.
Despite the approval and creation of the accounts, the CBN disclosed that no officials ever completed the activation process.
Ibrahim explained that the bank never received the required documentation, including specimen signatures, mandate cards or the identities of authorized signatories.
According to the CBN, neither account has ever received deposits, foreign exchange allocations or any financial transaction whatsoever.
“The accounts have maintained zero balance from inception to date and have never recorded any inflow or outflow,” Ibrahim stated while submitting the account statements to the investigative committee as documentary evidence.
Earlier, the Accountant-General of the Federation, Shamseldeen Ogunjimi, had reportedly informed lawmakers that no bank accounts were ever opened in the name of the PFIPC.
However, the Central Bank’s confirmation that two domiciliary accounts were indeed created has introduced a new dimension to the investigation and may prompt lawmakers to further examine the communication and approval process between government institutions.
The apparent inconsistency has also fueled public concern over accountability within government agencies responsible for financial administration.
Following the day’s proceedings, Committee Chairman Yusuf Gagdi announced that the investigation would be widened to include several top government officials whose offices may possess information relevant to the case.
Those invited to appear before the committee include the Secretary to the Government of the Federation, George Akume, the Inspector-General of Police, the Minister of Foreign Affairs, the Minister of Finance, the Attorney-General of the Federation and Minister of Justice, as well as the Minister of Budget and National Planning.
The committee also summoned the Accountant-General of the Federation, the Director-General of the Budget Office, officials of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC), and the National Salaries, Incomes and Wages Commission.
Lawmakers said the expanded hearings are intended to establish how the agency emerged, whether due process was followed in its recognition, and whether any public institution violated existing financial regulations.
The PFIPC investigation has become one of the most closely watched accountability cases in recent months because it touches on issues of institutional oversight, financial governance and transparency within the Federal Government.
Although the CBN insists that the accounts remained inactive and never handled public funds, the confirmation that official government banking facilities were created for an agency whose legal status is now being questioned has intensified calls for stronger verification procedures across public institutions.
Anti-corruption observers say the outcome of the investigation could shape future reforms in the management of government agencies and the process through which official financial accounts are approved.
As the National Assembly continues its hearings and anti-graft investigators deepen their inquiries, Nigerians are expected to closely monitor the testimonies of senior government officials in the coming days.
The investigation is expected to determine whether administrative lapses occurred, whether any laws were violated, and what measures may be necessary to prevent similar controversies from arising in the future.
(DEMOCRACY NEWSLINE NEWSPAPER, JULY 21ST 2026)
