In a recent turn of events, Justice Lewis Allagoa of the Federal High Court in Lagos dismissed a lawsuit brought by prominent human rights activist, Femi Falana (SAN), challenging the alleged sale of Polaris Bank. The lawsuit, filed against the Central Bank of Nigeria (CBN) and Polaris Bank Nigeria Ltd, sought to contest the sale of the bank by CBN for N50 billion, despite the previous infusion of N1.3 trillion to revitalize it.
Falana’s move to discontinue the lawsuit was prompted by the federal government’s decision to take over Polaris Bank, deeming its sale illegal. Despite arguments from the defense counsel about the propriety of withdrawal at this stage of the legal process, the court ultimately dismissed the suit. Notably, the court also rescinded a previously awarded cost against the plaintiff, acknowledging the public interest nature of the lawsuit.
It’s worth noting that Femi Falana is no stranger to taking up public interest cases for the betterment of Nigeria. This lawsuit, although dismissed, underscores his commitment to safeguarding the interests of the country.
As this legal saga continues, the implications of the court’s decision and the federal government’s intervention in the banking sector create ripple effects that necessitate further attention. With a related lawsuit against the Price Control Board pending, the unfolding developments hold significant implications for Nigeria’s financial and regulatory landscape.
The court has adjourned the related suit against the Price Control Board to February 7, amplifying the suspense surrounding these legal battles. The absence of defendants’ representation in the recent court session adds another layer of ambiguity to this complex legal narrative, leaving room for continued intrigue.
As this story unfolds, it remains a testament to Femi Falana’s unwavering commitment to pursuing matters of public interest and the ever-evolving dynamics within Nigeria’s legal and financial spheres.
