Fresh revelations have emerged in the investigation into the controversial Presidential Foreign Investment Promotion Council (PFIPC), with the Central Bank of Nigeria (CBN) confirming it opened two foreign-currency domiciliary accounts for the agency despite questions over its legitimacy.
The disclosure came during a public hearing by the House of Representatives Ad-hoc Committee investigating the existence and operations of the PFIPC.
Representing the CBN, Director of Banking Services, Hamisu Ibrahim, told lawmakers that the accounts—one in US dollars and the other in British pounds sterling—were opened after the bank received a formal mandate from the Office of the Accountant-General of the Federation on July 30, 2025.
“On July 30, 2025, we received a mandate dated July 29, 2025, from the Office of the Accountant-General. We received the mandate to authorise two accounts, one a US dollar domiciliary account, the other a pound domiciliary account, for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council,” Ibrahim said.
He explained that the CBN followed its standard verification process before approving the accounts.
“Once we receive that mandate, we perform all the necessary verifications to confirm that this mandate is actually coming from that office. The department that handles the mandate is different from the department that actually does the account opening.”
Ibrahim, however, said the accounts were never activated because the bank did not receive the required documentation from authorised signatories.
“We did not receive any correspondence, mandate, signature or mandate cards. We were not introduced to the authorising or approving officers.”
According to him, both accounts have remained inactive since they were opened.
“The accounts have maintained zero balance from inception to date and have never recorded any inflow or outflow.”
The testimony contradicts an earlier claim by Accountant-General Shamseldeen Ogunjimi, who had maintained that no accounts were opened in the PFIPC’s name.
Civil Service Denies Allocating Office
Also appearing before the committee, Head of the Civil Service of the Federation, Didi Walson-Jack, denied that her office allocated any office space to the PFIPC.
She said records showed that the office reportedly occupied by the council at the Federal Secretariat Phase III had been officially assigned to the Office of the Secretary to the Government of the Federation (OSGF).
Walson-Jack disclosed that during the 2025 Annual Manpower Budget Defence Exercise, the council submitted documents through Patricia Akhigbe, including the appointment letter of its Director-General and details of its mandate. Based on the documents submitted, an authorised establishment for 314 positions and a recruitment waiver were issued.
She clarified that her office neither recruited staff for the council nor deployed personnel to it, adding that Akhigbe has since been invited for questioning by the police.
Following the hearing, committee chairman Yusuf Gagdi directed the Secretary to the Government of the Federation, George Akume, alongside the Inspector-General of Police, Attorney-General of the Federation, Ministers of Finance, Foreign Affairs, Budget and National Planning, the Accountant-General of the Federation and other senior government officials, to appear before the panel on Thursday.
Gbajabiamila Appears Before ICPC
Meanwhile, Chief of Staff to the President, Femi Gbajabiamila, appeared before the Independent Corrupt Practices and Other Related Offences Commission (ICPC) on Monday as part of the ongoing investigation.
His lawyer, Jiti Ogunye, confirmed that Gbajabiamila honoured the commission’s invitation, answered questions and returned to his official duties.
Sources within the ICPC also confirmed that the Chief of Staff voluntarily provided information to assist investigators.
His appearance came as he filed a ₦15 billion defamation suit against Adeyemi over allegations that he demanded a 48 per cent kickback from the agency’s alleged ₦27.3 billion take-off grant.
Gbajabiamila denied ever meeting Adeyemi or authorising anyone to act on his behalf. He is seeking ₦10 billion in general damages, ₦5 billion in aggravated damages and ₦200 million in legal costs, in addition to a public retraction and apology.
Ahead of his arrest in Osun State, Adeyemi claimed he lobbied officials of the Budget Office to secure the council’s inclusion in the 2026 Appropriation Act but denied paying bribes. He also insisted he had never met Gbajabiamila in person.
Those allegations have not been independently verified, while the Budget Office has yet to publicly respond.
Opposition Demands Transparency
Opposition figures have continued to react to the scandal.
The National Coordinator of the Obidient Movement Worldwide, Yunusa Tanko, called for a public inquiry, describing the matter as a national disgrace.
The Social Democratic Party’s National Publicity Secretary, Rufus Aiyenigba, said Adeyemi’s arrest was justified but urged Gbajabiamila to step aside during the investigation.
Similarly, the National Democratic Congress, through its National Publicity Secretary, Osa Director, argued that asking the Chief of Staff to temporarily leave office would strengthen public confidence in the investigation.
Adeyemi is expected to return to the Federal High Court in Abuja on July 27 alongside two suspects, identified only as Femi and Anu, who remain at large.
Author
