Probe of ‘Fake’ Agency: CBN Opened Dollar, Pound Accounts on Accountant General’s Directive, Says Apex Bank Director

The Central Bank of Nigeria (CBN) disclosed that it established two bank accounts, one in U.S. dollars and another in British pounds, for the Presidential Foreign Investment Promotion Council (PFIPC). This action was taken in response to a directive issued by the Office of the Accountant General of the Federation (OAGF).

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The OAGF, on July 30, 2025, directed the apex bank to open accounts for the council.

Hamisu Ibrahim, Director of Banking Services at the CBN, informed a House of Representatives ad hoc committee that the OAGF instructed the apex bank to open these accounts on July 30, 2025. Ibrahim confirmed that no financial transactions have been conducted on either the dollar or pound sterling accounts since they were created.

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According to him, one was a Dollar account while the other was a Pound Sterling account, adding that no transaction has taken place on either account since they were opened.

The committee, chaired by Rep. Yusuf Gagdi, is currently investigating the existence and operations of the PFIPC. Following Ibrahim's revelation, Gagdi directed the CBN to provide comprehensive details of all financial activities related to the council's accounts from their opening date to the present.

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Rep. Yusuf Gagdi, directed the CBN to provide details of all financial transactions on the council’s accounts from the date they were opened until the present.