The Central Bank of Nigeria (CBN) has confirmed that two foreign currency bank accounts associated with the Presidential Foreign Investment Promotion Council (PFIPC) have never been active. The institution stated that no financial transactions, deposits, or withdrawals ever occurred on these accounts.
During a hearing on Monday, CBN officials addressed the House of Representatives, which is currently probing claims that the PFIPC operated without proper legal authorization. Hamisu Abdullahi, a director representing the CBN Governor, testified that the accounts were established on July 30, 2025, following a directive from the Office of the Accountant-General of the Federation.
The regulator explained that it routinely sets up accounts for government entities only after receiving formal requests from the Accountant-General’s office. In this instance, a U.S. dollar account and a British pound sterling account were opened as requested. However, Abdullahi noted that the PFIPC failed to submit the necessary documentation for authorized signatories, leaving the accounts frozen and entirely dormant since their inception.
