The Central Bank opened two foreign currency accounts for a government agency that was never legally established. They sat there for a year before anyone in government noticed.

In July 2025, the Office of the Accountant General of the Federation wrote to the Central Bank of Nigeria with a routine instruction. Open a dollar account and a pound account for the Presidential Foreign Investment Promotion Council. The CBN did exactly what it was told. Two domiciliary accounts were opened on 30 July 2025, one in each currency, on the strength of a single letter.

The problem is that the Presidential Foreign Investment Promotion Council does not exist. Not in any law, not in any budget appropriation act that anyone can point to. A man named Adeyemi Adeniyi presented himself as its Director General. He forged letters on what looked like State House letterhead, and got government offices across Abuja to treat him as real. He requested office space. He got it. He requested staffing positions. He got 314 of them approved. He requested bank accounts. The CBN's own director, Hamisu Abdullahi, confirmed to the House Ad-hoc Committee that his bank simply followed the letter it was given. Nobody at the CBN checked whether the agency in the letter was real.

The accounts were opened in a day. They were never once activated. No official ever came forward with the mandate to actually operate them, which is the only reason no money moved through them before the scheme unravelled. The plumbing worked perfectly. It moved for a request that had no legal basis behind it at all. It would have kept moving too, if anyone had bothered to submit the paperwork to switch it on.

Nigeria's bureaucracy is not slow because it cannot move fast. It is slow when the thing being asked for is real and the person asking is an ordinary Nigerian standing in a queue somewhere. It moves in a day when a letter with the right letterhead lands on the right desk. The Head of Civil Service says her office had no idea PFIPC did not exist. The Accountant General's office says the same. The CBN says the same. Everyone followed the paper trail correctly and somehow ended up funding a fiction.

The House of Representatives has a four week mandate to trace exactly which desk let this through. That answer matters less than what it confirms. Nigeria's bureaucracy moves quickly whenever it wants to. The choice of what gets that speed is the whole story.