…Accounts opened on OAGF directive have zero balance – CBN
…As ICPC grills Chief of Staff, Gbajabiamila
By Seun Ibiyemi
Fresh irregularities have emerged in the ongoing investigation into the Presidential Foreign Investment Promotion Council (PFIPC) and the Presidential Economic Advisory Council (PEAC), following revelations by the Central Bank of Nigeria (CBN) and the Office of the Head of the Civil Service of the Federation (OHCSF) over questionable documentation and dormant foreign accounts linked to the bodies.
The disclosures were made on Monday during a sitting of the House of Representatives Ad-hoc Committee probing allegations that the councils were created and operated without a valid legal framework.
Representatives of the Office of the Head of the Civil Service of the Federation, led by officials acting on behalf of the Head of Service, Mrs Didi Esther Walson-Jack, told lawmakers that the agency had no constitutional responsibility for establishing government institutions.
According to the office, its mandate is limited to approving administrative structures for federal agencies after all legal requirements have been met.
The committee heard that the PFIPC applied for approval of its organisational structure on August 6, 2025, but the request was rejected because the council failed to provide the necessary supporting documents.
“From our records, the council submitted a request to the OHCSF for approval of its organisational structure on August 6, 2025, without providing the requisite documents. Consequently, the request was not granted,” the representative said.
The civil service office further disclosed that officials of the councils later sought establishment and recruitment waivers during the 2025 manpower budget defence exercise, requesting approval for 314 positions, including 14 existing staff and 300 new employees.
More significantly, the OHCSF informed lawmakers that it subsequently identified anomalies in the documents presented by the councils as the legal instruments backing their establishment.
“It was observed that the document presented by the council as its enabling law or legal instrument did not really carry the requisite features,” the representative stated.
The office also denied allegations that it deployed civil servants to the councils or provided office accommodation for their operations, insisting that such responsibilities fall under the Office of the Secretary to the Government of the Federation and other relevant agencies.
In a separate submission, the Central Bank of Nigeria revealed that two foreign currency accounts opened for the PFIPC and PEAC had remained inactive since their creation.
Representing CBN Governor Olayemi Cardoso, Director Hamisu Abdullahi said the dollar and pound sterling accounts were opened in July 2025 following a request from the Office of the Accountant-General of the Federation.
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“On July 30, 2025, we received a mandate dated July 29, 2025, from the Office of the Accountant-General of the Federation to open one United States dollar domiciliary account and one Pound Sterling domiciliary account,” Abdullahi said.
He, however, explained that the accounts were never activated because the councils failed to provide authorised signatories.
“Those two accounts remain inactive with zero balance and have never been operated,” he added.
According to the apex bank, no foreign exchange allocations, remittances, deposits or withdrawals have been recorded on the accounts since they were opened.
Reacting to the submissions, Chairman of the House Ad-hoc Committee, Abdulmalik Danga, directed the CBN to submit complete records relating to the accounts, as lawmakers intensified scrutiny of the councils’ legal status, funding arrangements and operational activities.
“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.
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The latest revelations add to the growing controversy surrounding the two councils, whose legitimacy has come under increasing scrutiny amid allegations of irregularities in their establishment and operations.
Meanwhile, the Chief of Staff to President Bola Tinubu, Femi Gbajabiamila, on Monday honoured an invitation by the Independent Corrupt Practices and Other Related Offences Commission, ICPC, over the ongoing investigation into the controversial Presidential Foreign Investment Promotion Council, PFIPC.
Gbajabiamila’s lawyer, Jiti Ogunye, confirmed that the presidential aide appeared before investigators at the ICPC headquarters in Abuja, where he answered questions relating to the alleged activities of the controversial agency.
According to Ogunye, Gbajabiamila fully cooperated with the anti-graft agency and returned to his official duties after the session.
“In full cooperation with the ICPC, acting as directed by the President of Nigeria, I hereby confirm that my client, Femi Gbajabiamila, Chief of Staff to the President of Nigeria, responded to the invitation of the Independent Corrupt Practices Commission (ICPC) and appeared at about 3:00 p.m. on Monday, July 20, 2026, as part of the ongoing investigation into the activities of the ‘PFIPC’ fake agency, among others,” the statement read.
“My client gave his testimony, responded to questions accordingly, and has returned to his duty post.”
Recall that President Bola Tinubu had on July 2 directed the ICPC to carry out a comprehensive investigation into the PFIPC controversy following allegations surrounding the operations of the purported agency.
The President’s directive was conveyed by his Special Adviser on Information and Strategy, Bayo Onanuga, who said the ICPC was mandated to conclude its investigation and submit a comprehensive report within 30 days.
