Court Orders CBN To Freeze Polaris Bank Account Over N2.16bn Debt

A Federal high court sitting in Akure, on Friday asked the Central Bank of Nigeria (CBN) to freeze the account of Polaris Bank over a N2.16 billion debt.

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

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

The trial court held that the bank made unlawful deductions from the government account and ordered a refund and payment of damages.

The court also granted a stay of execution pending appeal on the condition that the bank made payment of the judgment debt to an account held by the registrar.

After Polaris Bank failed to meet the condition of the stay of execution of the judgment, the court granted leave to the state government to garnish the bank’s account with the CBN for the payment of the judgment sum.

Justice Adebusoye adjourned the matter till January 16 for further hearing.