The controversy surrounding the controversial Presidential Foreign Investment Promotion Council (PFIPC) took a dramatic turn on Monday after the Central Bank of Nigeria (CBN) contradicted the Office of the Accountant-General of the Federation (OAGF), confirming that it officially opened two foreign currency accounts for the council.

The CBN confirmed that the accounts were opened upon receiving a formal mandate from the Accountant-General's office.

The disclosure, made before the House of Representatives Ad Hoc Committee investigating the legal status and operations of the PFIPC, raises fresh questions over conflicting accounts by government institutions regarding the existence and recognition of the council, which the Presidency has described as unauthorized.

Representing the CBN Governor before the committee, Director of Banking Services, Hamisu Abdullahi, revealed that the apex bank received an official directive dated July 29, 2025, from the Office of the Accountant-General of the Federation requesting the opening of two domiciliary accounts for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council.

According to him, following standard verification procedures to authenticate the mandate, the CBN opened both a United States Dollar account and a Pound Sterling account on July 30, 2025.

Abdullahi explained that although the accounts were successfully opened, they have never become operational because the council failed to submit the authorised signatories required to activate them.

"The two accounts remain inactive with zero balance and have never been operated," he told lawmakers.

He further clarified that no financial activity has ever taken place on the accounts, stressing that there have been no deposits, withdrawals, foreign exchange allocations, remittances, inflows or outflows since they were created.

The CBN's testimony directly contradicts the earlier position of the Office of the Accountant-General of the Federation, which had maintained that the disputed council did not operate any account with the apex bank.

The Presidency had also alleged that Prince Adeniyi Adeyemi, who claimed to be Director-General of the council, fraudulently used forged documents to deceive officials into opening the accounts.

However, the CBN maintained that it acted strictly on an official mandate received from the Accountant-General's office after carrying out internal verification procedures to establish its authenticity.

Abdullahi also explained that, under the Treasury Single Account (TSA) framework, the Central Bank only opens accounts for Ministries, Departments and Agencies upon receiving formal instructions from the Accountant-General of the Federation and does not deal directly with MDAs regarding account opening.

Following the revelation, the House committee directed the Central Bank to provide comprehensive records relating to the accounts and any documentation connected to their establishment.

Lawmakers are seeking to determine how the PFIPC secured official recognition across several government institutions despite widespread questions over its legal status.

The committee is also investigating reports that the council obtained approvals to recruit 300 staff members, secured office accommodation within the Federal Secretariat, and received over B1.3 billion in the 2026 Appropriation Act.

The testimony has intensified scrutiny of the role played by multiple government institutions in processing approvals for the council.

The Head of the Civil Service of the Federation, Mrs. Didi Esther Walson-Jack, also told lawmakers that although her office later approved a manpower request for 314 positions submitted by the council, subsequent verification revealed that the legal instrument presented as its enabling law lacked the required features.

She denied that her office established the council, deployed civil servants to it or allocated office accommodation.