Controversial Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council (PEAC/PFIPC) has no operational account with the Central Bank of Nigeria (CBN), the Office of the Accountant-General of the Federation (OAGF) said at the weekend.
The Director of Press/Public Relations in the OAGF, Mr. Bawa Mokwa, insisted that no public funds or salaries have been paid to the organisation.
The OAGF clarification came on the heels of an explanation that from the Presidency that a Police Report had earlier confirmed that the signature of the Chief of Staff (CoS) and the State House letterhead were forged.
Mokwa said that although an application was made to open a CBN account, the process was never completed because the required documentation to activate the account was not submitted.
He said: “You cannot open an account at the CBN without authorization from the Accountant General. The Accountant General will authorize them to open an account at the CBN.”
He explained that the individual; who approached the OAGF presented an appointment letter, but alleged that the document related to an already existing agency rather than the PEAC/PFIPC.
According to him, the account-opening process began based on the document that was presented, but the account could not become operational because the names of the officials expected to serve as account signatories were never provided.
“The account till today has not seen the light of day. It has not seen one kobo because the account is not completely operational,” he said.
Mokwa said the absence of an operational account meant there was no channel through which the Office of the Accountant General could release government funds to the agency.
“That portrays that he has not collected a dime. The AGF has not released a dime to him because they don’t even have a place where the money can be paid,” he said.
He dismissed claims that the agency had received any budgetary allocation from the Federal Government, explaining that it is expected to operate under the 2026 budget and has not yet reached the stage where it can receive government funding.
The OAGF spokesman also denied reports that salaries had been paid to workers of the agency, saying it had not recruited any staff through the procedures required for federal establishments.
“Based on our knowledge, he has not employed anybody,” he said.
Mokwa explained that before any federal agency can recruit workers and place them on the government payroll, it must first obtain the necessary approvals from the Federal Character Commission (FCC), the Budget Office and the Federal Civil Service Commission (FCSC).
He said only after those approvals are granted can the names of employees be submitted to the Office of the Accountant General for enrolment on the federal payroll and payment of salaries.
“If they give you waiver for 200 people, you take the waiver to these agencies and then present the papers to the Accountant General.
“He cannot capture even one name without those approvals because once they are captured, payment will come from the budget,” he said.
Mokwa maintained that none of those requirements had been completed, insisting there was no basis for claims that workers of the PEAC/PRIPC had received salaries or that the agency had been funded by the Office of the Accountant General.
There were fresh details yesterday in the alleged PEAC/PFIPC fraud case, with the Presidency stating that a police probe had established that both the signature of the CoS and the State House letterhead used on the purported appointment letter were forged.
An official memorandum from the Office of the Secretary to the Government of the Federation (OSGF) showed that the Federal Government had, months earlier, declared the purported council an illegal and fraudulent organisation with no legal or administrative backing.
Senior Special Assistant to the President on Media and Publicity, Temitope Ajayi, said findings contained in the police report left no one in doubt that the documents allegedly used by the suspect to claim official authority were forged.
He said: “We have seen the police report on the appointment letter and it was clearly established that the signature of the Chief of Staff was forged.
“The State House letterhead was forged. In fact, in our own letterheads, we don’t put phone numbers; those who forged the letterheads put phone numbers.”
He explained that the alleged appointment letter also failed a basic procedural test because the Chief of Staff does not issue appointments into government agencies or extra-ministerial bodies.
According to him, the President approves appointments and the Chief of Staff conveys the presidential approval to the Office of the Secretary to the Government of the Federation, while the SGF formally issues the appointment letters.
He said: “More importantly, the Chief of Staff doesn’t issue appointment letter; he only conveys the approvals of the President to the SGF and the SGF issues appointment letter.
“So, when you hear anyone saying that the Chief of Staff issued an appointment letter to him, that’s the first red flag,” Ajayi added.
The Presidency’s clarification was reinforced by an official correspondence issued by the OSGF on October 21, 2025, disowning the so-called Council.
In the letter, signed by the Permanent Secretary, General Services Office, M. S. Danjuma, on behalf of the Secretary to the Government of the Federation and addressed to the Executive Secretary of the Nigerian Investment Promotion Commission (NIPC), the OSGF stated unequivocally that the PFIPC “is not a recognised body of the Federal Government of Nigeria.”
The memorandum further stated that investigations had revealed that the council “has no legal or administrative backing, nor was it established by any instrument of the Federal Government,” adding that its operations were therefore “unauthorised and fraudulent.”
The OSGF advised the NIPC to disregard any engagement from the organisation and notify the appropriate authorities should it interfere with the commission’s statutory responsibilities.
The disclaimer was in line with an earlier public statements by federal authorities distancing the government from the purported council, whose alleged promoter, Prince Adeniyi Adeyemi, is currently facing prosecution over allegations bordering on forgery, impersonation and related offences.
Adeyemi is expected to return to court later this month as proceedings in the case continue.
