CBN Confirms Opening 2 Accounts for 'Phantom' PFIPC After Accountant-General's Mandate
- The CBN has confirmed opening two dormant PFIPC accounts after receiving a directive from the Accountant-General's office
- The disclosure contradicted earlier claims that the controversial accounts were opened using forged documents
- Lawmakers have continued investigating the PFIPC's legal status and how it secured a place in the 2026 budget
The Central Bank of Nigeria (CBN) has told the House of Representatives that it opened two foreign currency accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC) after receiving an official directive from the Office of the Accountant-General of the Federation (OAGF).
The disclosure contradicts an earlier claim that the accounts were opened with fake documents allegedly used by the council's self-acclaimed Director-General, Prince Adeniyi Adeyemi.
Source: Facebook
A CBN director, Hamisu Abdullahi, said the bank received a mandate dated July 29, 2025, and opened one US dollar account and one Pound Sterling account the following day after confirming the request came from the Accountant-General's office.
Abdullahi told lawmakers, on Monday, July 20, that the council never submitted authorised signatories, so no deposits, withdrawals, foreign exchange allocations or other transactions took place.
Daily Trust quoted him as saying:
“On the 30th of July 2025, we received a mandate dated 29 July 2025 from the office of the Accountant-General of the Federation to the Central Bank of Nigeria to open two domiciliary accounts for the Presidential Economic Advisory Council/ Presidential Foreign Investment Promotion Council.
"Those two accounts remain inactive with zero balance and have never been operated."
Questions over PFIPC's legal status
The House committee is investigating how the PFIPC secured more than N1.3 billion in the 2026 budget despite concerns that it has no legal backing.
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The Head of the Civil Service of the Federation also told lawmakers the council sought approval for its organisational structure and requested permission to recruit 314 workers. However, officials later found that the document presented as its legal instrument "did not really carry the requisite features."
The office denied posting civil servants to the council or allocating office space to it.
Meanwhile, the committee directed the CBN to submit all records linked to the accounts as it investigates who authorised the council and how it found its way into the federal budget.
US lobbying firm reacts to Adeyemi arrest
Earlier, Legit.ng reported that a US lobbying firm linked to former Vice President Atiku Abubakar said it would brief officials in President Donald Trump's administration following the arrest of PFIPC claimant Adeniyi Adeyemi.
The Washington-based firm, Von Batten-Montague-York, questioned the timing of Adeyemi's arrest, claiming he had been scheduled to present documents and a sworn statement to US officials regarding allegations against senior Nigerian government figures.
Source: Legit.ng
