Subscribe: Gist E-Paper
The Office of the Accountant-General of the Federation (OAGF) has dismissed claims that funds were released to the Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council (PFIPC), clarifying that the council never successfully opened a bank account with the Central Bank of Nigeria (CBN).
The OAGF explained that although the council was allocated funds in the 2026 Appropriation Act, no payment was made because the account-opening process was never completed.
Speaking on Monday, the Director of Information and Public Relations at the OAGF, Mr. Bawa Mokwa, said Prince Adeyemi Adeniyi Matthew initiated the process of opening the CBN account but failed to provide the names of the authorised signatories required to complete the exercise.
According to him, the omission made it impossible for the account to be activated, preventing any public funds from being lodged into it.
"The CBN account was not successfully opened because there have to be signatories to such an account, which were not provided. As such, no money was paid into the said account," Mokwa stated.
He added that although the PFIPC received a budgetary allocation in the 2026 federal budget, implementation of the budget only commenced in July, stressing that the recent developments have made it impossible for any funds to be disbursed to the council.
Mokwa also disclosed that the proposed account did not receive the mandatory approval of the Accountant-General of the Federation.
He further revealed that, aside from personnel deployed from the OAGF, the council under its Director-General did not recruit any staff.
According to him, the officers deployed from the OAGF are now expected to serve as prosecution witnesses in the ongoing investigation surrounding the controversial council.
The PFIPC was allocated a total of ₦1.303 billion in the 2026 federal budget, comprising ₦802.98 million for personnel costs, ₦200 million for overhead expenses and ₦300 million for capital projects.
The clarification comes amid mounting scrutiny over the activities of the purported council and allegations surrounding its operations.
