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Reading: Court orders CBN to freeze Polaris Bank account
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Nigeria

Court orders CBN to freeze Polaris Bank account

The Ondo High Court issued a garnishee order directing the Central Bank of Nigeria (CBN) to freeze Polaris Bank's account due to a judgement...

Chima Joseph Ugo
Chima Joseph Ugo - Editor-in-chief January 13, 2023
Updated January 13, 2023 at 1:40 PM
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Court orders CBN to freeze Polaris Bank account
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Court orders CBN to freeze Polaris Bank account

The Ondo High Court issued a garnishee order directing the Central Bank of Nigeria (CBN) to freeze Polaris Bank's account due to a judgement debt in the amount of N2,162,561,509.84k.

In response to a request for a garnishee order nisi attaching all funds owing by Polaris Bank to the Ondo state government by Sir Charles Titiloye, the Attorney General and Commissioner for Justice of Ondo, judgement was handed down in the case AK/75/2017.

Titiloye made the request because, in his opinion, the Bank did not take the proper action to guarantee the stay of execution imposed by the ruling was in place.

The Ondo Ministry of Local Government and Chieftaincy's finances were improperly handled by the Bank, which was deemed to be to blame in the verdict.

As a result of the trial court's determination that Polaris Bank had improperly removed funds from the government's bank account, Polaris was required to reimburse the funds and pay damages.

On the condition that it deposits the judgement debt into an account kept by the Registrar of the Court, the Bank was also granted a stay of execution pending appeal.

Justice Adebusoye permitted the State Government to garnish Polaris Bank's account at the Central Bank of Nigeria in order to recover the judgement money because the bank had not complied with the provisions of the stay of execution of the judgement.

Hearings in this lawsuit were adjourned and will start up again on January 16, 2021.

Tags: Nigeria

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