PFIPC scandal: How CBN opened domiciliary accounts for phantom agency

The Central Bank of Nigeria (CBN) has confirmed the opening of two foreign-currency domiciliary accounts for the Presidential Foreign Investment Promotion Council (PFIPC), a body under scrutiny for its alleged fictitious nature. This admission came during a public hearing convened by a House of Representatives Ad-hoc Committee investigating the agency.

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On July 30, 2025, we received a mandate dated July 29, 2025 from the Office of the Accountant-General. We received the mandate to authorise two accounts, one a US dollar domiciliary account, the other a pound domiciliary account, for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council.

Representing the CBN, Hamisu Ibrahim, Director of the Banking Services Department, informed the committee that the accounts, one in US dollars and another in British pounds sterling, were established following a mandate received on July 30, 2025, from the Office of the Accountant-General of the Federation. The mandate, dated July 29, 2025, authorized the opening of these accounts for the "Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council."

Ibrahim detailed the CBN's verification process, explaining that the apex bank requires a mandate from the Office of the Accountant-General to open such accounts. Once the mandate is received, the CBN performs necessary verifications. However, he stressed that despite the accounts being opened, they were never activated. "We did not receive any correspondence, mandate, signature or mandate cards. We were not introduced to the authorising or approving officers," Ibrahim stated.

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The process of opening an account requires a mandate from the Office of the Accountant-General of the Federation. Once we receive that mandate, we perform all the necessary verifications to confirm that this mandate is actually coming from that office.

Consequently, the accounts have maintained a zero balance since their inception, with no inflows or outflows recorded. The CBN provided a statement of account to the committee as evidence. This testimony directly contradicted an earlier claim by Accountant-General Shamsudeen Ogunjimi, who had asserted that no accounts were opened in the PFIPC's name. The Head of the Civil Service of the Federation, Didi Walson-Jack, also testified, stating her office never allocated space to the PFIPC.

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We did not receive any correspondence, mandate, signature or mandate cards. We were not introduced to the authorising or approving officers. Based on that, those accounts remain inactive, with zero balance. There have been no foreign exchange allocations.