House Committee Orders Submission of Full Financial Records as Investigation Deepens
The Central Bank of Nigeria (CBN) has told the House of Representatives Ad-hoc Committee investigating the alleged establishment of the Presidential Foreign Investment Promotion Council (PFIPC) without a valid legal framework that two accounts opened for the council have remained inactive with zero balance since their creation.
Representing the CBN Governor before the committee, Director of Banking Services, Hamisu Abdullahi, explained that the apex bank only opens accounts for Ministries, Departments and Agencies (MDAs) based on directives from the Office of the Accountant-General of the Federation (OAGF).
According to him, the CBN received a directive from the OAGF dated July 29, 2025, to open two domiciliary accounts—one in United States dollars and another in Pound Sterling—for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council.
He said the accounts were opened on July 30, 2025, but have never been activated because the council failed to submit the authorised signatories required to operate them.
Abdullahi told lawmakers that there had been no inflows, outflows, foreign exchange allocations or any financial transactions on the accounts since they were opened.
He further clarified that the council never communicated directly with the CBN regarding the operation of the accounts, stressing that all account-related requests from government agencies are processed through the OAGF.
Also appearing before the committee, the Head of the Civil Service of the Federation, Mrs. Didi Esther Walson-Jack, stated that her office has no constitutional responsibility for establishing federal government agencies.
She explained that while the Office of the Head of the Civil Service approves administrative structures for agencies, the creation of such bodies is outside its mandate.
According to Walson-Jack, the council had sought approval of its organisational structure in August 2025, but the request was rejected because it failed to provide a valid enabling legal instrument.
She added that during the 2025 manpower budget defence exercise, the council requested approval for 314 staff positions, including 14 existing personnel and 300 additional employees. The request was initially processed alongside those of other MDAs before irregularities were discovered in the legal documents presented by the council.
The Head of Service also denied reports that her office deployed civil servants to the council or allocated office accommodation to it.
Meanwhile, Chairman of the House Ad-hoc Committee, Hon. Abdulmalik Danga, directed the CBN to provide comprehensive records relating to all accounts associated with both the Presidential Foreign Investment Promotion Council and the Presidential Economic Advisory Council.
The committee also ordered the apex bank to obtain and submit details of any related accounts operated in commercial banks as part of its ongoing investigation into the alleged establishment and operations of the council without a valid legal framework.
The investigation continues as lawmakers seek to determine the legality of the council’s establishment and whether any public funds were accessed or utilised through the accounts.
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