CBN must block the Polaris Bank account as per the court’s judgement

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 judgement debt of N2.16 billion.

One of the alternatives available to a judgement creditor to enforce a judgement that has been rendered in its favour is a garnishee order.

According to The Cable, the decision was made after Charles Titiloye, the attorney general and commissioner for justice for the state of Ondo, submitted an application to the presiding judge, Adegboyega Adebusoye.

Titiloye filed the application in response to what she claimed were the bank’s failures and neglects to meet the requirements of an earlier ruling’s stay of execution.

In suit no. AK/75/2017, the judge said that Polaris Bank had mishandled the account of the Ondo ministry for local government and chieftaincy affairs.

The trial court said that Polaris Bank took money out of the government account without permission. It also said that Polaris Bank should pay back the money and pay damages.

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

The judge gave the state government permission to garnish Polaris Bank’s account with the Central Bank of Nigeria (CBN) in order to collect the judgement amount after the bank failed and neglected to comply with the requirement of the stay of execution of the judgement.

The matter’s further hearing was postponed to Monday, January 16, 2021.