Polaris Bank Corrects Claims Court Ordered CBN To Freeze Its Account

Polaris Bank has corrected what it described as ‘erroneous” publications about a legal dispute with the Ondo state government.

The Bank and the Ondo state government are in court over the handling of the account of the ministry for local government and chieftaincy affairs.

Emerging reports claim a High Court in Akure, Ondo state, capital issued an order for the bank’s account with the Central Bank of Nigeria (CBN) to be frozen over a N2.16Billion judgment debt in the case.

“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.” Rasheed Bolarinwa, the Head of Corporate Communications educated in a statement made available to SocietyNow.Ng.

Bolarinwa further explained that ” 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.”

And added that “The Bank is yet to be served the Garnishee Order as required by law relating to Garnishee proceedings”

He also disclosed that Bank’s legal representative has “filed necessary processes to set aside the Garnishee order.”.

The response by Polaris Bank contained in a statement titled “Our Position” is in reaction to the emerging reports themed “Court Orders CBN To Freeze Polaris Bank Account”.

The reports claimed that the order was given by Justice Adegboyega Adebusoye in an application filed by the Attorney-General of Ondo state, Charles Titiloye.

According to the reports disputed by Polaris Bank, the Attorney-General made the move over claims the Bank failed to meet the conditions for the stay of execution of an earlier judgment in the case number.

The earlier judgment which reportedly ordered “ordered a refund and payment of damages” – disputed by Polaris Bank – was in suit No AK/75/2017.