The Central Bank of Nigeria (CBN) has informed the House of Representatives that it opened two foreign currency accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC) following an official directive from the Office of the Accountant-General of the Federation (OAGF). This disclosure contradicts earlier claims that the accounts were opened using forged documents allegedly submitted by the council's self-acclaimed Director-General, Prince Adeniyi Adeyemi.
CBN director details account opening process
A CBN director, Hamisu Abdullahi, told lawmakers on Monday, July 20, that the bank received a mandate dated July 29, 2025, from the OAGF. The following day, July 30, 2025, the CBN opened one US dollar account and one Pound Sterling account after confirming the request originated from the Accountant-General's office. Abdullahi stated that the council never submitted authorized signatories, so no deposits, withdrawals, foreign exchange allocations, or other transactions took place. He said: "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."
House committee investigates PFIPC budget allocation
The House committee is investigating how the PFIPC secured more than N1.3 billion in the 2026 budget despite concerns that it lacks legal backing. The Head of the Civil Service of the Federation also told lawmakers that the council sought approval for its organizational structure and requested permission to recruit 314 workers. However, officials later discovered 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.
Committee demands records, US lobbying firm reacts
The committee directed the CBN to submit all records linked to the accounts as it investigates who authorized the council and how it secured a place in the federal budget. Meanwhile, 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.
