PFIPC Controversy Deepens as Atiku Demands Answers Over CBN, Accountant-General’s Conflicting Claims

Presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has intensified pressure on President Bola Tinubu’s administration, saying the conflicting explanations from the Central Bank of Nigeria (CBN) and the Office of the Accountant-General of the Federation (OAGF) over the controversial Presidential Foreign Investment Promotion Council (PFIPC) accounts have triggered a major credibility crisis for the government.

In a statement released by his Senior Special Assistant on Public Communication, Phrank Shaibu, the former vice-president argued that testimonies and positions presented by the two key financial institutions have exposed what he described as deep contradictions within the administration.

According to Atiku, the account given by the CBN before the House of Representatives sharply differs from the position earlier advanced by the Office of the Accountant-General, raising serious questions about the circumstances surrounding the opening and operation of the PFIPC accounts.

He noted that while one institution reportedly denied authorising the accounts and alleged that documents connected to the process were forged, the other informed lawmakers that the accounts were opened following directives from the Accountant-General and in line with established procedures.

“This is where the cover-up appears to begin. One institution denied authorising the opening of the PFIPC accounts and alleged forgery. Another, before the representatives of the Nigerian people, stated that the accounts were opened on the directive of the Accountant-General after due process was followed. Both accounts cannot be true,” he said.

Atiku said the situation has left Nigerians with more questions than answers and argued that the administration could no longer ignore the growing controversy.

He maintained that when the country's leading financial and monetary institutions offer opposing explanations on the same transaction, it reflects a troubling breakdown in public accountability and governance.

The ADC presidential candidate challenged President Tinubu to publicly clarify which version of events his administration stands by, insisting that continued silence could further erode public trust.

“President Tinubu must answer a simple question: Which version does he believe—the Accountant-General’s or the Central Bank’s? If he believes neither, why has he not acted?” Atiku asked.

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He further argued that every delay in launching what he described as a truly independent investigation would only strengthen public suspicion that protecting the administration's image had become more important than uncovering the facts.

Atiku also criticised the Attorney-General of the Federation for not publicly addressing the controversy, saying the silence from the nation's chief law officer was contributing to growing concerns about transparency and accountability.

As the debate over the PFIPC accounts continues, the former vice-president called on the National Assembly to summon both the Accountant-General of the Federation and the Governor of the Central Bank to appear jointly before lawmakers under oath.

According to him, such a hearing would provide Nigerians with an opportunity to hear a definitive account of what transpired and help resolve the conflicting narratives.

“The PFIPC scandal has ceased to be merely about disputed accounts. It has become a referendum on President Tinubu’s integrity and competence,” he said.

Atiku argued that if allegations surrounding the accounts are proven, they could reveal broader weaknesses in oversight mechanisms and institutional safeguards within government.

He concluded by urging the President to authorise an independent probe into the matter and ensure that anyone found culpable is held accountable, warning that failure to do so could further damage public confidence in the administration.

The PFIPC controversy has continued to generate political debate, with opposition figures and civil society groups calling for greater transparency over the management of public financial institutions and the circumstances surrounding the disputed accounts.