On Saturday, Polaris Bank responded to media reports that an Ondo state high court had approved a garnishee order requiring the Central Bank of Nigeria (CBN) to freeze its account.
The court ordered the bank to “put aside the contested judgment amount pending completion of hearing in the matter,” the bank said in a news release.
According to reports, an Ondo State High Court in Akure, the state’s capital, approved a garnishee order on Friday, instructing the CBN to freeze Polaris Bank’s account to the amount of a judgment debt of more than N2 billion.
The bank was said to owe N2.2 billion to the Ondo State government.
According to reports reaching Newsfly, Charles Titiloye, the attorney general and commissioner for justice in Ondo State, filed an application, and the court granted it.
In the lawsuit No. AK/75/2017, the commissioner requested a “garnishee order nisi,” attaching all of Polaris Bank’s debts to the Ondo State Government, according to the newspaper.
A garnishee order is one of the alternatives available to a judgment creditor in order to enforce a judgment in its favor.
Polaris Bank Reaction
Polaris Bank responded on Saturday, claiming that it had not yet received the Garnishee Order as required by law regarding Garnishee procedures.
The bank said, “We are aware of the situation and our Solicitor has filed requisite proceedings to set aside the Garnishee order.
“The case is under appeal, and the Court of Appeal is now considering a plea for a stay of execution.
Due to the ongoing appeal and stay request, the garnishee order should not have been granted.
Above all, the order’s impact is to put aside the controversial judgment amount until the end of the case’s hearing, not to freeze the Bank’s account with the CBN as several media outlets incorrectly reported.
