The Central Bank of Nigeria (CBN) has been ordered by an Ondo High Court to freeze Polaris Bank’s account due to a judgement debt of N2,162,561,509.84k.
The decision was reached 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 judgement 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 fulfil 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.
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In its ruling, the trial court determined that Polaris Bank had improperly withheld funds from the government account with the bank and imposed restitution and punitive damages.
On the condition that the bank transfer the judgement debt to an account held by the Registrar of the Court, a stay of execution of its judgement was also granted while the appeal was underway.
The State Government was given permission by Justice Adebusoye to garnish Polaris Bank’s account with the Central Bank of Nigeria for the payment of the judgement sum after the bank failed and neglected to comply with the requirement of the stay of execution of the judgement. The matter’s further hearing was postponed until Monday, January 16, 2021.
