PFIPC Probe: CBN Reveals Accounts Remained Empty Since Creation

The Central Bank of Nigeria (CBN) has disclosed that two accounts opened for the controversial Presidential Foreign Intervention Promotion Council (PFIPC) recorded no financial activities, with zero inflows and no remittances since their creation.

The Director of Banking Services at the CBN, Abdullahi Hamisu, made the disclosure while appearing before the House of Representatives ad hoc committee investigating the PFIPC controversy. He explained that although the accounts were successfully opened, they were never activated for transactions.
Hamisu said the apex bank received a directive from the Office of the Accountant-General of the Federation (OAGF) to open two domiciliary accounts for the council — one in United States dollars and another in British pounds.
According to him, the accounts maintained a zero balance from inception and never received any foreign exchange allocation, inflow, or outflow. He added that the accounts remained inactive because no authorised signatories or approving officers were introduced to the bank.
He said the CBN received the mandate dated July 29, 2025, on July 30, 2025, instructing the bank to create the accounts for the Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council.
The CBN director explained that the bank carried out the necessary verification before opening the accounts but did not receive further communication regarding signature mandate cards or officials authorised to operate them.
The development comes amid ongoing investigations into the alleged PFIPC controversy involving Adeniyi Adeyemi, who presented himself as the council’s director-general.
Adeyemi had claimed that the Chief of Staff to the President, Femi Gbajabiamila, issued him an appointment letter and alleged that he paid money in connection with the appointment. Gbajabiamila has denied the claims and instituted legal action against Adeyemi, who was arrested in Osun State on July 14.
The Presidency has also denied the existence of the council, alleging that Adeyemi forged appointment documents and used them to mislead government officials.
Meanwhile, the Office of the Accountant-General of the Federation stated that while an application was made to open an account with the CBN, the process was not completed due to missing required documents.