JUST IN: Court Orders CBN To Freeze Popular Bank’s Account (DETAILS)

JUST IN: Court Orders CBN To Freeze Popular Bank’s Account (DETAILS)

An Ondo High Court has issued a ganishee order directing the Central Bank of Nigeria (CBN) to freeze Polaris Bank’s account due to a judgment debt of N2,162,561,509.84k.

Justice Adebusoye issued the order in response to an application filed by Ondo Attorney General and Commissioner for Justice, Sir Charles Titiloye, for a Ganishee order nisi attaching all Polaris Bank indebtedness to the Ondo state government in suit No AK/75/2017.

Titiloye filed the application based on the bank’s alleged failure and neglect to meet the condition of the stay of execution of the judgment.

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The Bank was found liable in the judgment for mismanaging the account of the Ondo Ministry of Local Government and Chieftaincy Affairs.

In its decision, the trial Court determined that Polaris Bank made illegal deductions from the Government’s account with the bank and ordered a refund and payment of damages.

A stay of execution was also granted pending appeal on the condition that the bank pay the judgment debt to an account held by the Registrar of the Court.

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

A further hearing in the case has been scheduled for Monday, January 16, 2021.

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