The controversy surrounding the controversial Presidential Foreign Investment Promotion Council (PFIPC) took a dramatic turn on Monday after the Central Bank of Nigeria (CBN) confirmed that it opened two foreign currency accounts for the council following an official directive from the Office of the Accountant-General of the Federation (OAGF).

The disclosure came during the inaugural sitting of the House of Representatives ad hoc committee set up to investigate the legal foundation, operations and budgetary inclusion of the council, whose existence has sparked a national debate and triggered multiple investigations.

The revelation appears to contradict earlier claims that the council was entirely fictitious and had no formal financial footprint within government institutions. While the Presidency had maintained that the alleged Director-General of the council, Prince Adeniyi Adeyemi, used forged documents to deceive government agencies, the CBN told lawmakers that it acted on a mandate it verified as originating from the Accountant-General's office before opening the accounts.

Representing CBN Governor Olayemi Cardoso at the hearing, Director of Banking Services, Hamisu Abdullahi, explained that the apex bank received a formal instruction dated July 29, 2025, directing it to open two domiciliary accounts—one in United States dollars and another in British pounds—for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council.

According to him, the accounts were successfully opened on July 30, 2025, after the bank completed its internal verification procedures.

However, he stressed that the accounts never became operational because the council failed to provide authorised signatories required to activate them.

"The accounts remain inactive and have maintained zero balance since they were opened," Abdullahi told the committee.

He further disclosed that there had been no deposits, withdrawals, remittances, foreign exchange allocations or any form of transaction linked to the accounts since their creation.

The testimony has added another layer to the growing mystery surrounding the PFIPC, a council whose legal status remains under intense scrutiny despite reportedly securing significant government approvals.

The scandal deepened after reports emerged that more than ₦1.3 billion was allocated to the council in the approved 2026 federal budget. The discovery raised serious concerns over how a body now being described as a "phantom council" found its way into the national budget without attracting earlier scrutiny.

Investigators have also uncovered evidence suggesting that the council obtained approvals for office accommodation within the Federal Secretariat in Abuja, secured permission to recruit 300 staff members and proceeded with other administrative processes typically reserved for recognised government agencies.

Adding to the confusion, the Office of the Accountant-General had previously maintained that the disputed council had no account with the CBN, a position that now appears at odds with the apex bank's testimony before lawmakers.

As questions mounted, the Head of the Civil Service of the Federation, Didi Esther Walson-Jack, sought to distance her office from the establishment of the council.

She told lawmakers that the Office of the Head of Civil Service has no constitutional authority to create federal agencies, noting that its role is limited to approving administrative structures where necessary.

Walson-Jack disclosed that the council approached her office in August 2025 seeking approval for its organisational structure. The request, she said, was declined because essential supporting documents were not provided.

Yet despite the lack of approval, the council reportedly resurfaced during the 2025 manpower budget defence exercise, requesting authorisation for recruitment and establishment.

Officials informed the civil service office that 14 personnel, including a Director-General and Chief Executive Officer, were already working for the organisation and sought approval to commence full operations.

The request was eventually processed alongside those of 87 other federal agencies and approved as part of a batch that provided for 314 positions—14 existing staff members and an additional 300 recruits.

The Head of Service, however, revealed that subsequent reviews raised concerns about the legal documents presented by the council.

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According to her, the purported enabling instrument lacked key features normally associated with legally established government institutions.

She also denied claims that her office deployed personnel to the council or allocated office accommodation to it within the Federal Secretariat.

While lawmakers continue to piece together the council's origins, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) has expanded its own investigation into allegations surrounding the body.

In a significant development, the anti-corruption agency on Monday questioned the Chief of Staff to President Bola Tinubu, Femi Gbajabiamila.

The interrogation followed allegations made by Prince Adeniyi Adeyemi, who claimed he paid ₦400 million through the late Babatunde Dolapo Tanimola to secure his appointment as Director-General of the council.

Adeyemi further alleged that Gbajabiamila demanded 48 per cent of the council's proposed ₦27.3 billion take-off grant.

The Chief of Staff has strongly denied the allegations and has since filed a ₦15 billion defamation suit against Adeyemi.

Confirming his appearance before investigators, Gbajabiamila's lawyer, Jiti Ogunye, said his client honoured the ICPC invitation in compliance with President Tinubu's directive ordering a comprehensive probe into the matter.

According to Ogunye, the Chief of Staff provided his testimony, responded to questions from investigators and subsequently returned to his official duties.

Meanwhile, the House of Representatives has intensified its own investigation.

Speaker Abbas Tajudeen, while inaugurating the ad hoc committee chaired by Rep. Yusuf Adamu Gagdi, insisted that the probe was not aimed at settling political scores but at uncovering facts.

Abbas said Nigerians deserved clear answers regarding the legal basis of the council, its funding sources, governance structure and how it became part of the federal budget process despite widespread uncertainty over its legitimacy.

He urged all officials appearing before the panel to provide honest and complete information, warning against attempts to mislead lawmakers.

"Nigerians deserve the truth," the Speaker declared, stressing that parliamentary oversight exists to ensure transparency, accountability and compliance with the law.

The committee has already summoned several high-ranking officials and agency heads, including ministers, the Secretary to the Government of the Federation, the Auditor-General, the Governor of the CBN, the leadership of the EFCC, ICPC, DSS and the Inspector-General of Police.

As the investigation gathers momentum, the PFIPC saga is rapidly evolving into one of the most intriguing governance controversies in recent years—raising difficult questions about institutional oversight, accountability and how a council whose legal status is still being challenged managed to secure budgetary allocations, staffing approvals and banking arrangements within the federal system.

For many Nigerians, the central question remains unanswered: was the PFIPC a legitimate government initiative trapped in bureaucratic confusion, or a sophisticated operation that slipped through the cracks of the country's public administration system?

The House committee's findings, expected in the coming weeks, may finally provide the answers.