Although the office received requests for a TSA account and two dollar-denominated accounts, the TSA application was rejected because the council did not satisfy the mandatory requirements.
By Mmesoma Onwuka
365Daily – The House of Representatives Ad-Hoc Committee investigating the establishment and operations of the controversial Presidential Foreign Investment Promotion Council (PFIPC) on Monday questioned officials from the Office of the Accountant General of the Federation (AGF) over financial transactions linked to the fictitious body.
At the investigative hearing which began last week, lawmakers sought explanations on requests allegedly submitted by the council for the opening of a Treasury Single Account (TSA) and two dollar-denominated accounts, as well as the procedures followed by government agencies in processing the applications.
Addressing the committee, the AGF, Shamsudeen Olujimi, disclosed that the PFIPC failed to meet the statutory conditions required for the opening of a Treasury Single Account so none was opened.
Similarly, he continued, although the office received requests for a TSA account and two dollar-denominated accounts, the application was rejected because they did not satisfy the mandatory requirements.
He further explained that the two dollar accounts were approved only for inflow purposes and were subject to the completion of additional treasury procedures before they could become operational.
He stated that the council never returned to complete the outstanding documentation and compliance requirements, leaving the accounts inactive.
During the session, members of the committee also scrutinised documents submitted as evidence, including official correspondence addressed to AGF and the Minister of Finance.
They sought clarification over the use of different letterheads on the documents and questioned the circumstances under which the applications were processed.
Reiterating the purpose of the hearing, chairman of the committee, Hon. Yusuf Gagdi, said the investigation was focused on establishing the facts surrounding the activities of the PFIPC and identifying any procedural weaknesses that may have enabled its operations.
He stressed that the inquiry was not intended to discredit any government institution but rather to strengthen transparency, accountability and compliance within the nation’s public service.
“Our objective is to uncover the facts, identify any procedural lapses and recommend measures that will strengthen institutional safeguards against similar occurrences in the future,” he said.
The committee also announced plans to invite additional officials from the Office of the Head of the Civil Service of the Federation, the Office of the Secretary to the Government of the Federation and other relevant government agencies as the investigation progresses.
The hearing forms part of the House of Representatives’ ongoing probe into the establishment, recognition and activities of the PFIPC, amid allegations that the council operated without proper legal backing while seeking access to government facilities and financial systems.