Freeze Polaris Bank’s accounts now, Court orders CBN

The Central Bank of Nigeria (CBN) has been ordered to freeze the account of Polaris Bank over a judgment debt of more than N2 billion.

An Ondo High Court granted a ganishee order directing the freeze in a judgment delivered on Friday in Akure, Ondo State capital.

The order was made by Justice Adebusoye in an application filed by Ondo Attorney General and Commissioner for Justice, Sir Charles Titiloye, for a Ganishee order attaching all the sums of indebtedness of Polaris Bank to Ondo State Government in a judgment delivered in suit No. AK/75/2017.

Titiloye had filed the application over alleged failure of the bank to meet the condition of the stay of execution of the judgment

The court, in its judgment, held that Polaris Bank made unlawful deductions from the Government account with the bank 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 Registrar of the Court.

Following the failure of the bank to meet the condition of the stay of execution of the judgment, Justice Adebusoye granted leave to the State Government to garnish the account of Polaris Bank with Central Bank of Nigeria for the payment of the judgment sum.

Further hearing was adjourned to Monday, January 16, 2023.