POLARIS BANK ACCOUNT ORDERED FROZEN BY COURT DUE TO N2.16 BILLION DEBT

Justice Adegboyega Adebusoye of the Federal High Court in Akure asked the Central Bank of Nigeria (CBN) on Friday to freeze Polaris Bank’s account due to a N2.16 billion debt.

The garnishee order was granted by the judge while ruling on an application filed by Ondo State’s Attorney-General and Commissioner for Justice, Charles Titiloye.

Polaris Bank was found liable in suit No. AK/75/2017 for mismanaging the account of the Ondo State Ministry of Local Government and Chieftaincy Affairs.

The trial court ruled that the bank had made illegal deductions from the government account and ordered a refund as well as payment of damages.

The court also granted a stay of execution pending appeal on the condition that the bank pay the judgment debt to the registrar’s account.
After Polaris Bank failed to meet the condition of the stay of execution, the court granted the state government permission to garnish the bank’s account with the CBN in order to pay the judgment sum.

Justice Adebusoye postponed the case until January 16 for further proceedings.