The House of Representatives has asked the Central Bank of Nigeria (CBN) to immediately suspend the planned sale of Polaris Bank Plc pending the conclusion of all processes for an open, transparent and competitive bid process in line with best practice and procedure for divestment of this nature.
The House also mandated an ad hoc committee to immediately review the total outlay by the Federal Government in Polaris Bank and account for the entire financial input in the bank by the Government through the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation and the Asset Management Corporation of Nigeria .
Moving the motion, Nwawuba drew attention to information circulating in social media on the proposed sale of Polaris Bank for N40bn. He said it was necessary to avert public outcry and untoward reaction from critical stakeholders in the economy, foreign business partners banking community, depositors, Correspondent banks, etc. as it is also crucial to avoid the shortcomings of the previous similar exercise undertaken in the past.
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