The Management of Polaris Bank Limited has cleared the air on media reports of an alleged court judgement ordering the Central Bank of Nigeria (CBN) to freeze its accounts.
The Bank in a reaction on Saturday said the alleged court judgement emanating from an Ondo High Court as reported in some sections of the media (Not NewsClick Nigeria) was erroneous and misleading.
According to the said reports, an Ondo High Court granted a ganishee order directing the CBN to freeze the account of Polaris Bank over a judgment debt of N2,162,561,509.84k.
The order was reportedly made by Justice Adebusoye in an application filed by Ondo Attorney General and Commissioner for Justice, Sir Charles Titiloye, for Ganishee order nisi attaching all the sums of indebtedness of Polaris Bank to Ondo State Government in a Judgement delivered in suit No AK/75/2017.
The report further stated that Titiloye had filed the application over alleged failure and neglect of the bank to meet the condition of the stay of execution of the judgment.
However, a statement signed by the Head, Corporate Communications of Polaris Bank, Rasheed Bolarinwa and made available to newsmen said the effect of the order is not to freeze the Bank’s account with CBN as erroneous reported.
Bolarinwa explained that the ruling only set aside the contentious judgment sum until conclusion of hearing in the case.
The statement reads part: “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.”
