CBN defends ‘fake agency’ accounts, says OAGF issued official mandate

The Central Bank of Nigeria (CBN) has confirmed that it opened two foreign currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC), telling the House of Representatives Ad-hoc Committee investigating the agency that the action was carried out on the directive of the Office of the Accountant-General of the Federation (OAGF).

The disclosure was made during the committee’s ongoing probe into the legality, funding and operations of the PFIPC, an agency whose existence has come under intense scrutiny over allegations that it lacks a valid legal foundation despite reportedly receiving official recognition within government institutions.

According to the apex bank, it opened two domiciliary accounts—one in United States dollars and another in British pounds—for the council in July 2025 after receiving a formal mandate from the Office of the Accountant-General of the Federation.

CBN officials told lawmakers that the bank did not independently initiate the process but acted in line with established procedures following the directive from the Accountant-General’s office.

The central bank further explained that it does not require proof of an enabling law before opening government accounts once a formal mandate is issued by the Office of the Accountant-General of the Federation.

Officials maintained that the bank’s responsibility is to process such requests in accordance with existing administrative procedures rather than determine the legal status of the requesting entity.

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Despite opening the accounts, the CBN informed the committee that both remained completely inactive.

According to the bank, the dollar and pound sterling accounts recorded zero balances throughout their existence because no authorised signatories were provided and no transactions were ever carried out.

The clarification comes as lawmakers intensify investigations into how the Presidential Foreign Investment Promotion Council allegedly gained access to federal government structures despite questions surrounding its legal status.

The House committee is seeking to determine how the agency progressed through official channels to the point of obtaining Central Bank accounts and reportedly securing budgetary allocations without a clearly established statutory framework.

The revelations have raised fresh questions over administrative oversight within government institutions and the processes through which agencies are recognised for official financial operations.

Members of the committee are expected to continue examining the roles played by various government agencies in the establishment and recognition of the PFIPC, with calls growing for greater transparency and accountability over the matter.

The outcome of the investigation is expected to clarify the circumstances surrounding the council’s creation, its financial arrangements and whether due process was followed in its dealings with federal institutions.