Reps Direct Central Bank of Nigeria To Suspend Sale Of Polaris Bank

The House of Representatives has directed the Central Bank of Nigeria (CBN) to immediately suspend the sale of Polaris Bank Plc.

The House said the suspension should be until the Nigeria Deposit Insurance Corporation (NDIC) and the Asset Management Corporation of Nigeria (AMCON) concluded all processes for open, transparent, and competitive bid process.

The house said it should be in line with best practice and procedure for divestment of this nature.

This followed the adoption of a motion of urgent public importance by Henry Nwauba (APGA-Imo) at the plenary on Wednesday.

He said public attention had been drawn through a circulation currently on social media in respect of the proposed sale of Polaris Bank for N40 billion.

He said that there was a need to ensure that the divestment in the bank did not jeopardise the core reason for the CBN intervention in the bank in the overall public interest.

He added that the divestment should be done most transparently following the required due process.

He said that this was necessary to avert public outcry and untoward reaction from critical stakeholders in the economy, foreign business partners, banking community, depositors and correspondent banks.

He added that it was crucial to avoid the shortcomings of a previous similar exercise undertaken in the past.

He said that Polaris Bank was borne out of the bailout of the defunct Skye bank Plc that failed due to poor corporate governance and non-performing loans.

This, he said, was for which close to a trillion naira of public fund was committed to resuscitating the bank.

He said that the proposed sale was shrouded In secrecy and was opaque and required that it was done in transparency and accountability to eliminate insinuations of corruption.


About Delia Innoma

Delia Innoma is a prolific writer, promoter, artist manager with full professional proficiency in English, German and Igbo languages. She studied accounting and computer programming at the Institute of Management and Technology Enugu and Germany respectively. Delia is also a devoted mother of two and she founded the Diamond Celebrities Magazine. Her sense of responsibility and commitment to the Christian faith are essential forces driving her daily activities.

No comments yet... Be the first to leave a reply!

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: