Politics
Federal Court Rejects Falana’s Legal Challenge Over CBN’s Polaris Bank Sale
Federal Court Rejects Falana’s Legal Challenge Over CBN’s Polaris Bank Sale....KINDLY READ THE FULL STORY HERE▶
Justice Lewis Allagoa of the Federal High Court in Lagos, on Wednesday, dismissed a legal action brought by rights activist Chief Femi Falana, SAN, challenging the purported sale of Polaris Bank……..CONTINUE READING
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The suit, filed as FHC/l/CS/87c/23 against the Central Bank of Nigeria (CBN) and Polaris Bank Nigeria Ltd., was discontinued by Justice Allagoa following an application by Falana, who appeared as both the plaintiff and counsel.
Falana’s originating summons had questioned the validity of the Central Bank’s sale of Polaris Bank for N50 billion, considering the earlier revitalization of the bank for N1.3 trillion under the provisions of the Banks and Other Financial Institutions Act 2020 and the Public Procurement Act 2007.
He sought a declaration that the sale, which occurred on Oct. 19, 2022, was illegal and violated the Public Procurement Act, 2007, along with the Banks and Other Related Institutions Act 2020. Falana also requested an order to set aside the sale of Polaris Bank.
During the proceedings, Falana informed the court that he intended to withdraw and discontinue the suit, citing the federal government’s decision to take over Polaris Bank due to the alleged illegality of its sale. According to him, the government had concluded that the transaction was unauthorized, leading to the takeover of the bank.
As a result, Justice Allagoa granted Falana’s request to withdraw the suit on those grounds.
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