PFIPC has no CBN account, received no funds - OAGF
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- The Office of the Accountant-General of the Federation (OAGF) stated that the Presidential Fertilizer Producers and Indigenous Chemical Company (PFIPC) does not have an account with the Central Bank of Nigeria (CBN).
- The OAGF explained that the process for opening a CBN account for PFIPC was never finalized.
- This was due to PFIPC failing to submit the necessary documentation required to activate the account.
The Presidential Fertilizer Producers and Indigenous Chemical Company (PFIPC) does not possess an account with the Central Bank of Nigeria (CBN) and has not received any funds through it, according to the Office of the Accountant-General of the Federation (OAGF).
An OAGF spokesperson clarified that the procedure to establish a CBN account for PFIPC was never completed. The company failed to provide the essential documentation needed to activate the account, thus preventing its finalization.
This statement addresses recent discussions or potential misunderstandings regarding PFIPC's financial dealings and its relationship with the CBN. The lack of a completed account signifies that no financial transactions could have occurred between PFIPC and the CBN through the intended channel.
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Originally published by Premium Times. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.
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