A Ganishee order has been granted Ondo state by High Court sitting in Akure directing the Central Bank of Nigeria to freeze the account of Polaris Bank to the extent of judgment debt of N2,162,561,509.84k .
The order was made by the in presiding judge, Justice Adebusoye, following an application moved by Attorney General and Commissioner for Justice Ondo State, 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 wherein the Bank was held liable for mismanaging the account of Ondo State Ministry for Local Government and Chieftaincy affairs.
The trial Court found as a fact in its Judgment that Polaris Bank made unlawful deductions from the Government account with the bank and ordered a refund and payment of damages.
The trial Court had earlier granted a stay of execution of its Judgment pending appeal on the condition that the Bank make payment of the Judgement debt to an account held by the Registrar of the Court.
However, following the failure and neglect of the bank to meet the condition of the stay of execution of the Judgment, the High Court granted leave to the State Government to garnish the account of Polaris Bank with Central Bank of Nigeria for the payment of the judgment sum.
Further hearing in matter has been adjourned to Monday, January 16, 2021.