CBN Confirms Inactive Accounts for Investment Council

The Central Bank of Nigeria (CBN) informed the House of Representatives that the accounts opened for the Presidential Foreign Investment Promotion Council have never received any funds. Hamisu Abdullahi, a director at the CBN, stated during a House ad hoc committee probe that the accounts, created on July 30, 2025, remain inactive with zero balance and no financial transactions since their inception.

The CBN clarified that it only opens accounts for federal government agencies upon official mandate, which was received on July 29, 2025. Abdullahi emphasized that the council had not provided the necessary documentation to activate the accounts.

Didi Esther Walson Jack, head of the civil service, noted that the council's request for approval of its organizational structure was initially rejected due to incomplete documentation. The committee, led by Abdulmalik Danga, is seeking a complete history of the accounts associated with the council.