January 24, (THEWILL) – The Federal High Court in Lagos, on Wednesday, dismissed a suit filed by human rights activist, Femi Falana (SAN), challenging a purported sale of Polaris Bank.
Justice Lewis Allagoa dismissed the suit following an application by Falana, seeking to discontinue the suit.
In the suit, marked FHC/l/CS/87c/23, filed against the Central Bank of Nigeria (CBN) and Polaris Bank Nigeria Ltd., Falana had asked the court to determine: “Whether by the provisions of section 42(2) of the Banks and Other Financial Institutions Act 2020, and Public Procurement Act, 2007, the CBN could validly sell Polaris bank for N50 billion having earlier revitalised same for N1.3 trillion.”
Falana had consequently sought a declaration that the purported sale of Polaris Bank by CBN on October 19, 2022, is illegal and violates the Public Procurement Act, 2007. He argued that the purported sale also violates the provisions of the Banks and Other Related Institutions Act 2020. He consequently sought an order setting aside the sale of Polaris Bank.
When the case was called on Wednesday, Falana informed the court that he seeks to withdraw and discontinue the suit following a takeover of Polaris Bank by the Federal Government.
According to him, the Federal Government, having found that the sale of Polaris was illegal, had decided to take over the bank. He then sought to withdraw the suit on that grounds.
Justice Allagoa consequently dismissed the suit.
