CBN Confirms Dormant Accounts for Investment Council

During a House of Representatives ad hoc committee investigation, Hamisu Abdullahi, a director at the Central Bank of Nigeria (CBN), revealed that accounts opened for the Presidential Foreign Investment Promotion Council on July 30, 2025, under the directive of the Office of the Accountant General of the Federation (OAGF), have not been operational. The accounts, which include a domiciliary account in US dollars and another in pounds sterling, remain inactive with zero balance as the council failed to submit the required authorized signatories for operation.

Abdullahi stated that there have been no financial activities, foreign exchange allocations, or remittances since the accounts were opened. Additionally, Didi Esther Walson-Jack, head of the Office of the Head of Civil Service of the Federation, clarified that her office does not have the authority to establish government agencies and noted that the council's request for approval of its organizational structure was declined on August 6, 2025, due to insufficient documentation.