Provide Details On Proposed Polaris Bank Sale, Falana Tells CBN


Femi Falana, human rights lawyer, has asked the Central Bank Of Nigeria (CBN) to provide “detailed information” on the proposed sale of Polaris Bank Nigeria Limited.

An online report had claimed that CBN had commenced plans to “secretly sell” the bank for N40 billion.

Polaris Bank later dismissed the report and further described it as “intending to cause panic”.

However, in a letter dated August 25, 2022, Falana who commended CBN’s intervention on the bank’s N1.2 trillion debt, demanded details of the proposed transaction, and the name of the buyer.

Provide Details On Proposed Polaris Bank Sale, Falana Tells CBN

“We commend the Central Bank of Nigeria for bailing out Polaris Bank Nigeria Limited with the sum of N1.2 trillion,” the letter reads.

“We have however read in the People’s Gazette online medium that the Central Bank has concluded arrangements to sell the Polaris Bank at a ridiculous sum of N40 billion.

“In view of the foregoing, kindly furnish us with detailed information on the proposed sale of the Polaris Bank Nigeria Limited including the name of the lucky buyer.

“As this request is made pursuant to the provisions of the Freedom of Information Act 2011, you are required to accede to our request within 7 days of the receipt of this letter.”

Falana further warned that if CBN fails or refuses to provided the requested information, he would be forced to take the matter to court.

“Take notice that if you fail or refuse to furnish us with the requested information we shall not to pray the Federal High Court to compel you to accede to our request,” he said.

Meanwhile, responding to the request in a separate letter dated September 1, 2022, the CBN said it will accede to Falana’s request in due course.

“We write to acknowledge the receipt of your letter dated the 25th of August 2022 and received on the 1st of September 2022 on the above subject and wish to inform you that the information being sought, where available, will be communicated to you in due course,” the apex bank said.

Source: The Cable