NewsCourt Orders CBN To Freeze Polaris Bank Account

Court Orders CBN To Freeze Polaris Bank Account

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January 13, (THEWILL) – A High court sitting in Akure, Ondo state, has directed the Central Bank of Nigeria (CBN), to freeze the account of Polaris Bank, over a judgement debt of N2,162,561,509.84k.

The ruling followed an application filed by Ondo Attorney General and Commissioner for Justice, Charles Titiloye, for Ganishee order nisi attaching all the sums of indebtedness of Polaris Bank to Ondo state Government in an earlierJudgement delivered in suit No AK/75/2017, wherein the Bank was held liable for mismanaging the account of Ondo State Ministry for Local Government and Chieftaincy affairs.

The trial Court found as a fact in its judgement that Polaris Bank made unlawful deductions from the Government’s account with the bank and ordered a refund and payment of damages.

The Court had earlier granted a stay of execution of its judgement pending appeal on the condition that the Bank make payment of the judgement debt to an account held by the Registrar of the Court.

However, following the failure and neglect of the bank to meet the condition of the stay of execution of the judgement, the High Court granted leave to the State Government to garnish the account of Polaris Bank with Central Bank of Nigeria for the payment of the judgement sum.

Further hearing in matter has been adjourned to Monday, January 16, 2021.

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