Falana Withdraws Suit Challenging Polaris Bank Sale

The legal battle regarding the sale of Polaris Bank took a new turn as Femi Falana (SAN) withdrew the lawsuit at the Federal High Court in Lagos on Wednesday. The lawsuit was against the Central Bank of Nigeria and Polaris Bank Nigeria Ltd. Falana had filed the suit questioning the validity of the sale of Polaris Bank for N50bn, after the CBN had earlier revitalized it for N1.3tn.

During the hearing, Falana informed the court of his decision to discontinue the suit, citing the Federal Government’s takeover of Polaris Bank as the reason. He stated that the government had deemed the sale of the bank illegal and had consequently decided to take over its operations.

In response to Falana’s decision, the CBN’s lawyer argued that since the parties had already presented their arguments, the court should dismiss the suit rather than strike it out. The CBN’s lawyer also raised the issue of the N200,000 awarded against Falana, which he had allegedly failed to pay.

Despite this, the judge, Justice Allagoa, decided not to penalize Falana for withdrawing the case, stating that he had filed the suit in the interest of the public. As a result, the judge dismissed the suit.