The Central Bank of Nigeria (CBN) has informed the House of Representatives Ad Hoc Committee investigating the legal status, operations and funding of the Presidential Foreign Investment Promotion Council (PFIPC) that it opened two domiciliary accounts for the council after receiving authorisation from the Office of the Accountant-General of the Federation (OAGF).
The disclosure was made during the committee’s investigative hearing as lawmakers intensified their probe into the establishment, financial operations and budgetary inclusion of the PFIPC, a body that has come under scrutiny over allegations that it lacks a clear legal foundation.
Representatives of the apex bank told the committee that the CBN acted strictly in line with official directives received from the Office of the Accountant-General of the Federation, maintaining that the bank’s role was limited to facilitating the opening of the accounts in accordance with established administrative procedures.
According to the CBN, the decision to open the domiciliary accounts was not an independent initiative of the bank but was based on the authorisation communicated by the appropriate government authority. The bank stressed that financial institutions are required to comply with valid directives issued by authorised government agencies when processing official accounts.
The House committee is investigating whether the Presidential Foreign Investment Promotion Council was legally constituted, whether its financial activities complied with existing laws and whether public funds allocated to the body were properly authorised and accounted for.
Lawmakers also questioned the inclusion of the council in government financial arrangements, seeking clarification on the legal instruments establishing the body and the basis upon which it conducted official operations.
Members of the committee expressed concern over reports describing the PFIPC as a “phantom” council, indicating that the investigation is aimed at determining whether due process was followed in its creation and financial management. They reiterated the National Assembly’s constitutional responsibility to exercise oversight over public institutions and ensure accountability in the management of government resources.
The Office of the Accountant-General of the Federation has yet to publicly respond in detail to the issues raised during the hearing. However, the committee indicated that additional government officials and relevant agencies would be invited to provide further explanations as the investigation progresses.
Financial governance experts note that the opening of government accounts typically requires appropriate authorisation from designated authorities. They argue, however, that questions relating to the legal existence and operational mandate of a public institution remain separate issues that must be resolved through proper legal and administrative review.
Analysts also emphasised that parliamentary investigations play an important role in strengthening transparency, accountability and public confidence in government institutions. They noted that such inquiries provide an opportunity to clarify administrative procedures, identify possible lapses and recommend reforms where necessary.
Civil society organisations have called for a thorough and impartial investigation, urging lawmakers to establish the facts surrounding the council’s creation, funding and operations. They stressed that all public institutions should operate within the framework of the Constitution and relevant laws governing public finance and administration.
As the investigation continues, the House committee has pledged to examine all relevant documents and testimonies before reaching its conclusions. The panel reaffirmed its commitment to ensuring that government agencies adhere to due process, financial regulations and constitutional provisions in the management of public resources.
The outcome of the investigation is expected to provide greater clarity on the legal status of the Presidential Foreign Investment Promotion Council and determine whether any administrative or legal actions will be required based on the committee’s findings.
