Ondo court orders CBN to freeze Polaris bank account

Marcus Amudipe
Marcus Amudipe

The Central Bank of Nigeria has been directed by an Ondo High Court to freeze the account of Polaris Bank over a judgment debt of N2,162,561,509.84k.

According to the Nation, the verdict was delivered by the presiding judge, Justice Adebusoye, in an application filed by Ondo Attorney General and Commissioner for Justice, Sir Charles Titiloye.

Titiloye filed the application based on the bank’s purported failure and neglect to meet the requirement of the stay of execution of the verdict.

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

In its verdict, the trial Court determined that Polaris Bank made illegal deductions from the Government 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 judgement debt to an account held by the Registrar of the Court.

As a result of the bank’s failure and disregard to comply with the requirement of the stay of execution of the judgment, Justice Adebusoye authorized the State Government to seize funds from Polaris Bank’s account with the Central Bank of Nigeria in order to satisfy the judgment amount.

A subsequent hearing was postponed until Monday, January 16, 2021.

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