CBN Confirms Opening Accounts for Disputed PFIPC

The Presidential Foreign Investment Promotion Council (PFIPC) has found itself at the center of controversy after it was revealed that the Central Bank of Nigeria opened two domiciliary accounts for the council on the directive of the Office of the Accountant-General of the Federation.

The CBN confirmed that the accounts were created in July 2025, with one denominated in United States dollars and the other in British pounds sterling. However, the bank clarified that neither account was funded nor operated.

This development comes amidst an ongoing investigation by the House of Representatives into the legal foundation, operations, and budgetary allocation of the PFIPC. The council has been allocated N1.3 billion in the 2026 Appropriation Act, but its existence and operational status have been disputed.