CBN opened domiciliary accounts for Gbajabiamila-linked PFIPC on accountant-general’s order before N400 million bribe probe: Cardoso

The presidency had dismissed the PFIPC agency as fake after Mr Adeyemi accused Mr Gbajabiamila, the president’s chief of staff, of collecting a N400 million bribe.

Ahmed Oluwasanjo • July 21, 2026

CBN governor, Yemi Cardoso and Femi Gbajabiamila

The Central Bank of Nigeria (CBN) has admitted opening two domiciliary accounts for the allegedly fake Presidential Foreign Investment Promotion Council (PFIPC) linked to Femi Gbajabiamila and a N400 million probe. The central bank said it was mandated by the Office of the Accountant-General of the Federation to open a dollar and a pound sterling bank account for the PFIPC headed by Adeniyi Adeyemi.

Hamisu Abdullahi, a director at the CBN, who appeared on behalf of the CBN governor, Yemi Cardoso, disclosed this before the House of Representatives ad hoc committee investigating how the PFIPC got budgetary allocation.

“The process for opening the account requires a mandate from the Office of the Accountant-General of the Federation. So once we receive that mandate, we perform all the necessary verification to confirm that this mandate is actually coming from the Office of the Accountant-General. So once we confirm that, we have some internal procedures too, which we follow to open those accounts.

“On the 30th of July 2025, we received a mandate dated 29 July 2025 from the Office of the Accountant-General of the Federation to the Central Bank of Nigeria to open two domiciliary accounts for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council,” the CBN director explained.

Mr Abdullahi explained that the Adeyemi-led PFIPC accounts were opened based on a verified mandate from the Accountant-General’s office.

The presidency had dismissed the PFIPC agency as fake after Mr Adeyemi accused Mr Gbajabiamila, the president’s chief of staff, of collecting a N400 million bribe. However, Mr Adeyemi faulted claims that the agency was fake, questioning how the agency got budgetary allocation and has accounts with the CBN.

Amid public outrage over Mr Adeyemi’s allegations, President Bola Tinubu ordered an investigation into the operations of the PFIPC and other related matters.

On the penultimate Tuesday, Mr Adeyemi was arrested shortly after the Abuja Division of the Federal High Court issued a warrant for his arrest for failing to appear for his arraignment.

Mr Gbajabiamila was questioned by the ICPC over the PFIPC fraud.

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.