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.

The House gave the directive on Wednesday during plenary after adopting a motion of urgent public importance by Rep. Henry Nwauba (APGA-Imo).

According to the house, the suspension will subsist until the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC), and the Asset Management Corporation of Nigeria (AMCON) have concluded all processes for the open, transparent, and competitive bid process.

What the House of Reps is saying

As resolved by the House, the entire process should be done in line with best practices and procedures for divestment. 

The House subsequently set up an Ad hoc Committee, which will review the total outlay by the Federal Government of Nigeria in Polaris Bank and account for the entire financial input in the bank within 20 days.  

The house directed the committee to ensure that funds belonging to the public in the custody of the bank were properly documented and can be accounted for. According to the House, CBN, NDIC and AMCON will handle the process of determining if the terms and conditions of the sale will ensure a positive return on public funds that have been committed to the bank.