The Central Bank of Nigeria (CBN) has disclosed that two foreign currency accounts linked to the controversial Presidential Foreign Investment Promotion Council (PFIPC) were opened but never became operational, with no funds deposited and no transactions recorded.
CBN representatives made the revelation on Monday during an appearance before the House of Representatives committee investigating the PFIPC scandal.
The probe focuses on allegations that the council was established and operated without any valid legal framework or adherence to required government procedures for creating agencies.
A CBN director, Hamisu Abdullahi, representing the Governor, told the committee that the bank opened a US dollar domiciliary account and a pound sterling domiciliary account following a formal request from the Office of the Accountant-General of the Federation (OAGF) received on July 30, 2025.
Abdullahi stressed that the CBN only processes such requests for government agencies upon official authorization from the OAGF.
However, the accounts could not be activated because the
