The Central Bank of Nigeria on Monday said it had opened two foreign-currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council.
This is as the Chief of Staff to the President, Femi Gbajabiamila, appeared at the headquarters of the Independent Corrupt Practices and Other Related Offences Commission to testify in the ongoing investigation into the activities of the fictitious agency.
The apex bank’s admission came at the public hearing convened at the National Assembly Complex by the House of Representatives Ad-hoc Committee investigating the existence and operations of the PFIPC, chaired by Yusuf Gagdi and inaugurated by Speaker Tajudeen Abbas.
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.
Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said the accounts, one in US dollars, the other in British pounds sterling, were opened following a mandate received 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, 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.
