The Office of the Accountant-General of the Federation (OAGF) has dismissed claims that the controversial Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council (PEAC/PFIPC) received government funds, insisting the organisation never operated a functional Central Bank of Nigeria account.
OAGF spokesperson Bawa Mokwa explained that although an application to open a CBN account was initiated, the process was never completed because the required documentation, including details of account signatories, was not submitted. Consequently, the account was never activated.
He said the absence of an operational account meant no public funds could have been released to the organisation. Mokwa also denied reports that the agency received budgetary allocations or paid salaries to workers.
According to him, federal agencies cannot recruit staff or access government payroll without approvals from the Federal Character Commission, Budget Office and Federal Civil Service Commission, procedures the organisation never completed.
The Presidency also revealed that a police investigation established that the appointment letter allegedly issued to the agency’s promoter, Prince Adeniyi Adeyemi, contained forged signatures and a fake State House letterhead.
Presidential spokesman Temitope Ajayi said the Chief of Staff to the President has no authority to issue appointment letters, explaining that such appointments are approved by the President and formally issued by the Secretary to the Government of the Federation.
The Presidency further cited an October 2025 directive from the Office of the Secretary to the Government of the Federation declaring the organisation illegal and unauthorised. Adeyemi is currently facing trial over allegations of forgery, impersonation and related offences.
