CBN To Freeze Polaris Bank Account Over Debt Record

CBN has been ordered to freeze Polaris Bank account over debt record.

EKO HOT BLOG reports that the Nigeria’s apex bank, the Central Bank of Nigeria (CBN), has been ordered to freeze the account of Polaris Bank over a judgment debt of N2.16 billion.

A high court sitting in Akure, the Ondo state capital, granted a garnishee order – one of the options open to a judgment creditor to enforce a judgment that has been made in its favour.

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Justice Adegboyega Adebusoye had granted the order following an application filed by the Ondo State Attorney-General and Commissioner for Justice, Charles Titiloye.

The Ondo government had dragged Polaris Bank to court over the alleged failure and neglect of the bank to meet the condition of the stay of execution of an earlier judgment.

In the judgment delivered in suit No AK/75/2017, Polaris Bank was held liable for mismanaging the account of the Ondo ministry for local government and chieftaincy affairs.

The trial court, in its ruling, held that Polaris Bank made illegal deductions from the government account and ordered a refund and payment of damages.

A stay of execution of its judgment was also granted pending appeal on the condition that the bank made payment of the judgment debt to an account held by the court’s registrar.

Following the failure and neglect of Polaris Bank to meet the condition of the stay of execution of the judgment, the judge granted leave to the state government to garnish the account of Polaris Bank with the Central Bank of Nigeria (CBN) for the payment of the judgment sum.

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Further hearing on the matter was adjourned to Monday, January 16, 2021.

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