Court Orders CBN To Freeze Polaris Bank Account

Polaris Bank
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The Central Bank of Nigeria (CBN) has been ordered by an Ondo High Court to freeze Polaris Bank’s account due to a judgment debt of N2,162,561,509.84k.

The ruling was made by Justice Adebusoye in response to an application made by Sir Charles Titiloye, Ondo’s attorney general and commissioner for justice, for a ganishee order nisi attaching all of Polaris Bank’s debts owed to the state of Ondo. The application was made in connection with a judgment entered in suit No. AK/75/2017.

Titiloye had submitted the application due to what she said were the bank’s failures and neglects to fulfill the requirements of the stay of execution of the decision.

The Bank was found responsible in the verdict for improperly handling the Ondo Ministry for Local Government and Chieftaincy Affairs account.

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

Following 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 Central Bank of Nigeria for the payment of the judgment sum.

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

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