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The Federal Excessive Court docket in Lagos on Wednesday dismissed a swimsuit filed by human rights lawyer, Femi Falana (SAN), difficult the sale of Polaris Financial institution.
Justice Lewis Allagoa dismissed the swimsuit following an software filed by Falana, who was the plaintiff within the matter, looking for to discontinue the swimsuit.
Falana had filed the swimsuit marked HC/l/CS/87c/23 in opposition to the Central Financial institution of Nigeria and Polaris Financial institution Nigeria Ltd.
In his originating summons, he requested the court docket to find out “whether or not, by the provisions of Part 42(2) of the Banks and Different Monetary Establishments Act 2020, and Public Procurement Act, 2007, the CBN might validly promote Polaris Financial institution for N50bn having earlier revitalised similar for N1.3tn.”
He additionally sought a declaration that the purported sale of Polaris Financial institution by the CBN on October 19, 2022, was unlawful and violates the Public Procurement Act, 2007; and the provisions of the Banks and Different Associated Establishments Act 2020.
On the resumed listening to of the matter on Wednesday, Falana introduced an look for himself; whereas Augustine Okafor appeared for the CBN and Olabisi Makanjuola for Polaris Financial institution.
Falana knowledgeable the court docket that he was discontinuing the swimsuit following the takeover of Polaris Financial institution by the Federal Authorities.
In keeping with him, the Federal Authorities, having discovered that the sale of the financial institution was unlawful, had determined to take over the financial institution.
In response, the CBN’s lawyer, Makanjuola, stated because the events had already joined points, the court docket ought to dismiss the swimsuit relatively than strike it out.
Our correspondent reviews {that a} swimsuit that’s struck out may be refiled, whereas one dismissed can’t be refiled.
The CBN’s lawyer additionally contended that Falana had but to pay the N200,000 awarded in opposition to him by the court docket on the final listening to.
In his response, Falana stated the defence counsel ought to relatively thank him for opting to withdraw the swimsuit.
After listening to the lawyer, Justice Allagoa stated Falana wouldn’t be punished as a result of he filed the swimsuit within the curiosity of the general public.
The choose subsequently dismissed the swimsuit.
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