CBN: We Opened but Never Used PFIPC Forex Accounts on AGF’s Mandate

The Central Bank of Nigeria told a House committee it opened two domiciliary accounts for the Presidential Foreign Investment Promotion Council on the directive of the Accountant-General’s Office. One account was in US dollars and the other in British pounds. Both were set up under standard procedures but have remained inactive since inception. CBN’s Banking Services Director, Hamisu Ibrahim, explained that no enabling law was required to open the accounts. He confirmed there were no inflows, outflows or fund allocations to the council. The bank had no direct engagement with the PFIPC beyond acting on the formal mandate. The PFIPC controversy erupted after the Presidency disowned the council and alleged forged documents were used to secure recognition. Investigations revealed attempts to engage several government institutions and an allocation of about ₦1.3 billion in the 2026 budget for a body with no legal basis. President Tinubu has ordered an ICPC probe, and suspects are facing charges in Abuja.

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