PFIPC domiciliary accounts dormant – CBN tells ad hoc committee

Nigeria’s Central Bank has told a House of Representatives probe that two foreign currency accounts opened for the disputed Presidential Foreign Investment Promotion Council have sat dormant with zero balance since inception.

CBN Director Hamisu Abdullahi told the ad-hoc committee, chaired by Abdulmalik Danga, that the bank opened a dollar and a pound sterling account on July 30, 2025, following written instruction from the Office of the Accountant-General, but the accounts were never activated because PFIPC failed to submit authorised signatories. No deposits, withdrawals, or foreign exchange transactions were ever recorded.

Separately, Head of Civil Service Didi Walson-Jack admitted her office’s initial review of PFIPC’s documents was conducted by non-lawyers who failed to detect the council’s enabling law was fabricated, only discovering the irregularity after public scrutiny over its budget allocation. She clarified the council’s Federal Secretariat office space was actually allocated to the Secretary to the Government of the Federation, not PFIPC itself.

The committee has summoned the SGF for further testimony, as the ICPC’s separate 30-day investigation, ordered by President Tinubu, also gets underway.

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