The House of Representatives has asked the Central Bank of Nigeria to immediately suspend the sale of Polaris Bank, while resolving to set up an ad hoc committee to, within 21 days, review the stake of the Federal Government of Nigeria in the bank and the roles of Nigeria Deposit Insurance Corporation and the Asset Management Corporation of Nigeria in the deal.

The committee is to determine if the conditions and terms of sale will lead to a positive return on public funds in the bank, including bailouts funds or other investments.

The committee is to make recommendations to the House for further legislative action necessary to ensure that depositors’ funds in the bank are properly documented and accounted for.

Chairman of the House Committee on Legislative Agenda, Henry Nwawuba, had moved a motion of urgent public importance at the plenary on Wednesday, where he criticised the sale of the bank for N40bn as ridiculous.

Nwawuba said, “The House is aware that public attention has been drawn through a circulation currently on social media in respect of the proposed sale of Polaris Bank for N40bn. Given the need to ensure that the divestment in the bank does not jeopardise the core reason for the CBN intervention in the bank in the overall public interest, the divestment should be done most transparently following the required due process.