Jul 21, 2026

CBN Admits Opening Secret PFIPC Accounts on AGF Orders

By Afolabi Olaiya Idowu in news

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Abuja, Nigeria – July 21, 2026 – In the latest twist to the explosive Presidential Foreign Investment Promotion Council (PFIPC) scandal, the Central Bank of Nigeria (CBN) has confirmed it opened two domiciliary accounts linked to the controversial entity on the explicit directive of the Office of the Accountant-General of the Federation (OAGF).

The revelation adds significant complexity to an already murky affair that has drawn in President Bola Tinubu’s Chief of Staff, Femi Gbajabiamila, and raised serious questions about accountability at the highest levels of government.

According to the CBN, the accounts — one in US dollars and the other in British pounds sterling — were never funded or operated. No transactions took place, and the accounts remained dormant.

Nevertheless, the mere existence of these accounts, created at the behest of a key government financial office, contradicts earlier statements distancing official institutions from the PFIPC and fuels speculation about how deeply the purported fake agency had embedded itself into Nigeria’s bureaucratic machinery.

The PFIPC, which the Presidency has repeatedly described as fictitious and lacking any legal or presidential backing, allegedly operated for nearly two years from the Federal Secretariat in Abuja.

Its self-proclaimed Director-General, Adeniyi Adeyemi Matthew, reportedly secured office space, staff approvals, and even a N1.3 billion allocation in the 2026 national budget — despite the body’s non-existent status.

Adeyemi has made explosive claims of bribery against Gbajabiamila, alleging the Chief of Staff received hundreds of millions of naira through proxies and demanded a large share of the council’s take-off grant.

Gbajabiamila has strongly denied the allegations, sued Adeyemi for defamation seeking N15 billion in damages, and maintains he was the one who first alerted authorities to the fraud.

Just yesterday, Gbajabiamila appeared voluntarily before the ICPC to give a statement as part of President Tinubu’s ordered investigation. The anti-graft agency stressed he was not arrested but cooperated fully.

The CBN’s disclosure directly counters aspects of earlier clarifications from the Accountant-General’s office, highlighting apparent inconsistencies in how government agencies handled requests related to the PFIPC.

This comes amid broader scrutiny of how forged documents, budget insertions, and official directives allowed a non-existent council to function with seeming legitimacy — including attempts to open foreign currency accounts and recruit staff.

Public reaction has been swift and pointed. Many Nigerians see the saga as emblematic of deeper governance challenges: how easily fraudulent schemes can navigate official channels, and whether anti-corruption bodies treat all suspects with equal rigour.

Having covered Nigerian public finance and high-level scandals for over two decades, this story stands out for its intricate web of contradictions.

From budget allocations for a “non-existent” agency to now-confirmed (albeit dormant) CBN accounts opened on official instruction, the PFIPC affair exposes vulnerabilities in inter-agency coordination and oversight that demand urgent systemic fixes.

President Tinubu’s directive for a 30-day ICPC report offers a critical opportunity for clarity.

Nigerians deserve nothing less than a full, transparent accounting — one that restores faith in institutions and deters future attempts to game the system.

As the investigation unfolds, the focus remains on whether this episode strengthens or undermines the administration’s anti-corruption credentials.

The CBN’s latest statement ensures the PFIPC scandal will remain front and centre in national discourse.