The Central Bank of Nigeria (CBN) and the Office of the Head of the Civil Service of the Federation (OHCSF) have denied any involvement in the establishment or operations of the alleged Presidential Foreign Investment Promotion Council (PFIPC).
The two institutions made their positions known on Monday while appearing before the House of Representatives Ad hoc Committee investigating the reported creation of the council without a valid legal framework.
The committee is examining the legality, administrative structure, funding, activities, and relationship between the PFIPC and the Presidential Economic Advisory Council (PEAC).
OHCSF Says It Has No Power to Create Government Agencies
Representing the Head of the Civil Service of the Federation, Didi Walson-Jack, officials told lawmakers that the office has no constitutional authority to establish ministries, departments, or agencies.
According to the OHCSF, its responsibility is limited to approving the administrative structure of government institutions that have already been lawfully established.
The office disclosed that the PFIPC applied for approval of its organisational structure on August 6, 2025, but the request was declined because the required supporting documents were not submitted.
Council Requested Approval for 314 Staff Positions
The OHCSF, however, confirmed that representatives of the PEAC/PFIPC later sought approval for an authorised establishment and a recruitment waiver during the 2025 annual manpower budget defence.
The council reportedly informed the office that it had been operating mainly with staff deployed from other government agencies and requested approval for 314 positions, comprising 14 existing personnel and 300 additional employees.
The office said those positions were subsequently included among manpower approvals granted to federal institutions.
However, officials later discovered that the document presented as the council’s legal backing lacked the necessary features required for an enabling law.
The OHCSF also denied allegations that it deployed civil servants to the council or provided office accommodation, insisting that issues relating to the creation and supervision of such agencies fall under the Office of the Secretary to the Government of the Federation (OSGF) and other relevant authorities.
CBN Says PFIPC Accounts Were Never Activated
The Central Bank of Nigeria also informed the committee that two foreign currency accounts opened for the PEAC/PFIPC were never activated and have remained empty.
Representing the CBN Governor, Director Hamisu Abdullahi explained that the accounts—a US Dollar domiciliary account and a Pound Sterling domiciliary account—were opened after receiving an official mandate from the Office of the Accountant-General of the Federation on July 30, 2025.
According to him, the accounts were never operational because the council failed to submit the names and details of authorised signatories.
He said the accounts have maintained zero balances, received no foreign exchange allocations or deposits, and recorded no withdrawals or financial transactions since they were opened.
Abdullahi further stated that the council had no direct correspondence with the apex bank regarding the operation of the accounts.
Reps Demand Full Account Records
Following the presentations, the Chairman of the investigative committee, Abdulmalik Danga, directed the CBN to submit comprehensive records relating to all accounts linked to both the PFIPC and the Presidential Economic Advisory Council (PEAC).
He also instructed the apex bank to obtain details of any related accounts maintained with commercial banks, noting that the information would assist lawmakers in concluding their investigation into the establishment, funding, and operations of the alleged council.