The Federal High Court in Lagos dismissed a suit on Wednesday, filed by human rights lawyer Femi Falana (SAN), challenging the sale of Polaris Bank.
Justice Lewis Allagoa dismissed the suit following an application by Falana seeking to discontinue the case. The suit, marked HC/l/CS/87c/23, was against the Central Bank of Nigeria and Polaris Bank Nigeria Ltd.
In his originating summons, Falana sought the court's determination on whether the CBN could validly sell Polaris Bank for N50bn, considering the earlier revitalization of the bank for N1.3tn under the provisions of the Banks and Other Financial Institutions Act 2020 and the Public Procurement Act, 2007.
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