Banking Headline News Nigeria

Reps say sale of Polaris bank has presidential approval

The House of Representatives has affirmed that the ongoing sale of Polaris Bank followed due process and got Presidential approval.

The Chairman, Ad-hoc Committee investigating the sale of Polaris Bank, Mr. Henry Nwawuba confirmed this during a press briefing held at the national Assembly.

Mr. Nwawuba, who allayed investors’ fears on the status of the financial institution, assured that there are evidences of substantial compliance in the process.

According to him, out of the 35 companies invited to bid for the bank, the regulatory agency shortlisted the bidders to 15, then later seven and afterwards got Presidential approval to proceed with the sale of the bank.

“On the last legislative day before we broke up from plenary sessions to work on the budget, there was a motion on the floor asking the CBN to suspend the sale of Polaris Bank and cutting up an Ad-hoc Committee to investigate the circumstances, and I happened to have emerged to Chair that committee.

“What the House is looking at is the process of the acquisition or the sale and so far, we are confident from what we are seeing. Until we conclude this investigation, I would not be able to speak authoritatively on the matter”, he said.

The lawmaker added that from what the committee has seen so far, particularly with the approvals and the steps taken, there seems to be substantial compliance on the matter.

Writing by Ibrahim Shehu; Editing by Annabel Nwachukwu