CBN Tells Reps PFIPC Accounts Had No Deposits or Withdrawals

The Central Bank of Nigeria (CBN) told the House of Representatives on Monday that two foreign currency accounts opened for the controversial Presidential Foreign Investment Promotion Council (PFIPC) have never received any funds or processed any transactions since their creation.

The disclosure came during the House probe into allegations that the PFIPC was established and operated without a valid legal framework or due government process.

Representing the CBN Governor before the committee, Director Hamisu Abdullahi explained that the apex bank opened the accounts only after receiving a formal request from the Office of the Accountant-General of the Federation on July 30, 2025.

According to Abdullahi, the request directed the CBN to create a US dollar domiciliary account and a pound sterling domiciliary account for the council.

He stressed that the CBN only opens accounts for government agencies upon official authorization from the Accountant-General’s Office.

However, the accounts never became operational because the PFIPC failed to submit the authorized signatories required to activate them.

As a result, both accounts have remained dormant since they were opened, with no deposits, withdrawals, foreign exchange allocations, remittances, inflows or outflows recorded.

The House of Representatives is continuing its investigation into the circumstances surrounding the creation and operation of the PFIPC.