No CBN account opened for PFIPC, no funds released: Accountant-General's office

The Office of the Accountant-General of the Federation (OAGF) has stated that an account intended for the Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council (PFIPC) was never successfully opened with the Central Bank of Nigeria (CBN).

According to Mr. Bawa Mokwa, Director of Information and Public Relations at the OAGF, the process stalled because the names of authorized signatories were not provided. This absence of required personnel prevented the account's completion and, consequently, any release of public funds.

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The CBN account was not successfully opened because there have to be signatories to such an account, which were not provided. As such, no money was paid into the said account.

Mokwa further explained that while the PFIPC received a budgetary allocation of ₦1.303 billion in the 2026 federal budget, budget implementation only began in July. He emphasized that without proper authorization and signatories, no money could be transferred to the non-existent account.

Additionally, the OAGF confirmed that no staff members were employed by the council under its Director-General, apart from personnel already deployed from the OAGF. These deployed officers are now expected to act as prosecution witnesses.

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With the current development, it is clear that no money can be paid into the said account.