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Reps Committee says sale of Polaris Bank followed due process

Polaris Bank
Polaris Bank

Mr Henry Nwawuba, Chairman of, the House of Representatives Ad hoc Committee investigating the sale of Polaris Bank, on Thursday, said the ongoing sale of the bank followed the dues process.

The lawmaker said this at a news conference at the National Assembly in Abuja.

He allayed investors’ fears about the status of the financial institution, adding that there was evidence of substantial compliance with the process.

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

“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, I happened to have emerged to Chairman of the committee.

“The Committee has started work and we have looked at the documents and that is the beauty of investigation in Parliament. The beauty is that regardless of what comes on the floor, it is only when we started looking at the documents before us that we start getting a clearer picture,” he said.

He said the committee had so far found evidence of substantial compliance in the process of selling the bank, adding that about 35 companies were invited to bid and it went down to 15 and finally to 7.

He said the recommendation was made and a presidential approval given, adding that the committee was happy with the process and intended to conclude the investigation and lay the report before the resumption of plenary.

According to him, so far, everything looks good and there is no cause for concern, adding that for the stability of the financial systems in Nigeria, the committee called on Nigerians to know there was nothing wrong with Polaris Bank.

“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.”

He said until the investigation was concluded, he would not be able to speak authoritatively on the matter but added that from what the committee could see, there seemed to be substantial compliance.

According to him, Nigerians are enjoined to continue to relax and leave their deposits with the bank and continue their business with the bank.

“We feel that as a responsible House, we would look at the process and that is how we oversight the sector and that is what we are looking at.

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