The Federal High Court in Lagos witnessed the withdrawal of a suit challenging the sale of Polaris Bank by human rights lawyer, Femi Falana (SAN), on Wednesday.
Quest Times reports that Justice Lewis Allagoa dismissed the suit, marked HC/l/CS/87c/23, following Falana’s application seeking discontinuation.
The lawyer had filed the suit against the Central Bank of Nigeria and Polaris Bank Nigeria Ltd, questioning “whether by the provisions of Section 42(2) of the Banks and Other Financial Institutions Act 2020, and Public Procurement Act, 2007, the CBN could validly sell Polaris Bank for N50bn having earlier revitalised same for N1.3tn.”
During the hearing, Falana, appearing for himself, announced the discontinuation, citing the Federal Government’s decision to take over Polaris Bank due to the alleged illegal sale.
CBN’s lawyer, Olabisi Makanjuola, suggested the court dismiss the suit instead of striking it out, as a struck-out suit can be refiled.
Moreover, Makanjuola noted that Falana had not paid the N200,000 awarded against him.
In response, Falana expressed that the defense counsel should appreciate his decision to withdraw the suit.
Justice Allagoa, considering the public interest aspect, dismissed the suit without punishing Falana, stating that he filed the suit in the interest of the public.