The Central Bank of Nigeria (CBN) confirmed it received authorization from the Office of the Accountant-General of the Federation (OAGF) to open two domiciliary accounts for the disputed Presidential Foreign Investment Promotion Council (PFIPC).

This comes as the Independent Corrupt Practices and Other Related Offences Commission (ICPC) probes allegations against Chief of Staff to the President, Femi Gbajabiamila, who faces claims of financial misconduct linked to the council.The PFIPC, allegedly a 'phantom' entity, was allocated over N1.3 billion in the 2026 budget, raising questions about its legitimacy.

While the CBN states the accounts remain inactive with zero balance, the Office of the Accountant-General disputes their existence, accusing the presidency of using fake documents.

The House of Representatives has formed an ad hoc committee to investigate the council's legal basis, budgetary inclusion, and operational framework.The committee seeks to determine if the council was lawfully established and whether due process was followed in its budgetary approval.The investigation highlights concerns about transparency, accountability, and the potential for institutional fraud within government agencies.