PFIPC: CBN opens govt accounts only on OAGF authorisation - Director tells Reps probe panel

The Central Bank of Nigeria (CBN) adheres strictly to established procedures for opening accounts for government agencies, primarily through the Office of the Accountant-General of the Federation (OAGF), a CBN director told a House of Representatives committee. Hamisu Abdullahi, representing the CBN Governor, explained that the apex bank does not engage directly with Ministries, Departments, and Agencies (MDAs) for account management, except for those exempt from the Treasury Single Account (TSA).

“

As a banker to the Federal Government, the Central Bank has responsibility for opening all accounts for Ministries, Departments and Agencies, with the exception of those exempted from the Treasury Single Account.

Abdullahi detailed that the CBN received a directive from the OAGF on July 29, 2025, to establish two domiciliary accounts for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council (PFIPC). Consequently, a United States dollar and a Pound Sterling domiciliary account were opened the following day, July 30, 2025.

“

We do not have any direct engagement with any ministry, department or agency for account opening, account closure or change of account nomenclature except through the Office of the Accountant-General of the Federation.

However, the CBN director emphasized that these accounts have remained entirely inactive since their inception. He stated that the PFIPC never provided the necessary authorized signatories, rendering the accounts inoperable. Abdullahi confirmed that there have been no financial transactions, including foreign exchange allocations, remittances, inflows, or outflows, associated with these accounts, which consistently maintain a zero balance.

“

Those two accounts remain inactive with zero balance and have never been operated.

Furthermore, the CBN confirmed a lack of direct correspondence with the PFIPC regarding the operation of these accounts. This statement comes as the House of Representatives Ad-hoc Committee continues its investigation into the alleged establishment of the PFIPC without a valid legal framework. The Head of the Civil Service of the Federation, Mrs. Didi Esther Walson-Jack, also testified, clarifying that her office does not have constitutional responsibility for establishing government agencies, although it approves their administrative structures.

“

There have been no foreign exchange allocations, no remittances, no inflows and no outflows. The accounts have maintained zero balance from inception to date.