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 the plenary after adopting a motion of urgent public importance by Rep. Henry Nwauba (APGA-Imo).
According to the house, the suspension will continue until the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC), and the Asset Management Corporation of Nigeria (AMCON) complete all processes for open, transparent, and competitive . bid process.
What the House of Reps said
As resolved by the House, the entire process should be done in accordance with best practices and procedures for divestment.
The House subsequently set up an Ad hoc Committee, which will review the total expenditure of the Federal Government of Nigeria on Polaris Bank and account for the entire financial input of the bank within 20 days.
The house directed the committee to ensure that the funds belonging to the public in the custody of the bank are properly documented and can be accounted for. According to the House, CBN, NDIC and AMCON will oversee the process to determine if the terms and conditions of the sale will ensure a positive return on the public funds entrusted to the bank.
In case you missed it
Nairametrics used to be reported that Polaris Bank has rejected a report claiming that the CBN is about to sell the bank to Auwal Lawan Abdullahi for N40 billion
.