The Central Bank of Nigeria has disclosed that it opened two foreign currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council, despite an earlier claim by the Accountant-General of the Federation that no such accounts existed.
The revelation was made on Monday during a public hearing of the House of Representatives Ad-hoc Committee investigating the establishment and activities of the purported government agency.
The committee, chaired by Yusuf Gagdi, is probing how the Presidential Foreign Investment Promotion Council allegedly gained access to government privileges and processes despite questions surrounding its legal status.
Representing the CBN, the Director of Banking Services, Hamisu Ibrahim, told the lawmakers that the apex bank received a directive from the Office of the Accountant-General of the Federation on July 29, 2025, requesting the opening of two accounts.
He said one account was denominated in United States dollars, while the other was in British pounds.
Ibrahim explained that the CBN acted on the mandate after carrying out the required verification procedures.
According to him, “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.”
He said the accounts were never activated because the required documentation and authorisations were not subsequently provided.
“We did not receive any correspondence, mandate, signature or mandate cards. We were not introduced to the authorising or approving officers,” Ibrahim stated.
He added that both accounts had remained dormant since they were opened, with no deposits, withdrawals or foreign exchange allocations.
“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,” he said.
The CBN’s testimony contradicted an earlier submission by the Accountant-General of the Federation, Shamseldeen Ogunjimi, who had told the committee that no accounts were opened in the name of the PFIPC.
Also appearing before the committee, the Head of the Civil Service of the Federation, Didi Walson-Jack, said her office never allocated accommodation to the controversial council.
She explained that the building reportedly used as the PFIPC’s address at the Federal Secretariat Phase III was officially assigned to the Office of the Secretary to the Government of the Federation.
“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,” Walson-Jack told the lawmakers.
She said the location was part of office accommodation allocated to the OSGF for its use and for presidential bodies.
However, Walson-Jack disclosed that during the 2025 Annual Manpower Budget Defence Exercise, the council submitted documents through an individual identified as Patricia Akhigbe.
The documents reportedly included the appointment letter of the council’s Director-General and information about its mandate. Following the submission, the request was processed alongside those of 87 other ministries, departments and agencies.
She said an establishment structure providing for 314 positions was subsequently approved for the council, followed by a recruitment waiver.
Walson-Jack, however, maintained that her office did not deploy personnel to the council or approve its recruitment, adding that Akhigbe had since been invited by the police for questioning.
Following the hearing, the committee directed several senior government officials to appear before it on Thursday.
Those invited 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; and the Minister of Budget and National Planning.
The Accountant-General of the Federation, the Director-General of the Budget Office of the Federation, officials of the Revenue Mobilisation, Allocation and Fiscal Commission, and the National Salaries, Incomes and Wages Commission were also invited.
Meanwhile, the Chief of Staff to the President, Femi Gbajabiamila, has appeared before the Independent Corrupt Practices and Other Related Offences Commission as part of the ongoing investigation into the PFIPC controversy.
Gbajabiamila reportedly arrived at the ICPC headquarters in Abuja at about 3pm on Monday and left approximately 30 minutes later.
His lawyer, Jiti Ogunye, confirmed the development in a statement issued on Monday.
Ogunye said his client appeared before the commission in compliance with the President’s directive and responded to questions concerning the investigation.
He said, “My client gave his testimony, responded to questions accordingly, and has returned to his duty post.”
Sources within the ICPC also confirmed that Gbajabiamila voluntarily provided information to investigators regarding the alleged fake agency.
The development comes amid a N15bn defamation lawsuit filed by the Chief of Staff against Adeyemi at the High Court of the Federal Capital Territory.
Gbajabiamila is seeking N10bn in general damages, N5bn in aggravated damages and N200m in legal costs over allegations that he demanded a 48 per cent kickback from a purported N27.3bn take-off grant for the agency.
Adeyemi had also alleged that N400m was paid through a proxy, with another N200m allegedly required to facilitate presidential approval.
Gbajabiamila has denied the allegations, insisting that he neither met nor communicated with Adeyemi and did not authorise anyone to represent him.
Adeyemi, who was recently arrested in Osun State following a bench warrant issued by the Federal High Court, is expected to return to court on July 27 alongside two other suspects identified as Femi and Anu, who are still at large.
The allegations surrounding the alleged kickbacks and the 2026 budgetary allocation have not been independently established, while the Budget Office has yet to publicly respond to the claims.
The arrest of Adeyemi has also generated reactions from opposition groups.
The National Coordinator of the Obidient Movement Worldwide, Yunusa Tanko, called for a public inquest into the matter, arguing that the investigation should be conducted transparently.
“There ought to be a public inquest into the matter. We don’t want anything to be done in shrouded secrecy. This scandal is a national disgrace,” Tanko said.
The Social Democratic Party’s National Publicity Secretary, Rufus Aiyenigba, said Adeyemi’s arrest was appropriate but called for Gbajabiamila to temporarily step aside while the investigation continues.
Similarly, the National Publicity Secretary of the National Democratic Congress, Osa Director, argued that the Chief of Staff should recuse himself from his official duties pending the outcome of the investigation.
The controversy surrounding the PFIPC has continued to raise questions about how the agency was able to secure government recognition, budgetary provisions, recruitment approval and banking arrangements despite concerns about its authenticity and legal status.
