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Reps Committee says sale of Polaris Bank followed due process

Mr Henry Nwawuba, Chairman of, the House of Representatives Ad hoc Committee investigating the sale of Polaris Bank, on Thursday, said the ongoing sale of the bank followed the dues process.
The lawmaker said this at a news conference at the National Assembly in Abuja.
He allayed investors’ fears about the status of the financial institution, adding that there was evidence of substantial compliance with the process.
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According to him, out of the 35 companies invited to bid for the bank, the regulatory agency shortlisted the bidders to 15 and later seven and afterwards got Presidential approval to proceed with the sale of the bank.
“Before we broke up from plenary sessions to work on the budget, there was a motion on the floor asking the CBN to suspend the sale of Polaris Bank, I happened to have emerged to Chairman of the committee.
“The Committee has started work and we have looked at the documents and that is the beauty of investigation in Parliament.
”The beauty is that regardless of what comes on the floor, it is only when we started looking at the documents before us that we start getting a clearer picture,” he said.
He said the committee had so far found evidence of substantial compliance in the process of selling the bank, adding that about 35 companies were invited to bid and it went down to 15 and finally to 7.
He said the recommendation was made and a presidential approval given, adding that the committee was happy with the process and intended to conclude the investigation and lay the report before the resumption of plenary.
According to him, so far, everything looks good and there is no cause for concern, adding that for the stability of the financial systems in Nigeria, the committee called on Nigerians to know there was nothing wrong with Polaris Bank.
“What the House is looking at is the process of the acquisition or the sale and so far, we are confident from what we are seeing.”
He said until the investigation was concluded, he would not be able to speak authoritatively on the matter but added that from what the committee could see, there seemed to be substantial compliance.
According to him, Nigerians are enjoined to continue to relax and leave their deposits with the bank and continue their business with the bank.
“We feel that as a responsible House, we would look at the process and that is how we oversight the sector and that is what we are looking at.
Headlines
Tinubu arrives Katsina to receive Buhari’s body for burial

President Bola Tinubu, on Tuesday arrived in Katsina to receive the remains of the former President Muhammadu Buhari, who passed away in London on Sunday at the age of 82.
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“He Never Turned His Back on the Needy” — Tributes Pour In Ahead of Buhari’s Burial

Just hours before the burial of former President Muhammadu Buhari, heartfelt tributes have continued to pour in from beneficiaries of his many charitable deeds, with many describing him as a man who never turned his back on the needy.
Speaking to the News Agency of Nigeria (NAN) on Tuesday, Aminu Daura, a respected community elder, recalled how Buhari consistently provided foodstuffs during Ramadan for families, friends, widows, and orphans in his hometown.
“He never made noise about it, but many homes had food on their tables during fasting period because of him,” Daura said.
Abdullahi Sani, a physically-challenged man who received a tricycle from the Buhari Foundation in 2021, was overcome with emotion while speaking to NAN.
“I can move around and feed my family today because of Baba Buhari. I pray to Allah to reward him for giving hope to people like me,” he said, in tears.
Hajiya Fatima Yahaya, another resident, remembered Buhari’s acts of kindness during festive seasons.
“Even after he left office, his aides ensured that the usual support still reached us every year. He always remember his people,” she said, referring to his distribution of Sallah rams and food items to indigent families during Eid celebrations.
Other residents of Daura also shared memories of how the late former president quietly paid school fees and medical bills for struggling families, actions rarely publicized.
“Some of us benefited from his silent interventions. He was a true father and a great figure in the society,” said Ali Saidu.
On Monday night, Imams across various mosques in Daura held special Qur’anic recitations, praying for the forgiveness of Buhari’s sins and his eternal peace.
The Chief Imam of Daura Central Mosque, Sheikh Musa Kofar Barau, described Buhari as a humble leader whose legacy of service and compassion would remain alive in the hearts of the people.
Buhari is scheduled to be buried later on Tuesday in his hometown of Daura, Katsina State, in line with Islamic rites. The community is bracing to welcome thousands of mourners from across Nigeria and beyond.
Headlines
King Mohammed VI Mourns Buhari, Praises Legacy of Nigeria’s Former Leader

His Majesty King Mohammed VI of Morocco has extended heartfelt condolences to President Bola Tinubu, the family of the late former President Muhammadu Buhari, and the entire Nigerian people following Buhari’s death.
In a message of sympathy, the Moroccan monarch described the passing of the former Nigerian leader as a “sad occurrence,” expressing deep sorrow over the loss.
King Mohammed VI hailed Buhari as “an illustrious leader who worked untiringly to serve his country’s best interests and lead his people toward further progress and prosperity.”
He added: “Our thoughts and prayers are with you and the bereaved. I share your grief and want you to know how much I appreciated the working sessions I had with the deceased.”
Reflecting on their bilateral engagements, the king noted that his collaboration with Buhari led to the launch of promising development projects, “ushering a new era grounded in friendship and close cooperation between our two sister nations.”
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