Reps query AMCON’s Polaris Bank sale for N40bn


The House of Representatives has requested that the Central Bank of Nigeria immediately suspend the sale of Polaris Bank, and has resolved to establish an ad hoc committee to review the stake of the Federal Government of Nigeria in the bank, as well as the roles of Nigeria Deposit Insurance Corporation and Asset Management Corporation of Nigeria in the transaction, within 21 days.Infomation Guide Nigeria

The committee is tasked with determining whether the sale’s conditions and terms will result in a positive return on public funds in the bank, including bailout monies and other investments.

The committee is responsible for recommending to the House any additional legislative action required to ensure that depositors’ funds are properly documented and accounted for.Jamb Result 

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Henry Nwawuba, chairman of the House Committee on Legislative Agenda, presented a resolution of urgent public significance on Wednesday, in which he criticised the sale of the bank for N40bn as absurd.Jamb Result 

Nwawuba said, The House is aware that public attention has been drawn through a circulation currently on social media in respect of the proposed sale of Polaris Bank for N40bn. Given the need to ensure that the divestment in the bank does not jeopardise the core reason for the CBN intervention in the bank in the overall public interest, the divestment should be done most transparently following the required due process.

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