Court Orders CBN To Freeze Polaris Bank Account Over Debt

Court Orders CBN To Freeze Polaris Bank Account Over Debt, details can be accessed below.

BrandNewsDay reports that a high court sitting in Akure, Ondo state, has granted a Garnishee order directing the Central Bank of Nigeria (CBN) to freeze the account of Polaris Bank over a judgment debt of N2,162,561,509.84k.

The order was made by Justice Adebusoye in an application filed by Ondo Attorney General and Commissioner for Justice, Sir Charles Titiloye, for Garnishee order nisi attaching all the sums of indebtedness of Polaris Bank to Ondo state Government in a Judgement delivered in suit No AK/75/2017.

Titiloye had filed the application over the alleged failure and neglect of the bank to meet the condition of the stay of execution of the judgment.

In the judgment, the Bank was held liable for mismanaging the account of the Ondo Ministry for Local Government and Chieftaincy affairs.

The trial Court, in its judgment, held that Polaris Bank made unlawful deductions from the Government account with the bank and ordered a refund and payment of damages.

A stay of execution of its Judgment was also granted pending appeal on the condition that the bank made payment of the judgment debt to an account held by the Registrar of the Court.

Following the failure and neglect of the bank to meet the condition of the stay of execution of the judgment, Justice Adebusoye granted leave to the State Government to garnish the account of Polaris Bank with the Central Bank of Nigeria for the payment of the judgment sum.

Further hearing in the matter was adjourned to Monday, January 16, 2021.