The Central Bank of Nigeria (CBN) has provided crucial testimony explaining how foreign currency accounts were created for the fictitious Presidential Foreign Investment Promotion Council (PFIPC).
Appearing before the House of Representatives Ad-hoc Committee chaired by Hon. Yusuf Gagdi on Monday, July 20, 2026, representatives of the apex bank disclosed that two foreign currency accounts—one in US Dollars and one in British Pounds Sterling—were opened following a formal directive from the Office of the Accountant-General of the Federation (OAGF).
The revelation sheds light on the bureaucratic lapses that allowed a non-existent agency to secure financial structures within key national institutions.
The Mandate Chain & CBN Defense
Representing the CBN Governor, the Director of the Banking Services Department, Hamisu Ibrahim, testified that the apex bank acted strictly in line with statutory financial protocols. According to the CBN, the bank does not independently verify the enabling Act of every government entity; rather, it relies on formal authorization issued by the Accountant-General.
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The Mandate Date: On July 30, 2025, the CBN received a formal letter dated July 29, 2025, from the OAGF instructing the opening of domiciliary accounts for the “Presidential Economic Advisory Council / Presidential Foreign Investment Promotion Council”.
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Verification Steps: The CBN verified that the mandate legitimately originated from the Accountant-General’s office before processing the application.
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Contradiction in Testimony: The CBN’s testimony directly contradicted earlier submissions by Accountant-General Representative Shamseldeen Ogunjimi, who had initially claimed that no bank accounts were ever created in the PFIPC’s name.
“Once we receive that mandate from the Office of the Accountant-General of the Federation, we perform all necessary verifications to confirm that the mandate actually comes from that office… The CBN is not required to request an enabling Act before processing such requests.” — Hamisu Ibrahim, Director of Banking Services, CBN
Zero Inflows, Outflows, or Operations
Despite the accounts being successfully generated, the apex bank confirmed that the phantom agency was never able to move or receive money through the CBN framework:
| Account Parameter | Official Status Reported by CBN |
| Currencies Opened | US Dollar ($) & British Pound Sterling (£) |
| Operational Status | Dormant / Unactivated |
| Mandate Cards / Signatories | None submitted by the PFIPC promoters |
| Financial Flow | $0.00 Inflow / Outflow (Zero balance maintained from inception) |
Because the principal promoter, Adeyemi Adeniyi Matthew, and his associates failed to supply valid mandate cards or authorized official signatories, the accounts remained frozen at zero balance. No public treasury funds or foreign exchange allocations were ever disbursed through the accounts.
Gbajabiamila Testifies at ICPC as Probe Widens
Parallel to the House public hearing, the Chief of Staff to the President, Femi Gbajabiamila, voluntarily appeared at the Independent Corrupt Practices and Other Related Offences Commission (ICPC) headquarters in Abuja on Monday afternoon.
Gbajabiamila spent approximately 30 minutes with investigators following President Bola Tinubu’s 30-day directive to probe the fake agency. His legal counsel, Femi Ogunye, confirmed that the Chief of Staff answered all questions to clarify how his forged signature was weaponized by Adeyemi to fabricate appointment letters, attempt staff recruitment of 314 positions, and secure a ₦1.32 billion line item in the 2026 budget.
The House Ad-hoc Committee is slated to continue cross-examining officials from the Budget Office and the Ministry of Foreign Affairs as the legislative inquiry uncovers further procedural gaps in the budget process.
Ayodele Quadri
Correspondent
