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HomeBusinessN2.16 bln judgment debt: Court directs CBN to freeze Polaris Bank accounts

N2.16 bln judgment debt: Court directs CBN to freeze Polaris Bank accounts

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The Central Bank of Nigeria (CBN) has been ordered to freeze Polaris Bank’s account in response to a garnishee order issued by a high court in Akure, the capital of Ondo state, for a judgment debt of N2.16 billion.

One of the options available to a judgment creditor to enforce a judgment that has been rendered in its favor is a garnishee order.

The Court judge, Adegboyega Adebusoye granted the request after it was made by the Ondo attorney general and commissioner for justice, Charles Titiloye.

Titiloye had submitted the application due to what she claimed were the bank’s failures and neglect to fulfill the requirements of the stay of execution of an earlier judgment.

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Polaris Bank was found to have mismanaged the account of the Ondo ministry for local government and chieftaincy affairs in the judgment handed down in suit no. AK/75/2017.

According to the trial court’s decision, Polaris Bank improperly withdrew funds from the government account, and it also ordered a refund and the payment of damages.

On the condition that the bank transferred the judgment debt to an account managed by the court’s registrar, a stay of execution of its judgment was also granted while the appeal was pending.

The judge authorized the state government to garnish Polaris Bank’s account with the Central Bank of Nigeria after the bank neglected to comply with the requirement for the stay of execution of the judgment.

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

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