OAGF Mandated PFIPC Account Opening – CBN Tells Reps

The Central Bank of Nigeria, CBN, says it opened two domiciliary accounts for the Presidential Foreign Investment Promotion Council (PFIPC) following a mandate from the Office of the Accountant-General of the Federation (OAGF).

The apex bank disclosed this before the House of Representatives Ad Hoc Committee investigating the legal basis, operations and budgetary inclusion of the council.

Representing the CBN Governor, Director of Banking Services, Hamisu Abdullahi, told the committee that the bank received a mandate dated July 29, 2025, from the OAGF directing it to open two domiciliary accounts for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council.

He said the accounts, one in United States dollars and the other in Pounds Sterling, were opened on July 30, 2025, after the CBN verified the authenticity of the mandate.

Abdullahi, however, said the accounts have remained inactive because the council failed to provide the authorised signatories required for their operation.

He added that there had been no inflows, outflows, remittances or foreign exchange allocations linked to the accounts since they were opened.

The CBN official explained that the apex bank only opens accounts for Ministries, Departments and Agencies (MDAs) on the directive of the Office of the Accountant-General of the Federation and does not deal directly with MDAs on account opening or management.

Oduyemi Odumade, Edited By Grace Namiji