The Central Bank of Nigeria, CBN, has revealed that two foreign currency accounts opened in connection with the controversial Presidential Foreign Investment Promotion Council, PFIPC, have remained inactive since their creation, with no funds deposited and no transactions recorded.
Representatives of the apex bank made this disclosure on Monday when they appeared before the House of Representatives, which is investigating the matter.
Recall that the Green Chamber of the National Assembly is investigating allegations that the PFIPC was created and operated without a valid legal framework and outside the established procedures required for government agencies and institutions.
The Central Bank of Nigeria also provided details regarding accounts linked to the council.
A director at the CBN, Hamisu Abdullahi, who represented the Governor of the apex bank before the committee, pointed out that the bank opened two foreign currency accounts following a formal request from the Office of the Accountant-General of the Federation.
According to him, the request was received on July 30, 2025, and instructed the bank to create a United States dollar domiciliary account and a pound sterling domiciliary account.
The CBN director emphasised that the bank only opens accounts for government agencies after receiving official authorisation from the Office of the Accountant-General of the Federation.
Abdullahi, however, disclosed that the accounts never became operational because the council failed to provide authorised signatories required for activation.
As a result, both accounts remained dormant from the day they were opened.
He told the committee that neither account had received deposits nor processed withdrawals. The accounts also recorded no foreign exchange allocations, remittances, inflows or outflows.
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