CBN Confirms Fake Agency's Accounts Were Never Active

The Central Bank of Nigeria (CBN) has told the House of Representatives that two foreign currency accounts opened for the controversial Presidential Foreign Investment Promotion Council (PFIPC) were never activated. These accounts have stayed inactive since they were created.

CBN officials shared this information on Monday while appearing before the House Ad Hoc Committee. This committee is looking into the legality of the PFIPC and how it has been operating. Lawmakers are concerned that the council was set up and has been running without proper legal backing.

The committee is led by Yusuf Gagdi (APC). They are investigating claims that the PFIPC did not have the necessary approvals to start and run its operations. The panel was set up by Speaker Abbas Tajudeen, who was represented by House Leader Julius Ihonvbere.

CBN's Explanation

Governor Olayemi Cardoso and Director Hamisu Abdullahi informed lawmakers that the CBN opened United States dollar and pound sterling domiciliary accounts in July 2025. This was done after getting a formal order from the Office of the Accountant-General of the Federation (OAGF).

Mr Abdullahi explained that as the banker for the federal government, the CBN only opens accounts for ministries and agencies when it gets permission from the OAGF. They do not accept requests directly from government institutions.

He stated that the bank confirmed the OAGF’s request was genuine before opening the accounts. The CBN then notified the OAGF, which was supposed to inform the PFIPC about the accounts.

But Mr Abdullahi said the PFIPC never completed the paperwork needed to activate the accounts. He pointed out that the council did not submit the required authorized signatories, signature mandate cards, and other important documents. This included the introduction of its chief executive, which stopped the accounts from being operational.

"As a result, the accounts have remained inactive with zero balances and have never been operated," he told the committee. He added that neither account had any deposits, withdrawals, or any foreign-exchange activities. There were no transactions because the accounts were never activated.

Mr Abdullahi also told lawmakers that the account numbers, statements, and other relevant banking records had already been sent to the committee as part of the CBN’s written submission.

Lack of Approval

Earlier, the Head of the Civil Service of the Federation, Didi Esther Walson-Jack, told the committee that the PFIPC had never received approval for its organizational structure. This was despite having an authorized establishment of 314 personnel.

She said the Office of the Head of the Civil Service is in charge of approving structures for federal agencies. However, the PFIPC’s request made in August 2025 was rejected due to missing documents.

"The request for deployment of officers was received and noted for consideration. However, there was no deployment of officers by the Office of the Head of the Civil Service of the Federation to the council," she explained.

According to her, the council still got an authorized establishment through the annual workforce budgeting process after it submitted documents, including its director-general's appointment letter and proof it was included in the federal budget. The authorized establishment allowed for 14 existing officers and 300 new positions.

Mrs Walson-Jack added that it was later found that the document the council presented as its legal basis did not have the legal features needed to establish a federal agency. She also clarified that her office did not send personnel to the council, even after receiving a request to second officers.

"We also wish to state that recruitment and placement of staff in agencies or into agencies is not under the purview of the office of the Head of the Civil Service of the Federation. It is the responsibility of the agencies to recruit and carry out proper placement of their staff," she said.

The civil service head further told lawmakers that her office had no record of any request from the PFIPC asking for approval for conditions of service. She added that matters relating to the creation and supervision of presidential councils are not part of her office’s responsibilities.

Mrs Walson-Jack mentioned that while her office approves conditions of service for agencies, there is no record of such a request from the PFIPC. "Meanwhile, remuneration and emoluments of personnel are not under the purview of the office of the Head of the Civil Service of the Federation but under the purview of the National Salaries, Income and Wages Commission," she said.

Background

This investigation follows claims that the PFIPC is a fake agency in Nigeria that never legally existed. Despite this, it got office space in Abuja’s Federal Secretariat and opened CBN accounts. The council also received a ₦1.3 billion allocation in the 2026 national budget. Adeyemi Adeniyi, who called himself the director-general, was arrested in Osun State in mid-July 2026 after avoiding court summons for forgery and impersonation.

The fake agency acted like a real government office, hosting foreign ambassadors, hiring staff, and working with federal departments.