The Central Bank of Nigeria (CBN) has informed the House of Representatives that two foreign currency accounts opened for the controversial Presidential Foreign Investment Promotion Council (PFIPC) were never activated and have remained inactive since their creation.
Officials of the CBN disclosed this on Monday whilst appearing before the House Ad Hoc Committee investigating the legality and operations of the council, which lawmakers suspect was established and operated outside the legal framework governing federal agencies.
The committee, chaired by Yusuf Gagdi (APC), is examining allegations that the PFIPC lacked the statutory approvals required for its establishment and operation. The panel was inaugurated by Speaker Abbas Tajudeen, represented by House Leader Julius Ihonvbere.
Representing CBN
Governor Olayemi Cardoso, Director Hamisu Abdullahi, told lawmakers that the bank opened United States dollar and pound sterling domiciliary accounts after receiving a formal mandate from the Office of the Accountant-General of the Federation (OAGF) in July 2025.
