House of Representatives has directed the Central Bank of Nigeria CBN to suspend the proposed sale of Polaris Bank Plc .
The decision was sequel to a motion by a member from Imo state Mr Henry Nwawuba and adopted by house at plenary.
Mr Henry Nwawuba, said the directive is to enable the apex bank, the Nigeria Deposit Insurance Company NDIC and Assets Management Corporation of Nigeria AMCON, conclude all processes for an open competitive bid in line with best practices and procedures.
The lawmaker explained that the proposed sale is shrouded in secrecy and requires that it is done in transparency to eliminate allegations of corruption.
He also observed that the measure is necessary to avert public outcry and untoward reaction from critical stakeholders in the economy.
Adopting the motion, the house resolved to constitute an Ad-Hoc Committee to within twenty-one days, review the total outlay by the Federal Government in Polaris Bank and account for its entire financial input by the Federal Government through the CBN, the NDIC and AMCON.
The proposed Committee is expected to determine whether the conditions and terms of sale, are likely to ensure a positive return on public funds so far committed to the bank as bailout funds or other investments.
The committee would make recommendations to the House for any further legislative or other action necessary to ensure that the public funds committed to Polaris Bank are appropriately documented and accounted for .
COV : Salihu Tsibiri