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Nigerian Federal Lawmakers Order Central Bank To Suspend Sale Of Polaris Bank For N40 Billion After N1 Trillion Investment, Set Up Adhoc Committee | Sahara Reporters

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Following several reports that the Central Bank of Nigeria (CBN) is planning to sell Polaris Bank Plc for N40 billion, the House of Representatives has directed an immediate suspension until due diligence is concluded. SaharaReporters earlier reported Nigeria's apex bank did not deny the plan to sell the bank for N40 billion after the government had invested over N1 trillion in it.

Nigerian Federal Lawmakers Order Central Bank To Suspend Sale Of Polaris Bank For N40 Billion After N1 Trillion Investment, Set Up Adhoc CommitteeNigeria's apex bank did not deny the plan to sell the bank for N40 billion after the government had invested over N1 trillion in it.

Following the report, renowned lawyer and a Senior Advocate of Nigeria , Femi Falana wrote to the apex bank demanding details of the proposed sale. The bank, however, in its reply did not deny it. He drew the attention of members to reports on social media in respect of the proposed sale of Polaris Bank for N40 billion.

He said if the bank had not received a bailout and been allowed to go under, it would have had a ripple effect on the economy.

 

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Okay. Rubbish must we always set up committee in every scam

They will only demand there share of the loot,and thats will be all..Nigeria is an orphan..

The ratio of sale to the investment cost is ridiculously ridiculous.

Why are they always selling this bank? Are they having spiritual problem?

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