A civil rights advocacy group, Human Rights Writers Association of Nigeria, (HURIWA) has called on President Muhammadu Buhari, to compel Central Bank of Nigeria (CBN) not to sell Polaris Bank.

The group, in a statement signed by its national coordinator, Emmanuel Onwubiko, said if Polaris Bank is sold it will not only compound the harsh economic times Nigerians were going through but negatively affect the electoral fortune of the ruling All Progressives Congress (APC) in 2023 general elections.

The statement reads inter alia: “President Buhari should stop the illegal sale of the bank immediately. The CBN governor has apparently been misinforming the President to approve ridiculous sales just as he wrongly advised the President to approve the sale Exxon Mobil to Seplat and the attendant back and forth.

“Recall that Emefiele was also allegedly fingered in the ridiculous sale of 104-year-old Union Bank by two-year-old Titan Trust Bank. The Economic and Financial Crimes Commission should have probed the CBN governor over this allegation which is contrary to Sections 9 and 11 of the CBN ACT 2007 but as usual, the former presidential aspirant of the All Progressives Congress, is an untouchable cabinet member of President Muhammadu Buhari.

“The CBN should be stopped from allegedly selling off banks in the country to cronies and friends as end-of-tenure benefits.”

The statement also called on the apex bank to issue a statement on the position of the bank on the matter in order to douse tension among the customers and stakeholders of the Bank.

According to HURIWA, “It is concerning that the so-called sale lacks transparency and is shrouded in so much darkness as no due diligence was carried out, no tender, no advertisement to create public awareness, nothing, just some kangaroo and arrangee sale.

“To be exact, selling a bank which over N1.2 trillion was used to rescue at an alleged N40 billion is highly ridiculous and scandalous,” HURIWA stated.

Political Economist recalls that Polaris Bank was established by the Central Bank of Nigeria (CBN) on September 21, 2018 to offer commercial banking services to the Nigerian public. The bank commenced services on the same day, having purchased the assets, and assumed certain of the liabilities, of the defunct Skye Bank which was rendered insolvent on account of corrupt management.