The House of Representatives investigating the controversial Presidential Foreign Investment Promotion Council (PFIPC) heard that the body, described by the Presidency as fictitious, opened two domiciliary accounts with the Central Bank of Nigeria (CBN). However, a CBN official clarified that the accounts were never activated or used because the required signatories were never submitted.
A CBN director, Hamisu Abdullahi, told lawmakers that the accounts were opened after a formal mandate from the Office of the Accountant-General of the Federation (OAGF). Since the account-opening process was never completed, the accounts remained inactive with zero balances and recorded no financial transactions or foreign exchange allocations.
Head of the Civil Service of the Federation, Didi Walson-Jack, informed the panel that the PFIPC was never allocated office space by her office. She explained that the office used by the agency at the Federal Secretariat was officially allocated to the Office of the Secretary to the Government of the Federation (OSGF), prompting lawmakers to summon OSGF officials for further explanations.
Walson-Jack also disclosed that while the PFIPC secured an authorised establishment for 314 staff positions, its organisational structure was never approved because it failed to provide all the required supporting documents. She added that no civil servants were officially deployed to the council by her office.
According to her, the agency had appeared during the 2025 manpower budget defence requesting recruitment approval, claiming it already had 14 officers in place. The Office of the Head of Service later discovered that the legal instrument presented to justify the agency’s existence lacked the required legal validity.
Meanwhile, the committee was informed that Chief of Staff to the President, Femi Gbajabiamila, appeared before the Independent Corrupt Practices and Other Related Offences Commission (ICPC), which is conducting a parallel investigation into the creation and operations of the council following President Bola Tinubu’s directive.
The House committee directed the CBN to provide detailed banking records linked to both the PFIPC and the Presidential Economic Advisory Council (PEAC), including information from commercial banks where necessary. Lawmakers also requested financial records connected to two individuals allegedly associated with the entities.
The panel pledged to conduct a thorough and impartial investigation into the circumstances surrounding the establishment and activities of the council. It also invited several key government institutions, including the Inspector-General of Police, the Ministry of Finance, the Ministry of Foreign Affairs, the Accountant-General of the Federation, the Federal Character Commission and the Revenue Mobilisation, Allocation and Fiscal Commission, to assist with the inquiry.
