CBN says PFIPC-linked foreign currency accounts stayed inactive as House probes continue

The Central Bank of Nigeria (CBN) has disclosed that two foreign currency accounts linked to the controversial Presidential Foreign Investment Promotion Council (PFIPC) were opened but never became operational, with no funds deposited and no transactions recorded.   CBN representatives made the revelation on Monday during an appearance before the House of Representatives committee investigating the PFIPC scandal. The probe focuses on allegations that the council was established and operated without any valid legal framework or adherence to required government procedures for creating agencies.    A CBN director, Hamisu Abdullahi, representing the Governor, told the committee that the bank opened a US dollar domiciliary account and a pound sterling domiciliary account following a formal request from the Office of the Accountant-General of the Federation (OAGF) received on July 30, 2025.    Abdullahi stressed that the CBN only processes such requests for government agencies upon official authorization from the OAGF. However, the accounts could not be activated because the PFIPC failed to provide the required authorized signatories.    As a result, both accounts remained completely dormant. No deposits were made, no withdrawals processed, and there were no foreign exchange allocations, remittances, inflows, or outflows of any kind.    The disclosure comes amid broader investigations into the PFIPC, including by the ICPC, following claims that the body secured office space, a budget allocation, and other official recognitions despite lacking legal establishment. The Presidency has maintained that the council was not a legitimate government agency.     This development adds clarity to questions surrounding how the alleged fake agency interacted with high-level government institutions while highlighting procedural gaps that allowed the situation to persist. The House committee's ongoing probe continues to examine the full extent of the irregularities.    

The Central Bank of Nigeria, CBN, has revealed that two foreign currency accounts opened in connection with the controversial Presidential Foreign Investment Promotion Council, PFIPC, have remained inactive since their creation, with no funds deposited and no transactions recorded. Representatives of the apex bank made this disclosure on Monday when they appeared before the House […] PFIPC scandal: CBN opens up on fake agency’s bank accounts

By Gift ChapiOdekina, Abuja ABUJA — The Office of the Head of the Civil Service of the Federation (OHCSF) and the Central Bank of Nigeria (CBN) have distanced themselves from the establishment and operations of the alleged Presidential Foreign Investment Promotion Council (PFIPC), as investigations by the House of Representatives continued on Monday. The institutions […] The post Fake Agency Probe: OHCSF, CBN distance selves from PFIPC, reveal inactive accounts appeared first on Vanguard News.