CBN Testifies Accounts Were Opened on Accountant-General’s Mandate but Never Funded, as Atiku Demands Summonses
By Atlantic Digest National Desk | Friday 24 July, 2026
The controversy surrounding the Presidential Foreign Investment Promotion Council (PFIPC) deepened this week after the Central Bank of Nigeria (CBN) told a House of Representatives ad hoc committee that it opened two foreign-currency domiciliary accounts for the council on the formal instruction of the Office of the Accountant-General of the Federation, but that neither account was ever funded or operated.
Appearing before lawmakers, the CBN’s Director of Banking Services, Abdullahi Hamisu, representing Governor Olayemi Cardoso, testified that the apex bank established one US dollar account and one British pound sterling account following a written mandate dated July 29, 2025 from the Accountant-General’s office. He maintained, however, that the accounts remained dormant because no authorised signatories were ever submitted and no transactions were conducted.
The testimony has added a new dimension to the investigation, appearing to differ from the Presidency’s earlier position. On July 1, Presidential spokesman Bayo Onanuga said police investigators had alleged that the council’s suspended Director-General, Adeniyi Adeyemi, used forged documents to facilitate the opening of a CBN account and operated numerous bank accounts, including several allegedly linked to fictitious government agencies.
Mr Adeyemi, who was arrested in Osun State in mid-July following a warrant issued by the Federal High Court, has denied all allegations, insisting he acted lawfully and calling for an independent investigation into the matter. The allegations against him remain before the courts and have not been proven.
The dispute took on a political dimension on Wednesday when former Vice President Atiku Abubakar, presidential candidate of the African Democratic Congress (ADC), urged the National Assembly to summon both the CBN Governor and the Accountant-General of the Federation, arguing that the differing official accounts require public clarification.
Meanwhile, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) confirmed that President Tinubu’s Chief of Staff, Femi Gbajabiamila, appeared voluntarily before investigators on Monday as part of the commission’s 30-day investigation ordered by the President.
Mr Gbajabiamila has also instituted a ₦15 billion defamation suit against Mr Adeyemi, denying allegations that he authorised any negotiations or ever met the suspended PFIPC chief. He has demanded a public apology and retraction of the claims.
The PFIPC controversy remains the subject of ongoing legislative, police and anti-corruption investigations. The competing claims and counter-claims are sub judice, and no court has determined criminal or civil liability against any of the parties involved.
