From Ndubuisi Orji, Abuja
House of Representatives Ad-hoc Committee Investigating the sale of Polaris Bank has said information at its disposal indicates that the transaction has the nod of the  Presidency.
The chairman of the panel, Henry Nwawuba, who spoke with  told journalists, in Abuja, said that there is no need for investors and depositors to worry about the safety of the funds.
Nwawuba noted  that the Ad-hoc Committee during its scrutiny of various documents and extant regulatory process on the sale of the bank, observed  that there are evidences of substantial compliance in the process.
He explained that out of the 35 companies invited to bid for the bank, the regulatory agency shortlisted 15 and later  reduced it to seven and afterwards got Presidential approval to proceed with the sale of the bank.
According to him,  “On the last legislative day before we broke up from plenary sessions to work on the budget, there was a motion on the floor asking the CBN to suspend the sale of Polaris Bank and cutting up an Ad-hoc Committee to investigate the circumstances, and I happened to have emerged to Chair that committee.
“The Committee has started work and we have looked at the documents and that is the beauty of investigations in Parliament. The beauty is that regardless of what comes on the floor, it is only when we started looking at the documents before us that we start getting clearer picture.
“So far, we have found evidence of substantial compliance in this process. We have seen that indeed about 35 companies were invited to bid and of course it went down to 15 and to 7 and ultimately a recommendation was made and a presidential approval given.
“We are happy so far, but as you know it is an investigation and hopefully, we intend to conclude this investigation and lay the report before we commence sitting.”
Nwawuba added that  “so far everything looks really good. We do not have any cause for concern for now. For the stability of the financial systems in Nigeria, we would call on Nigerians to know there is nothing wrong with Polaris Bank as a bank.
“What the House is looking at is the process of the acquisition or the sale and so far, we are confident from what we are seeing. Until we conclude this investigation, I would not be able to speak authoritatively on the matter, but from what we are seeing so far, particularly with the approvals and the steps taken so far there seems to be substantial compliance on the matter so far.”