House of Reps orders CBN to suspend sale of Polaris Bank

The House of Representatives has ordered the Central Bank of Nigeria (CBN) to suspend the sale of Polaris Bank Plc with immediate effect
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The House revealed that the suspension remains until the CBN deposit the Asset Management Corporation of Nigeria and Insurance Corporation finalized all processes for transparent, open and competitive bid process.

The House has also said that the process should be in line with best procedure for divestment of this nature.

This came following the adoption of a motion of urgent public significance moved by Rep. Henry Nwauba (APGA-Imo) at the House on Wednesday.

Nwauba said the attention of the public had been drawn via a circulation making round on social media in line with the proposed sale of Polaris Bank for N40 billion.

He revealed that it is very significant to make sure that the divestment in the bank does not violate the fundamental reason for the intervention of the CBN for the overall interest of the public.

He said that Polaris Bank was a product of the bailout of the old Skye bank Plc which encountered its failure due to poor corporate governance.

He said, this was the reason close to a trillion Naira of public money was invested on the bank.

He said any transaction relating to the sale of the bank needs to be done in the public domain to avoid any insinuations of corruption.