Reps stops CBNs sale of Polaris Bank

Joy Onuorah
Joy Onuorah

The House of Representatives has asked the Central Bank of Nigeria to halt the planned sale of Polaris Bank Plc.

According to reports, the lawmakers urged the CBN to wait until all processes for an open, transparent, and competitive bid are completed in accordance with best practices and procedures for divestment of this type.

The House also tasked an ad hoc committee with conducting an immediate review of the Federal Government’s total investment in Polaris Bank and account for the government’s entire financial investment in the bank through the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation (NDIC), and the Asset Management Corporation of Nigeria.

Adopting Henry Nwawuba’s urgent public interest motion, lawmakers want to know if the conditions and terms of sale are likely to ensure a favourable return on public funds already committed to the bank, whether as bailout funds or other investments.

The motion’s sponsor, Nwawuba, drew attention to details circulating on social media about Polaris Bank’s proposed sale for N40 billion.

He stated that the bank’s divestment process should be transparent and should not jeopardise the main reason for the CBN’s involvement in the bank.

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