Polaris Bank on Saturday reacted to media reports that the High Court of Ondo state has granted a garnishee order directing it Central Bank of Nigeria (CBN) to freeze the account.
The bank said in a press statement that the court’s order “set aside the controversial penalty amount until the conclusion of the trial in the case.”
Reports said that the High Court of Ondo State, in Akure, the state capital, granted a garnishee order directing the Central Bank of Nigeria to freeze the account of Polaris Bank for the extent of the penalty debt over N2 billion.
The bank is said to owe the Ondo State government the sum of N2.2 billion.
Hit the newspaper It was reported that the court gave the order after an application was moved by the Attorney General and Commissioner for Justice in Ondo State, Charles Titiloye.
The commissioner applied for a ‘garnishee order nisi’ in suit No AK/75/2017, attaching the entire amount owed by Polaris Bank to the Ondo State Government, the report said.
A garnishee an order is one of the options open to a judgment creditor to enforce a judgment already imposed.
The reaction
In its reaction on Saturday, Polaris Bank claimed that it has not executed the Garnishee Order as required by law relating to Garnishee proceedings.
“We are aware of the matter and our Solicitor has filed the necessary process to set aside the Garnishee order,” said the bank.
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“This matter is on appeal and the application for a stay of execution is pending in the Court of Appeal. Therefore, the garnishee order should not be granted on the grounds of the pending appeal and the motion to stay.
“Above all, the effect of the order is not to freeze the Bank’s account with the CBN which was wrongly published by a section of the media, but to set aside the amount of the controversial penalty until the conclusion of the hearing in the case.”
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