Central Bank Says 'Fake' Presidential Council PFIPC Has Two Accounts With Zero Balance Since 2025

The disclosure was made on Monday by a Director at the apex bank, Hamisu Abdullahi, while appearing before the House of Representatives Ad-hoc Committee probing allegations that the PFIPC was a fake ministry, established and operated without a valid legal framework.

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) have remained dormant since their creation in 2025, with no deposits, withdrawals, or any form of financial transactions recorded

The disclosure was made on Monday by a Director at the apex bank, Hamisu Abdullahi, while appearing before the House of Representatives Ad-hoc Committee probing allegations that the PFIPC was a fake ministry, established and operated without a valid legal framework.

Representing CBN Governor Olayemi Cardoso, Abdullahi told the House Committee that the apex bank opened the accounts only after receiving a formal directive from the Office of the Accountant-General of the Federation (OAGF).

Abdullahi stressed that CBN does not independently create accounts for ministries, departments or agencies (MDAs) without express approval from the Office of the Accountant-General of the Federation.