Rights' Activist Tells Buhari to Intervene Over sale of Commercial Bank, Advises Against Effect on APC

Rights' Activist Tells Buhari to Intervene Over sale of Commercial Bank, Advises Against Effect on APC

  • President Muhammadu Buhari has been urged to intervene in the alleged planned sale of a commercial bank by the Central Bank
  • The call to the president was made by the national coordinator of the Human Rights Writers' Association of Nigeria
  • Emmanuel Onwubuiko condmened the alleged lack of transparency and the shadiness in the reported sale of the bank by the CBN

A civil rights advocacy group, Human Rights' Writers Association of Nigeria (HURIWA) has called on President Muhammadu Buhari, not to allow a plot to sell a commercial bank as reported in a section of the media.

Reports had earlier filtered in that there are plans by the Central Bank of Nigeria to sell Polaris Bank to the son of a former military head of state, General Ibrahim Babangida (retired).

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According to the report, the CBN had allegedly proceeded with the secret sale of the bank which is in distress.

Emmanuel Onwubiko, HURIWA, Muhammadu Buhari, Polaris Bank, CBN, sale of commercial bank
Onwubuiko has called on President Buhari to prevail on CBN not to sell Polaris Bank. Photo: Emmanuel Onwubuiko
Source: Facebook

However, the group said should the commercial bank be sold it will not only compound the harsh economy Nigerians were going through but negatively affect the electoral fortune of the ruling All Progressives Congress (APC) head of the 2023 general elections.

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The management of the said commercial bank had debunked reports, describing it as a "fake news report and urging the public to disregard it.

HURIWA reacts, issues string advice to President Buhari

But a statement of caution released on Tuesday, August 23, in Abuja by the national coordinator of HURIWA, Emmanuel Onwubiko, criticised the alleged lack of transparency and the shadiness in the reported sale of Polaris Bank allegedly by the CBN.

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Onwubuiko also called on the President to avoid the negative effects of such a move against the APC and his administration's effort to improve the nation's economy.

His words:

“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 ExxonMobil to Seplat and the attendant bank 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.”

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In addition, Onwubuiko 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.

He said:

“It is concerning that the so-called sale lacks transparency and is shrouded in so much darkness as no due diligence was not 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."

Polaris Bank has not been sold, management debunks sale of bank to in-law of IBB

The management of Polaris Bank has denied the report that the bank had been sold and asked that the general public shun the news.

According to the bank, it is strong following the 2018 intervention by the Central Bank of Nigeria and AMCON.

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An online publication reported that the bank was sold to Auwal Lawan, the in-law of the former head of state, Ibrahim Babangida.

Nigerians' dollar funds are trapped in domiciliary accounts as bank managers tell customers to go home

Legit.ng has previously reported that Bank customers are now unable to withdraw dollars from their domiciliary accounts amid a worsened scarcity of the currency in the financial services sector.

In 10 commercial bank branches visited Ikeja, Ejigbo, Ago Palace, and Airport Road all confirmed the unavailability of dollars for withdrawal over the counter.

With the situation, many Nigerians who work for foreign companies full-time or as freelancers are left to take loans to survive.

Source: Legit.ng

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