CBN says PFIPC accounts never activated, zero balance

The Central Bank of Nigeria has confirmed it opened two foreign currency accounts for the controversial Presidential Foreign Investment Promotion Council but stated they were never activated and held zero funds. The disclosure was made on Monday, July 20, 2026, during a public hearing by the House of Representatives Ad Hoc Committee investigating the council's legality and operations.

Central Bank Director Hamisu Abdullahi, representing Governor Olayemi Cardoso, told lawmakers the bank opened a U.S. dollar and a British pound sterling domiciliary account in July 2025 after receiving a formal mandate from the Office of the Accountant-General of the Federation. Abdullahi explained that the CBN follows standard procedures and only acts on such requests from the Accountant-General's office, not directly from government agencies. He stated that the council, however, never submitted the required documentation, including authorised signatory lists and signature mandate cards, to activate the accounts. As a result, the accounts have remained inactive with zero balances since their creation, with no deposits, withdrawals, foreign exchange allocations, or any other transactions recorded.