“It Is Erroneous” Polaris Bank Addresses Purported Court Order Freezing Its Account
Polaris Bank has reacted to an Erroneous report that a high court sitting in Akure, the capital of Ondo has ordered its account be frozen by the by the Central Bank of Nigeria.
According to the report, the freezing order was over a judgment debt of N2.16 billion.
The purported order was reportedly issued by Adegboyega Adebusoye, the presiding judge, following an application filed by Mr Charles Titiloye, the Ondo State Attorney-General and Commissioner for Justice.
Addressing the matter in a statement made available by Mr Rasheed Bolarinwa, the head Corporate Communications, Polaris Bank said its not unaware of the development.
The statement where the financial institution stated its position reads…
We are aware of the matter and our Solicitor has filed necessary processes to set aside the Garnishee order.
The matter is on appeal and an application for stay of execution is pending at the Court of Appeal. Thus, the garnishee order ought not to have been obtained by the reason of the pending appeal and motion for stay.
The Bank is yet to be served the Garnishee Order as required by law relating to Garnishee proceedings.
Above all, the effect of the order is not to freeze the Bank’s account with CBN as erroneously published by a section of the media but to set aside the contentious judgment sum until conclusion of hearing in the case.
