(CBN. Photo by Vanguard News)
The House of Representatives Ad-hoc Committee looking into the purported creation of the Presidential Foreign Investment Promotion Council (PFIPC) without a legitimate legal framework was informed by Hamisu Abdullahi, a director at the Central Bank of Nigeria (CBN), that the apex bank only opens accounts for government agencies after obtaining official approval from the Office of the Accountant-General of the Federation (OAGF).
Abdullahi, who appeared before the committee on Monday on behalf of the CBN Governor, clarified that the OAGF is the only way the bank interacts directly with Ministries, Departments, and Agencies (MDAs) about the opening, closing, or modification of account details.
“With the exception of those exempt from the Treasury Single Account, the Central Bank is responsible for opening all accounts for Ministries, Departments, and Agencies as a banker to the Federal Government,” he stated.
“We do not have any direct engagement with any ministry, department, or agency for account opening, account closure, or change of account nomenclature except through the Office of the Accountant-General of the Federation,” he continued.
According to the CBN source, on July 29, 2025, the OAGF gave the apex bank instructions to open two domiciliary accounts for the Presidential Economic Advisory Council and Presidential Foreign Investment Promotion Council.
He claims that the two domiciliary accounts one in US dollars and the other in pounds sterling were opened on July 30, 2025.
However, he told MPs that the accounts were still inactive because the council had not supplied the authorized signatories needed for them to function.
“Those two accounts have never been used and are still inactive with no balance,” Abdullahi said.
He also revealed that there had been no financial activity associated with the accounts, such as remittances, foreign exchange allocations, inflows, or outflows.
“Foreign exchange allocations, remittances, inflows, and outflows have not occurred.
From the beginning to the present, there has been no balance in the accounts,” he stated.
Additionally, the CBN director informed the committee that there was no direct communication between the apex bank and the council about how the accounts were being operated.
He continued, “The council had no direct correspondence with the Central Bank of Nigeria regarding the operation of the accounts.”
The committee was informed earlier by Mrs. Didi Esther Walson-Jack, Head of the Civil Service of the Federation, that the Office of the Head of Civil Service of the Federation (OHCSF) was not constitutionally required to establish government agencies.
She clarified that although the agency certifies federal agencies’ administrative architecture, it is not within its purview to create new agencies.
“The Office of the Head of the Civil Service of the Federation does not have the authority to approve or form agencies. But the OHCSF is in charge of approving federal government agencies’ organizational structures,” she stated.
The OHCSF representative revealed that on August 6, 2025, the council made a request for approval of its organizational structure; however, the request was denied due to the failure to submit the necessary paperwork.
However, she said that representatives of the Presidential Economic Advisory Council and the Presidential Foreign Investment Promotion Council asked for an authorized establishment and recruitment waiver during the 2025 annual personnel budget defense exercise.
The Office of the Head of the Civil Service of the Federation does not have the authority to approve and form agencies. Nonetheless, the OHCSF is in charge of authorizing the administrative framework of federal government organizations, she stated.
The OHCSF representative revealed that on August 6, 2025, the council made a request for approval of its organizational structure; however, the request was denied due to the failure to produce the necessary documentation.
However, she said that representatives of the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council asked for an authorized establishment and recruitment waiver during the 2025 annual personnel budget defense exercise.
She claims that the council notified the office that 14 officers, including the Director-General/Chief Executive Officer, were already collaborating with the body and requested permission to start full operations.
The request, she continued, was approved as part of the fourth batch of personnel approvals after being processed with those of 87 other MDAs.
314 positions 14 current officers and 300 new positions were approved.
Nonetheless, the OHCSF revealed that it subsequently found anomalies in the council’s authorizing legal document.
The representative informed lawmakers, “It was observed that the document presented by the council as its enabling law or legal instrument did not really carry the requisite features.”
Additionally, the Head of Service denied assigning office space or sending federal servants to the council.
“We would like to clarify that the Office of the Head of the Civil Service of the Federation did not send any personnel to the council,” she stated.
Reports that connected the office to the Federal Secretariat Phase III accommodation allotment, she continued, were untrue.
In the meantime, Hon. Abdulmalik Danga, the committee chairman, instructed the CBN to furnish thorough records of all financial transactions associated with the Presidential Economic Advisory Council and the Presidential Foreign Investment Promotion Council.
“We want details of account activities relating to the Presidential Foreign Investment Promotion Council as well as the Presidential Economic Advisory Council.
From the opening of the accounts to their last status, this committee wants the complete records,” Danga directed.
The committee also ordered the apex bank to obtain details of any related accounts operated in commercial banks and submit the records as part of efforts to conclude investigations into the alleged establishment and operations of the council without a valid legal framework.
