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The Central Bank of Nigeria (CBN) has been directed by the House of Representatives to suspend the sale of Polaris Bank Plc.
The House gave the order on Wednesday during plenary after adopting a motion of urgent public importance by Rep. Henry Nwauba (APGA-Imo).
AllNews Nigeria had previously reported that the Nigeria Deposit Insurance Corporation (NDIC), debunked the purported sale of the bank
The house explained that the sale of the bank will be suspended until the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC), and the Asset Management Corporation of Nigeria (AMCON) have concluded all processes for the open, transparent, and competitive bid process.
The House has also set up an Ad hoc Committee that will account for the entire financial input in the bank within 20 days, and also ensure that funds belonging to the public in the custody of the bank are properly documented and can be accounted for.
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