The Central Bank of Nigeria (CBN) has told the House of Representatives that two foreign currency accounts opened in connection with the controversial Presidential Foreign Investment Promotion Council (PFIPC) have remained inactive since they were created, with no money deposited and no financial transactions carried out.
The disclosure was made on Monday during the ongoing investigation by the House of Representatives into the establishment and operations of the disputed council, which lawmakers say may have been created without the legal approval required for a federal government agency.
The investigation is part of wider efforts by the National Assembly to determine how the council came into existence, how it was included in the 2026 national budget and whether any public funds were allocated or spent illegally.
Representing the Governor of the Central Bank before the House committee, a CBN Director, Hamisu Abdullahi, explained that the apex bank opened the accounts after receiving an official request from the Office of the Accountant-General of the Federation.
According to him, the request was received on July 30, 2025, and directed the CBN to open two domiciliary accounts for the council—one in United States dollars and another in British pounds sterling.
Abdullahi told lawmakers that the CBN followed its normal procedures in processing the request.
He explained that the apex bank does not create accounts for government ministries, departments or agencies on its own but only acts after receiving formal authorisation from the Office of the Accountant-General of the Federation.
He said opening the accounts did not mean the council automatically became operational or gained access to government funds.
According to him, the accounts could only become active after the council submitted the names and signatures of officials authorised to operate them.
However, he disclosed that the required authorised signatories were never provided.
As a result, both accounts remained dormant from the day they were opened.
“The accounts never became operational because the council failed to provide authorised signatories required for activation,” Abdullahi told the committee.
He further explained that neither of the accounts received deposits or processed withdrawals.
According to him, there were also no records of foreign exchange allocations, remittances, inflows or outflows in either account.
The CBN’s testimony is expected to play an important role in the House investigation as lawmakers seek to determine whether the council ever handled public money through the apex bank.
The PFIPC has been at the centre of national attention in recent weeks following allegations that it operated without a valid legal framework.
Lawmakers are investigating claims that the council was established outside the normal procedures for creating federal government agencies.
The House of Representatives is also examining reports that about ₦1.3 billion was allocated to the council in the 2026 Appropriation Act despite concerns over its legal status.
To investigate the matter, the House recently inaugurated a 12-member ad hoc committee chaired by Yusuf Gagdi.
The committee was mandated to determine how the agency came into existence, whether due process was followed and how it found its way into the national budget.
During the inauguration of the committee, Speaker of the House Abbas Tajudeen, represented by the House Majority Leader, Julius Ihonvbere, said the investigation was aimed at uncovering the truth and safeguarding public resources.
He stressed that the House was not conducting a political exercise but carrying out its constitutional responsibility to ensure accountability in government.
The PFIPC controversy became more prominent after Adeniyi Adeyemi, who described himself as the Director-General of the council, made serious allegations against the Chief of Staff to the President, Femi Gbajabiamila.
Adeyemi claimed that Gbajabiamila demanded 48 per cent of the council’s alleged ₦27.3 billion take-off grant.
He also alleged that the Chief of Staff received ₦400 million through an intermediary and later requested another ₦200 million to facilitate presidential approvals.
Gbajabiamila has denied all the allegations.
In a sworn statement, he said he had no personal, official or professional relationship with Adeyemi and had never demanded or received money from him or anyone connected with the council.
He also denied abusing his office, interfering with security agencies or obstructing investigations.
Following the allegations, President Bola Tinubu directed the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the matter.
The Chief of Staff has since honoured the ICPC’s invitation and provided a statement to investigators as part of the ongoing probe.
He has also instituted a ₦15 billion defamation suit against Adeyemi at the High Court of the Federal Capital Territory, Abuja.
In the suit, Gbajabiamila is seeking ₦10 billion in general damages, ₦5 billion in aggravated damages and an order compelling Adeyemi to publish a public apology and retract the allegations in national newspapers and on social media.
Meanwhile, Adeyemi was arrested by the police in Osun State after a court issued a bench warrant for his arrest over his failure to appear for an earlier arraignment.
Although that case is separate from the House investigation, it has further intensified public interest in the PFIPC controversy.
The House committee is expected to continue inviting government officials and examining relevant documents as it seeks to establish whether any laws were violated in the creation and operation of the council.
The latest testimony by the Central Bank suggests that while accounts were opened for the council following an official request, they remained inactive throughout and were never used for financial transactions.
Lawmakers are expected to continue their investigation before presenting their findings and recommendations to the House of Representatives.