Presidential Foreign Investment Council’s accounts remain dormant — CBN tells Reps

…Says accounts show zero balance since opening in July 2025

…As Reps demand full account records, probe legal basis

By Taiwo Scholarstica

A Director at the Central Bank of Nigeria (CBN), Hamisu Abdullahi, has informed the House of Representatives Ad-hoc Committee investigating the alleged establishment of the Presidential Foreign Investment Promotion Council without a valid legal framework that the apex bank only opens accounts for Federal Government agencies upon authorisation from the Office of the Accountant-General of the Federation (OAGF).

Appearing before the committee on Monday on behalf of the CBN Governor, Abdullahi explained that the bank does not engage directly with Ministries, Departments and Agencies (MDAs) on matters relating to the opening, closure or modification of government accounts, except through the OAGF.

“As a banker to the Federal Government, the Central Bank has responsibility for opening all accounts for Ministries, Departments and Agencies, with the exception of those exempted from the Treasury Single Account,” he said.

He continued, “We do not have any direct engagement with any ministry, department or agency for account opening, account closure or change of account nomenclature except through the Office of the Accountant-General of the Federation.”

Abdullahi disclosed that the CBN received a directive from the OAGF dated July 29, 2025, requesting the opening of two domiciliary accounts for the Presidential Economic Advisory Council and the Presidential Foreign Investment Promotion Council.

According to him, the accounts, consisting of one United States dollar domiciliary account and one Pound Sterling domiciliary account, were opened on July 30, 2025.

He, however, informed lawmakers that both accounts have remained inactive because the council failed to submit the authorised signatories required for their operation.

“Those two accounts remain inactive with zero balance and have never been operated,” he stated.

The CBN director further told the committee that no financial transactions have taken place on either account since they were opened.

“There have been no foreign exchange allocations, no remittances, no inflows and no outflows. The accounts have maintained zero balance from inception to date,” he said.

He also stated that the council never corresponded directly with the CBN regarding the operation of the accounts.

“The council had no direct correspondence with the Central Bank of Nigeria regarding the operation of the accounts,” he added.

Earlier, the Head of the Civil Service of the Federation, Mrs Didi Esther Walson-Jack, told the committee that the Office of the Head of the Civil Service of the Federation (OHCSF) has no constitutional authority to establish government agencies.

She explained that although the office approves the administrative structures of federal agencies, the creation of such agencies falls outside its statutory responsibilities.

“The approval and establishment of agencies is not within the purview of the Office of the Head of the Civil Service of the Federation. However, the OHCSF is responsible for approving the administrative structure of federal government agencies,” she said.

Walson-Jack disclosed that the council sought approval for its organisational structure on August 6, 2025, but the request was declined because it did not include the required supporting documents.

She said that during the 2025 annual manpower budget defence exercise, officials of the Presidential Economic Advisory Council and the Presidential Foreign Investment Promotion Council subsequently sought approval for an authorised establishment and a recruitment waiver.

According to her, the council informed the office that 14 officials, including the Director-General and Chief Executive Officer, were already serving within the organisation and requested approval to commence full operations.

She noted that the request was processed alongside submissions from 87 other MDAs and was eventually approved under the fourth batch of manpower approvals.

The approval covered 314 positions, comprising the existing 14 personnel and an additional 300 positions.

However, Walson-Jack told lawmakers that her office later uncovered irregularities in the legal document presented by the council as its enabling instrument.

“It was observed that the document presented by the council as its enabling law or legal instrument did not really carry the requisite features,” she told lawmakers.

She also rejected claims that the OHCSF deployed civil servants to the council or allocated office accommodation to it.

“We wish to state that there was no deployment of staff by the Office of the Head of the Civil Service of the Federation to the council,” she said.

She further stated that reports linking her office to the allocation of office space at the Federal Secretariat Phase III were inaccurate.

Meanwhile, the Chairman of the ad-hoc committee, Hon. Abdulmalik Danga, instructed the CBN to provide comprehensive records of all financial transactions relating to both the Presidential Foreign Investment Promotion Council and the Presidential Economic Advisory Council.

“We want details of account activities relating to the Presidential Foreign Investment Promotion Council as well as the Presidential Economic Advisory Council. From the opening of the accounts to their last status, this committee wants the complete records,” Danga said.

The committee also directed the apex bank to obtain details of any related accounts maintained in commercial banks and submit them as part of its ongoing investigation into the alleged establishment and operations of the council without a valid legal framework.