CBN Discloses Dormant Accounts for PFIPC Amid Probe

The Central Bank of Nigeria (CBN) revealed that it opened two foreign currency accounts for the Presidential Foreign Investment Promotion Council (PFIPC) following a formal request on July 30, 2025. The accounts, a domiciliary account in US dollars and another in British pounds, were created but have remained dormant due to the council's failure to provide the required authorized signatories.

Consequently, neither account has received deposits nor processed withdrawals, maintaining a zero balance. The CBN's representative, Hamisu Abdullahi, explained that the council's activities were not directly managed by the apex bank.

The establishment of the PFIPC has come under scrutiny, with the Office of the Head of Civil Service of the Federation (OHCSF) distancing itself from the council, stating it was not created through valid legal framework or procedures. The OHCSF also indicated that a request for the council's organizational structure submitted on August 6, 2025, was not approved due to missing supporting documents.