’Phantom Council’: CBN received mandate from AG to open accounts, Reps hear
The Central Bank of Nigeria (CBN) on Monday revealed that it opened two foreign currency accounts for the disputed Presidential Foreign Investment Promotion Council (PFIPC) based on an official mandate issued by the Office of the Accountant-General of the Federation (OAGF).
The apex bank made the disclosure during the inauguration of an ad-hoc investigative committee set up by the House of Representatives to probe the legal status, operational framework, and inclusion of the “phantom” council in the N1.3 billion 2026 federal budget.
The developments came as the Independent Corrupt Practices and Other Related Offences Commission (ICPC) questioned the Chief of Staff to the President, Femi Gbajabiamila, over allegations tied to the controversial agency following a 30-day presidential probe directive.
Inactive accounts and directives
Testifying on behalf of the CBN Governor, Hamisu Abdullahi, a director at the bank, told the Reps panel that the apex bank acted on a written mandate from the OAGF dated July 29, 2025.
”On the 30th of July 2025, we received a mandate from the Office of the Accountant-General of the Federation to open two domiciliary accounts for the council — one in US Dollars and another in Pound Sterling,” Abdullahi said.
He clarified, however, that the accounts remain dormant.
”The accounts maintained a zero balance from inception to date. There have been no foreign exchange allocations, remittances, inflows, or outflows because authorized signatories were never provided,” Abdullahi noted, adding that the CBN does not open accounts for Ministries, Departments, and Agencies (MDAs) without authorization from the OAGF.
The CBN’s statement contrasts with earlier reports suggesting the OAGF denied the existence of the accounts, raising further questions about administrative breaches within the nation’s financial machinery.
Head of Service denies legal approval
Also appearing before the panel, the Head of the Civil Service of the Federation (OHCSF), Mrs. Didi Esther Walson-Jack, distanced her office from establishing the council.
While admitting that the OHCSF granted conditional approval for 314 manpower slots (300 new hires and 14 existing personnel) during the 2025 budget exercise, she revealed that civil servants subsequently discovered glaring irregularities in the council’s documentation.
”It was observed that the document presented by the council as its enabling legal instrument did not carry the requisite features,” Walson-Jack stated. She added that her office neither deployed staff nor allocated operational space at the Federal Secretariat Phase III to the council.
High-profile accusations and ICPC interrogation
The operational saga surrounding the council broke open following startling claims by its purported Director-General, Prince Adeniyi Adeyemi, who alleged that he paid N400 million to Chief of Staff Femi Gbajabiamila to secure the position, alongside claims of a demanded 48 per cent kickback from a proposed N27.3 billion take-off grant.
Gbajabiamila, who strongly denied the claims and filed a N15 billion defamation suit against Adeyemi, was questioned by the ICPC on Monday afternoon.
His legal counsel, Jiti Ogunye, confirmed the interaction in a statement, saying ”My client, Femi Gbajabiamila, responded to the invitation of the ICPC and appeared at about 15:00hrs on Monday, July 20, 2026. He gave his testimony, responded to questions, and returned to his duty post.”
Reps demand truth, not scripts
Inaugurating the probe panel, the Speaker of the House of Representatives, Rep. Abbas Tajudeen, represented by committee chairman Rep. Yusuf Adamu Gagdi, tasked the panel with uncovering the truth behind how an unbacked entity found its way into the approved 2026 federal budget.
”The House has not constituted this committee to validate speculation or amplify controversy,” Abbas noted. “This inquiry is not about personalities. It is about institutions and the integrity of public administration. Every public institution must derive its authority from law.”
The committee has summoned several high-ranking officials to appear in upcoming sessions, including Ministers of Budget, Finance, Trade, Justice, and Foreign Affairs; the Secretary to the Government of the Federation (SGF); the Heads of EFCC, ICPC, DSS, and the Inspector-General of Police.
A pattern of inconclusive probes?
While the public awaits the outcome of the PFIPC investigation, public policy analysts caution that the 10th House of Representatives has established a history of initiating high-stakes investigations that struggle to produce tangible results.
Since late 2023, the House has launched over a dozen major inquiries — including probes into the N1.12 trillion Anchor Borrowers Scheme, job racketeering, IPPIS abuses, cement price inflation, and federal road procurements. However, many of these panels have either missed submission deadlines or produced recommendations that lack statutory enforcement powers, leaving civil society organizations questioning whether this latest inquiry will break the mold.
