CBN Explains Role in PFIPC Controversy, Accounts Remain Dormant

The Central Bank of Nigeria (CBN) has explained its role in the controversy surrounding the Presidential Foreign Investment Promotion Council (PFIPC). According to Hamisu Ibrahim, Director of Banking Services Department at CBN, the bank opened two foreign currency accounts for PFIPC based on a directive from the Office of the Accountant-General of the Federation (OAGF).

The accounts, denominated in US dollars and British pounds sterling, were never funded or operated. Ibrahim stated that such a requirement to provide an enabling Act did not arise under the circumstances.

CBN officials maintained that they had no direct dealings with PFIPC apart from acting on the mandate transmitted by OAGF. The accounts have remained dormant since inception and have never been used for any transactions, according to Ibrahim.