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Court orders CBN to freeze Polaris Bank account

As a result of a judgement debt in the amount of N2,162,561,509.84k, the Ondo High Court issued a garnishee order instructing the Central Bank of Nigeria (CBN) to freeze the account of Polaris Bank.

As a result of a judgement debt in the amount of N2,162,561,509.84k, the Ondo High Court issued a garnishee order instructing the Central Bank of Nigeria (CBN) to freeze the account of Polaris Bank.

Judgment was issued in suit AK/75/2017, and Justice Adebusoye issued the decision in response to a plea by Ondo’s Attorney General and Commissioner for Justice, Sir Charles Titiloye, for a garnishee order nisi attaching all funds owed by Polaris Bank to the Ondo state government.

Titiloye submitted the request because, in his view, the Bank had failed to take the necessary steps to ensure the judgment’s stay of execution was in effect.

The Bank was found at fault in the verdict for failing to properly handle funds belonging to the Ondo Ministry of Local Government and Chieftaincy.

The trial court found that Polaris Bank had illegally taken money out of the government’s bank account and ordered Polaris to pay back the money plus damages.

The Bank was also granted a stay of execution of its judgement pending appeal on the condition that it pay the judgement debt into an account maintained by the Registrar of the Court.

As Polaris Bank had failed to comply with the terms of the stay of execution of the judgement, Justice Adebusoye had allowed the State Government to garnish the Bank’s account at the Central Bank of Nigeria to collect the judgement amount.

Hearings regarding this matter will resume on Monday, January 16, 2021, as they adjourned.

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