The Central Bank of Nigeria (CBN) has revealed that two accounts opened for the controversial Presidential Foreign Investment Promotion Council (PFIPC) were never used and recorded zero inflows, outflows or remittances.
The disclosure was made by the Director of Banking Services at the CBN, Abdullahi Hamisu, while appearing before the House of Representatives ad hoc committee investigating the PFIPC controversy.
According to Hamisu, the apex bank opened the accounts after receiving a directive from the Office of the Accountant-General of the Federation (OAGF) in July 2025.
“The accounts have maintained a zero balance from inception to date and have never recorded any inflow or outflow,” Hamisu told lawmakers.
He explained that the CBN opened two domiciliary accounts—one in US dollars and another in British pounds sterling—after verifying the authenticity of the mandate from the OAGF.
However, he said the accounts were never activated because the CBN was never provided with the authorised signatories or signature mandate needed to operate them.
“We did not receive any correspondence introducing the approving officers. Based on that, those accounts remained inactive and have never been operated,” he added.
The revelation comes amid the ongoing investigation into the alleged PFIPC, which the Presidency has insisted does not legally exist.
The controversy centres on Prince Adeniyi Adeyemi, who allegedly presented himself as the council’s Director-General and claimed he was appointed by President Bola Tinubu’s Chief of Staff, Femi Gbajabiamila.
Gbajabiamila has denied the allegation and filed a lawsuit against Adeyemi, while the Presidency has accused him of forging appointment documents.
