The development was disclosed on Monday before an ad hoc committee set up to examine the legal basis, operations and budgetary inclusion of the PFIPC.
A director representing the CBN Governor, Hamisu Abdullahi, told lawmakers that the apex bank acted only after receiving an official mandate from the OAGF. According to him, the mandate was dated July 29, 2025 and received by the CBN on July 30, 2025.
Based on that instruction, the CBN opened two domiciliary accounts for the “Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council.” One account is denominated in United States dollars, the other in Pound Sterling.
Abdullahi explained that both accounts have remained inactive. No funds have entered or left the accounts since they were created. He said the council never submitted authorized signatories, which is required before any transactions can take place.
“The process for opening the account requires a mandate from the office of the Accountant-General of the Federation. So once we receive that mandate, we perform all the necessary verification to confirm that this mandate is actually coming from the Office of the Accountant-General,” he said.
“On the 30th of July 2025, we received a mandate dated July 29, 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.
Based on that mandate, we carried out the normal verification procedures and processed the account opening. Two accounts were opened: a dollar account and a pound sterling account.
“Those two accounts remain inactive with zero balance and have never been operated.”
The CBN official added that there have been no foreign exchange allocations, remittances, inflows or outflows tied to the accounts. From inception to date, the balances have stayed at zero.
He further clarified that the CBN does not open, close or modify accounts for Ministries, Departments and Agencies directly. All such requests must come through the Office of the Accountant-General. The bank also said it had no direct communication with the PFIPC regarding the operation of the accounts.
The testimony came on the same day the Independent Corrupt Practices and Other Related Offences Commission questioned Femi Gbajabiamila, Chief of Staff to President Bola Tinubu. The invitation followed allegations made by Prince Adeyemi Adeniyi, who described himself as the Director-General of the PFIPC.
Adeniyi had alleged that he paid N400 million to Gbajabiamila through the late Babatunde Dolapo Tanimola to secure the appointment. He also claimed the Chief of Staff demanded 48 percent of a proposed N27.3 billion take-off grant for the council.
Gbajabiamila has denied the allegations. He has also filed a N15 billion defamation suit against Adeniyi.
Confirming his appearance, Gbajabiamila’s lawyer, Jiti Ogunye, said his client cooperated fully with the ICPC on July 20, 2026 and returned to duty afterward.
The controversy around PFIPC grew after over N1.3 billion was included for the council in the approved 2026 budget, despite lingering doubts about its legal status. Investigations showed that Adeniyi allegedly secured approval for 300 staff, obtained office space in the Federal Secretariat in Abuja, and initiated the process to open CBN accounts.
The Office of the Accountant-General had earlier said the council had no account with the apex bank, contradicting claims that Adeniyi used forged documents to obtain banking facilities.
The Head of the Civil Service of the Federation, Mrs Didi Esther Walson-Jack, also appeared before the committee. She told lawmakers her office does not establish government agencies. That responsibility lies elsewhere. Her office, however, handles approval of administrative structures.
According to her, PFIPC submitted a request for approval of its organizational structure on August 6, 2025. The request was rejected because required documents were missing.
She said that during the 2025 manpower budget defence, officials of the council requested approval for establishment and recruitment waiver. They stated that 14 officers, including a Director-General and CEO, were already working with the body and asked to commence full operations.
The request was processed with 87 other MDAs and approved in the fourth batch. The approval covered 314 positions, 14 existing officers and 300 new ones.
Walson-Jack told the panel that irregularities were later found in the legal instrument presented by the council. “It was observed that the document presented by the council as its enabling law or legal instrument did not really carry the requisite features,” she said.
She also denied that her office deployed staff to the council or provided office accommodation. “We wish to state that there was no deployment of staff by the Office of the Head of the Civil Service of the Federation to the council,” she added.
The House panel directed the CBN to submit comprehensive records of all financial transactions linked to the council.
Speaker Abbas Tajudeen inaugurated the ad hoc committee earlier in the day. He said the probe is not about speculation or politics. The goal is to establish facts.
“Today, we convene to exercise our constitutional oversight by formally inaugurating the Ad Hoc Committee to probe the existence and operations of the Presidential Foreign Investment Promotion Council and its placement within the federal budget framework,” he said.
Abbas noted that questions have been raised about the council’s legal foundation, funding and how it appeared in the budget despite uncertainty about its establishment. He directed the committee to determine the legal basis for the council, review the process of its creation, examine its mandate, governance, funding and relationship with existing agencies.
The panel will also look into how the council entered the budget, what approvals were given, and whether there is duplication of functions with other government institutions.
Chairman of the committee, Rep. Yusuf Adamu Gagdi, assured that the investigation would be fair and guided by the Constitution. “Our mandate is to objectively examine the circumstances surrounding the alleged establishment and operations of the Presidential Foreign Investment Promotion Council, determine whether due constitutional and statutory processes were followed,” he said.
The committee has invited several key officials. They include the Ministers of Budget and Economic Planning, Finance, Industry, Trade and Investment, Justice and Foreign Affairs. Also expected are the Secretary to the Government of the Federation, Head of Service, CBN Governor, Auditor-General, NIPC Executive Secretary, Chairmen of ICPC and EFCC, DG of DSS and the Inspector-General of Police.
The probe adds to a series of investigations launched by the 10th House. Previous inquiries include the Anchor Borrowers Programme, financial issues in the Ministry of Women Affairs, crude supply to Dangote Refinery, land allocations in the FCT, CBN staff dismissals, and the Lagos-Calabar Coastal Highway procurement.
Critics note that while the House has been active in oversight, many past probes have stalled due to lack of prosecutorial powers and weak follow-up on resolutions.
The committee is expected to submit its findings after hearing from all invited stakeholders.
