The investigation into the controversial Presidential Foreign Investment Promotion Council (PFIPC) took a dramatic turn on Monday as the Central Bank of Nigeria (CBN) confirmed it opened two domiciliary accounts for the “phantom” agency on the instructions of the Office of the Accountant-General of the Federation (OAGF).
This revelation coincides with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) questioning the Chief of Staff to the President, Femi Gbajabiamila, over bribery allegations linked to the council.
Appearing before the House of Representatives ad hoc committee, CBN Director Hamisu Abdullahi, representing the Governor, disclosed that the apex bank received a mandate from the OAGF on July 29, 2025, to open accounts for the council.
“On July 30, 2025, we opened two domiciliary accounts—one in US Dollars and one in Pound Sterling—for the Presidential Foreign Investment Promotion Council,” Abdullahi stated.
However, he clarified that the accounts have remained inactive with zero balances because the council failed to provide authorized signatories. “There have been no foreign exchange allocations, remittances, inflows, or outflows,” he added.
While the CBN testified at the National Assembly, the ICPC was interrogating the Chief of Staff, Femi Gbajabiamila. The probe follows a 30-day mandate from President Bola Tinubu to investigate claims made by the council’s purported Director-General, Prince Adeniyi Adeyemi.
Adeyemi alleged he paid N400 million to Gbajabiamila to secure his appointment and claimed the Chief of Staff demanded 48 percent of the agency’s N27.3 billion take-off grant. Gbajabiamila has since debunked the allegations and filed a N15 billion defamation suit against Adeyemi.
His counsel, Jiti Ogunye, confirmed the interrogation: “My client responded to the invitation of the ICPC and appeared at about 15:00 hrs on Monday… He gave his testimony and has returned to his duty post.”
The Head of the Civil Service of the Federation (OHCSF), Mrs. Didi Esther Walson-Jack, also testified, revealing a complex web of administrative irregularities.
She stated that while her office did not officially establish the agency, it had processed a “manpower budget” that approved 314 positions for the council. However, she noted that the office later discovered the legal documents submitted by the council as its enabling law “did not carry the requisite features.”
Despite these legal red flags, over N1.3 billion was allocated to the PFIPC in the approved 2026 budget, leading lawmakers to question how a “fictitious” entity bypassed National Assembly scrutiny.
Inaugurating the ad hoc committee, Speaker of the House, Hon. Abbas Tajudeen, emphasized that the probe is an exercise in transparency, not a political witch-hunt.
“The House has not constituted this committee to validate speculation or amplify controversy. Our objective is simply to establish the facts,” Abbas said. He tasked the committee, chaired by Rep. Yusuf Adamu Gagdi, to determine the council’s legal basis and how it was integrated into the federal budget.
Rep. Gagdi assured the public of a fair hearing, stating, “Every individual and institution connected to this investigation will be given the opportunity to state their side.”
The PFIPC investigation is the latest in a series of high-profile probes launched by the 10th House of Representatives. Other ongoing inquiries include the N1.12 trillion Anchor Borrowers Programme diversion and the N1.5 billion Ministry of Women Affairs contract scandal.
Critics, however, remain skeptical, noting that many previous legislative probes have stalled or failed to lead to prosecutions due to the House’s limited enforcement powers.
The committee has summoned several high-ranking officials, including the Ministers of Finance, Budget, and Justice, as well as the Inspector-General of Police and the Director-General of the DSS, to appear in the coming days.
