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House of Reps Order CBN to Halt the Sale of Polaris Bank

House of Reps Order CBN to Halt the Sale of Polaris Bank

The House of Representatives has ordered the Central Bank of Nigeria -CBN, to immediately suspend the sale of Polaris Bank Plc.

The House had ruled on Wednesday, October 12, that the suspension would be lasting until the Asset Management Corporation of Nigeria -AMCON, and the Nigerian Deposit Insurance Corporation -NDIC, complete all procedures for an open, transparent, and competitive bid process.

Following the plenary on Wednesday, Representative. Henry Nwauba (APGA-Imo) had adopted a resolution that was of public interest. Nwauba had said that a viral social media trend had brought about the sale of Polaris Bank for N40 billion to the public’s attention.

Nwauba also claimed that the formation of Polaris Bank had resulted from the saving of the now-defunct Skye Bank Plc, which went bankrupt as a result of its bad corporate governance and non-performing loans. 

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The now-defunct Skye Bank was a bank of systemic importance with a considerable population including staff, clients, and other stakeholders. Without a rescue, Nwauba had opined, the bank, according to him, would have had a negative ripple impact on the economy and reputation worldwide.

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