Falana has decided to retract the lawsuit disputing the sale of Polaris Bank

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The Federal High Court in Lagos has on Wednesday rejected a lawsuit by human rights lawyer Femi Falana (SAN), who sought to challenge the sale of Polaris Bank.

Justice Lewis Allagoa dismissed the case after Falana, the plaintiff, submitted an application to discontinue the suit.

The suit, labeled HC/l/CS/87c/23, targeted the Central Bank of Nigeria and Polaris Bank Nigeria Ltd.

Falana had questioned whether the CBN could legally sell Polaris Bank for N50bn, considering previous revitalization efforts costing N1.3tn.

He also sought a declaration that the October 19, 2022, sale of Polaris Bank was illegal and violated relevant laws.

Falana decided to withdraw the suit following the Federal Government’s takeover of Polaris Bank, citing the government’s acknowledgment of the sale’s illegality.

The CBN’s counsel argued against striking out the case, emphasizing that it should be dismissed, and mentioned an outstanding N200,000 penalty awarded against Falana.

However, Justice Allagoa dismissed the suit, stating that Falana’s actions were in the public interest, sparing him any punishment.

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